The global bioinformatics market stood at USD12.37 billion in 2022 and is projected to grow at a CAGR of 10.87% to cross USD23.42 billion by 2031. The global bioinformatics market is driven by the growing applications of bioinformatics in the field of proteomics, drug discovery, personalized medicine, among others. Additionally, the growing demand for various sequencing techniques especially next-generation sequencing is further expected to positively influence the market growth over the next few years. Besides, a growing number of collaborations between various research institutions and biopharmaceutical companies especially for drug discovery and development is expected to create lucrative opportunities for market growth during the forecast period.
The global bioinformatics market can be segmented based on product & services, type, application, end-user, company, and regional analysis. Based on product & services, the market can be segmented into bioinformatics tools, bioinformatics platforms, and bioinformatic services. The bioinformatics platforms segment dominated the market in 2020 with an overall share of 39.99% in the market. This can be ascribed to the growing demand for data analytics and data engineering. Additionally, the growing demand for various sequencing techniques further supports segmental growth.
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The major players operating in the global bioinformatics market include Illumina Inc., Qiagen NV, Agilent Technologies, Inc., PerkinElmer, Inc., Thermo Fischer Scientific, Inc., 23AndMe, Biovia-Dassault Systemes, DataTrack International, Inc., Instem Plc., F. Hoffmann-La Roche AG, BGI Group (Beijing Genomics Institute), Waters Corporation, SOPHiA GENETICS, Biomax Informatics AG, WuXi NextCODE Genomics, among others. Major companies are developing advanced technologies in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions.
The objective of the Study:
• To analyze and forecast the market size of the global bioinformatics market.
• To classify and forecast the global bioinformatics market based on product & services, type, application, end-user, and regional distribution.
• To identify drivers and challenges for the global bioinformatics market.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., in the global bioinformatics market.
• To identify and analyze the profile of leading players operating in the global bioinformatics market.
SDKI performed both primary as well as exhaustive secondary research for this study. Initially, SDKI sourced a list of service providers across the globe. Subsequently, SDKI conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, SDKI could include the service providers which could not be identified due to the limitations of secondary research. SDKI analyzed the service offerings, distribution channels, and presence of all major service providers across the globe.
SDKI calculated the market size of the global bioinformatics market by using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. SDKI sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these products and service types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by SDKI.
Bioinformatics Market Size Predicted to Increase at a Positive CAGR Of 10.87% from 2022 to 2031
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