February 21, 2024
Bioinformatics Market

Bioinformatics Market Witnesses Exponential Growth Is Propelled By Increasing AI Adoption

Bioinformatics involves the collection, storage, retrieval, analysis and dissemination of biological data. It has applications in various domains like functional genomics, proteomics, genetic disease and pharmacogenomics. Bioinformatics tools help facilitate data-driven discoveries and advance precision medicine approaches.

The global Bioinformatics Market is estimated to be valued at US$ 22.1 Bn  in 2023 and is expected to exhibit a CAGR of 10%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

AI adoption is one of the major trends driving growth in the bioinformatics market. With exponential growth of biological and healthcare data, artificial intelligence is playing a crucial role in knowledge extraction and insights discovery. AI helps analyze huge volumes of complex -omics data at an accelerated pace which manual analysis cannot match. It aids in drug discovery, optimized treatment approaches and prognostic predictions. Machine learning and deep learning algorithms are being applied to process multi-omics datasets, medical imaging and electronic health records. This is empowering researchers as well as clinicians with actionable and evidence-based insights. AI-powered bioinformatics tools are hence witnessing widespread adoption across pharma and biotech industries and clinical settings.

SWOT Analysis

Strength: Bioinformatics deals with large amounts of biological and medical data. It has the ability to analyze this data to gain insights into important areas like genome analysis and drug discovery.

Weakness: Lack of standardized tools and platforms for data integration and analysis. Significant investment required for data storage, integration, and management.

Opportunity: Growing demand for personalized medicine creates opportunities for applying advanced analytics and machine learning techniques in bioinformatics. Scope for more partnerships between industry and academia to drive research.

Threats: Dependence on skilled workforce with expertise in biology and computing. Concerns around data privacy and security as large sensitive genetic and medical data is processed and stored.

Key Takeaways

The global Bioinformatics Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing integration of -omics technologies and biological data in research. The global Bioinformatics Market is estimated to be valued at US$ 22.1 Bn  in 2023 and is expected to exhibit a CAGR of 10%  over the forecast period 2023 to 2030.

Europe currently dominates the market owing to presence of leading players and availability of funds for research. The Asia Pacific region is anticipated to offer lucrative opportunities and emerge as the fastest growing market due to growing R&D investment, improving research infrastructure and rising focus on precision medicine in countries like China and India.

Key players operating in the bioinformatics include The Broad Institute of MIT and Harvard, Illumina Inc., Agilent Technologies, Qiagen, Dassault Systemes and Eurofins Scientific. Constant mergers and acquisitions by these players help them expand capabilities and portfolios to gain a stronger hold in the market. Partnerships with pharmaceutical and biotechnology companies to utilize bioinformatics solutions in drug target identification and validation is a key focus area. Cloud-based bioinformatics tools and services are expected to gain more traction in future driven by requirement of on-demand scalable computing resources for analyzing large multiomics datasets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it