Bioinformatics Market

Bioinformatics Market

Growth Factors of Bioinformatics Market

The global bioinformatics market size was valued at USD 20.72 billion in 2023 and is projected to grow from USD 25.83 billion in 2024 to USD 94.76 billion by 2032, exhibiting a CAGR of 17.6% during the forecast period of 2024-2032.

The COVID-19 pandemic boosted the bioinformatics market by using a call for advanced statistics evaluation gear critical for vaccine development and personalised medication. This surge in need highlighted the significance of bioinformatics for public fitness and studies, main to increased adoption and innovation, impeding the bioinformatics market growth.

The bioinformatics market is driven by the growing call for customised medication, advances in genomic research, and the need for efficient information evaluation in drug discovery. The increasing extent of organic facts and multiplied research activities contribute to the market increase.

AI and Machine Learning are revolutionising bioinformatics by automating and accelerating numerous duties. In drug discovery, AI algorithms can successfully analyse sizeable datasets to perceive capability drug goals and are expecting their efficacy to expand the bioinformatics market share globally. Additionally, protein shape prediction has been notably improved via AI-pushed strategies. By accurately predicting protein systems, researchers can gain deeper information on protein function and layout extra effective therapeutics. These improvements are contributing to a greater green and centred drug improvement manner.

Comprehensive Analysis of Bioinformatics Market

The bioinformatics market is segmented into software programs and offerings, programs, and up-customers. The software program phase led in 2023 due to its substantial adoption and the upward thrust in R&D investment in bioinformatics tools. The services segment, whilst smaller, is growing because of a growing call for clinical and research programs. In phrases of programs, genomics dominated the marketplace, pushed with increasing investments and improvements in DNA sequencing era. Pharmacology and metabolomics also contributed substantially, mainly in drug discovery. Pharmaceutical and biotechnology companies held the most significant market percentage for cease-users, fueled by strategic collaborations and integration of bioinformatics answers in drug improvement methods.

The North America region led the bioinformatics market by benefitting a size of USD 9.63 billion in 2023 due to the sturdy presence of companies presenting these answers worldwide and their significant distribution networks, the region maintains its dominant function.

The leading players in the bioinformatics market significantly shape its development and set industry benchmarks. Key companies, including DNAnexus, Inc. (U.S.), Illumina, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), IBM Corporation (U.S.), Labvantage - Biomax GmbH (Germany), Genebio (Switzerland), Compugen Ltd. (Israel), Eurofins Scientific (Luxembourg), and QIAGEN (Netherlands), contribute to a competitive landscape, driving innovation and advancing market growth.

In October 2023, BioBam Bioinformatics introduced OmicsBox 3.1 to decorate the abilities of researchers, scientists, and bioinformaticians in performing advanced analyses and interpretations of omics information.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 17.6% from 2024-2032

Unit Value (USD Billion)

Segmentation By Offering

- Software

- Services

By Application

- Metabolomics

- Pharmacology

- Genomics

- Transcriptomics

- Others

By End User

- Pharmaceutical & Biotechnology Companies

- CROs & Research Institutes

- Others

By Region

- North America (By Offering, Application, End-User, and Country)

• U.S.
• Canada

- Europe (By Offering, Application, End-User, and Country/Sub-Region)

• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe

- Asia Pacific (By Offering, Application, End-User, and Country/Sub-Region)

• Japan
• China
• India
• Australia
• Rest of Asia Pacific

- Latin America (By Offering, Application, End-User, and Country/Sub-Region)

• Brazil
• Mexico
• Rest of Latin America

- Middle East & Africa (By Offering, Application, End-User, and Country/Sub-Region)

• GCC
• South Africa
• Rest of the Middle East & Africa


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