Bioinformatics is a healthcare segment which connects computer technology, mathematics, physics, and biology. It is a segment of science which develops software tools and techniques to manage and examine data for modern biology and medicine. It helps researchers to monitor & extract essential data from large chunks of medical data and identify connections between different studies.
Significant Technological Advancements in Bioinformatics Triggers the Growth of the Bioinformatics Market
The global bioinformatics market is a rapidly emerging market. Recent technological developments and advancements in genomic and proteomic research have led to the generation of huge chunks of data which requires multiple bioinformatics tools and software for data analysis and interpretation. Global adoption of cloud-based solutions and Artificial Intelligence in drug discovery and development has created many and significant growth opportunities for bioinformatics in the worldwide market.
Rapidly Growing Demand for Bioinformatics in Genomics
With a rapidly growing demand for personalized medicine and precision healthcare, there is a fast growth in the demand for nucleic acid and protein sequencing which is driving the growth of the bioinformatics market. Increasing funds from private and public companies, and positive government initiatives for promoting genomics are driving the adoption of the advanced bioinformatics tools and services in the global bioinformatics market. The key market players are making huge investments in genome and information technology projects for conducting their R&D activities and are launching new medical products which is further triggering the growth of the global bioinformatics market.
In April 2023, Agilent Technologies signed a Memorandum of Understanding with Theragen Bio to improve precision oncology through advancing bioinformatics (BI) solutions. This collaboration will combine their strengths and accelerate the decisions for medical treatments.
Upcoming Market Challenges: Bioinformatics Market
Lack of experienced healthcare professionals with experience in both biology and computer science, growing costs of bioinformatics tools and software, and the demand to integrate huge volume of data from multiple sources are the key challenges which can impact the growth of the bioinformatics market.?
North America Accounts for the Largest Market Share in the Bioinformatics Market
North America is estimated to dominate the bioinformatics market globally in the upcoming years. This can be mainly attributed due to a rapid growth in the number of genomic research studies, awareness and adoption of bioinformatic services, development of advanced healthcare systems and the presence of key market players in North America. However, the Asia-Pacific region is set to witness the highest CAGR during the forecast period. Other major factors such as technological innovations in genomics and rising investments in Healthcare-IT segment are driving the growth of the Asia-Pacific market.
Competitive Landscape Analysis: Bioinformatics Market
Some of the leading and established players operating in the global bioinformatics market are Agilent, Biomax Informatics, QIAGEN, Thermo Fisher, PerkinElmer Inc., Illumina, Eurofins Scientific, DNASTAR, NeoGenomics Laboratories, Fios Genomics, Source BioScience, SOPHiA GENETICS, etc.
The global bioinformatics market is a promising market which is projected to garner a significant growth in the upcoming years due to a major focus on developing new pharma drugs and therapies, an increasing investments in R&D to introduce advanced healthcare products, and aggressive growth strategies followed by the leading market players.
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