Growth in need for integrated data, rise in growth in proteomics & genomics, and drug discovery and development drive the growth of the global bioinformatics market.
Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- The global bioinformatics market size generated $8.61 billion in 2019, and is projected to reach $24.73 billion by 2027, witnessing a CAGR of 13.4% from 2020 to 2027.
Growth in need for integrated data, rise in growth in proteomics & genomics, and drug discovery and development drive the growth of the global Bioinformatics Market. However, lack of skilled personnel and common data formats hinder the market growth. On the other hand, surge in requirement for integrated solutions and systems create new opportunities in the coming years.
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Covid-19 pandemic had a positive impact on the bioinformatics industry. This is owing to bioinformatics tools that can handle large volumes of biological data.
Bioinformatics tools and techniques have major role in understanding the role of viruses in different bodies. Which has increased its demand.
The bioinformatics platform segment to continue its dominant share throughout the forecast period
Based on technology and services, the bioinformatics platform segment accounted for the largest market share, accounting for more than two-fifths of the global bioinformatics market in 2019, and will continue its dominant share in terms of revenue during the forecast period. This is attributed to the increase in platform applications and need for better tools in drug development. However, the bioinformatics services segment is expected to manifest the highest CAGR of 22.9% from 2020 to 2027, owing to the increase in sequencing and analysis of the data in the bioinformatics field.
The genomics segment to maintain its highest contribution during the forecast period
By application, the genomics segment contributed to the largest share in 2019, accounting for nearly one-fourth of the global bioinformatics market, and is estimated to maintain its highest contribution during the forecast period. This is due to the wide applications and usage of genomics in the sequencing of biomolecules. However, the transcriptomics segment is estimated to manifest the highest CAGR of 18.5% from 2020 to 2027. This is attributed to the increased preference in companion diagnostics and personalized medicines. Furthermore, novel gene sequencing, continuous discovery of biomarkers, and worldwide acceptance of transcriptomics technology also fuels the market growth.
North America to dominate the market throughout the forecast period -
Based on region, North-America region held the highest market share in 2019, contributing to nearly two-fifths of the total share of the global bioinformatics market, and will maintain its lead position by 2027. This is attributed to the adoption of advanced technology and increase in demand for better bioinformatics tool, which is required in the drug discovery and development process. On the other hand, the LAMEA region is anticipated to grow at the fastest CAGR of 16.8% in between 2020 to 2027. This is owing to the field of genomics and proteomics, which generates huge volume of data, which has to be interpreted and managed.
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Leading market players
Agilent Technologies, Inc.
Biomax Informatics AG
Intrexon Bioinformatics Germany GmbH
Seven Bridges Genomics Inc.
Thermo Fisher Scientific, Inc.
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