Global Digital Bioinformatics Market Size (2023 – 2030)

In 2022, the Global Digital Bioinformatics Market was valued at USD 6.75 billion and is projected to reach a market size of USD 20.65 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 15%. 

Industry Overview

Bioinformatics is a field that combines biology and information technology to integrate biological data with information storage, dissemination, and analysis tools to serve a variety of scientific fields, including biomedicine. Bioinformatics software and tools are used as integrated solutions that provide algorithms and statistical methodologies for data analysis and aid in the integration of data management and analysis for applications such as next-generation sequencing, genomic and proteomic structuring, and modeling, and three-dimensional drug design. Homology and similarity tools, protein functional and analytical tools, sequence analysis tools, and miscellaneous tools are some of the bioinformatics tools available on the market. Increased R&D activities in the proteomics and genomics industry, as well as other related '–omics' domains, are predicted to further drive market growth to fulfill demand.

Growing demand for personalized medicine, increasing research activities in molecular biology and drug discovery, adoption of blockchain technology and cloud computing, growing role of AI in bioinformatics and healthcare, and public and private investments are some of the key factors driving the bioinformatics market forward. However, limitations of interoperability and multiplatform capabilities, as well as the potential for malpractice, are expected to limit market expansion.

The increased demand for newborn nutritious food as a result of changing lifestyles and an increasing number of working mothers throughout the world is driving the Bioinformatics industry forward. Only 38% of newborns worldwide are exclusively breastfed, according to the World Health Organization (WHO). Furthermore, rising consumer awareness of Bioinformatics' nutritional advantages is propelling the Bioinformatics market forward. The bioinformatics market is also driven by increased consumption of Bioinformatics among athletes due to health advantages such as strengthening the immune system and assisting with muscle maintenance and performance. However, tight government regulations regulating supplement composition and costly R&D costs are limiting the growth of the Bioinformatics industry.

Impact of Covid-19 on the Industry

When it comes to giving critical assistance to various fields of scientific study, bioinformatics has always had a lot of potential. The COVID-19 pandemic put bioinformatics to the test. During the COVID-19 pandemic, one of the key priority areas for each country has been to investigate and understand ways to stop the virus's spread. SARS-CoV-2 genomes are investigated using next-generation sequencing, which provides basic information about the virus. Bioinformatics pipelines and biological and host-virus interaction databases are essential tools for calculating and understanding SARS-CoV-2. As a result, several investigations are being conducted to better comprehend the virus's genetic combination; these studies are being driven by bioinformatics. Outsourcing of bioinformatics has expanded during the epidemic in this context. Scientists have been able to unearth various mysteries of SARS-CoV-2, ranging from its identification to its genesis (including its functioning and dissemination), thanks to service providers' evolving and updated bioinformatics skills.

Market Drivers

A rise in Private & public sector funding for bioinformatics innovations will drive the market growth

Bioinformatics is becoming increasingly important to many governments and corporate entities throughout the world. These expenditures have mostly resulted in data and technological advances in bioinformatics services, which have enhanced their quality. For example, in 2016, the European Molecular Biology Laboratory (EMBL), an intergovernmental organization and bioinformatics pioneer, received funding from the Biotechnology and Biological Sciences Research Council, British Heart Foundation, Cancer Research UK, European Commission, European Molecular Biology Organization, European Research Council, National Institutes of Health Foundation, Bill & Melinda Gates Foundation, and the Human Frontier Science Program.

In addition, several governments are investing in national population sequencing studies to better understand the relationship between genetics and illness. Millions of citizens' genomes are being sequenced by government institutions to promote research and discover better ways to diagnose and cure cancer, uncommon disorders, and other ailments. Bioinformatics goods and services are projected to be in high demand as a result of these huge sequencing efforts.

Emerging markets provide lucrative prospects which will improve the consumer demand for the digital bioinformatics market

Emerging markets like India, China, Brazil, Russia, Taiwan, and South Korea provide significant growth potential for big bioinformatics companies. In the future years, genomics, metabolomics (including chromatography, mass spectrometry, and NMR devices), precision medicine, drug discovery, and other businesses are likely to benefit from the rising significance of these emerging nations in terms of R&D and investments from global firms. Furthermore, due to fewer severe laws and data requirements, regulatory policies in the Asia Pacific are more adaptable and business-friendly. Manufacturers will be compelled to focus even more on emerging markets as competition in developed countries heats up.

Market Restraints

High equipment costs will act as a market restraint for the digital bioinformatics market

 With the introduction of powerful NGS technologies, there is a growing demand for user-friendly bioinformatics tools that are rapid and accurate. The majority of experimental research scientists are not bioinformaticians. As a result, having user-friendly tools is critical for using bioinformatics platforms. Many bioinformatics applications necessitate extensive computer skills, owing to a lack of a user-friendly interface.

Genomics instruments are also loaded with complex features and functions, and as a result, they are more expensive, ranging from USD 10–20 million. Pharmaceutical businesses and research institutions spend a lot of money on many genomic types of equipment since they need so many of them. It is not viable for small and medium-sized pharmaceutical businesses and research facilities to do so.

Concerns over the privacy of patients’ data are hampering the market for digital bioinformatics

The fast improvements in next-generation sequencing (NGS) technology have resulted in a massive number of biological data, which is expanding in tandem with the usage of NGS. Data analysis is required since there is still a lot of information to be discovered in genome analysis. As a result, the data that remains after bioinformatics analysis is extremely valuable and may be reused. The present methods do not effectively address the issues of bioinformatics data management.

GLOBAL DIGITAL BIOINFORMATICS MARKET REPORT COVERAGE:

This research report on the global digital bioinformatics market has been segmented and sub-segmented based on, Product & Services Type, Application, End-User, Geography & region.

Global Digital Bioinformatics Market- By Product and Services Type

• Products
  • Sequencing Platforms
  • Knowledge Management Tools
  • Bioinformatics Software
• Services
  • Data Analysis
  • Sequencing
  • Database integration
  • Others

The bioinformatics market is divided into three categories based on product type: sequencing platforms, knowledge management tools, and bioinformatics software. Generalized knowledge management tools and specialized knowledge management tools are two types of knowledge management tools. The digital bioinformatics market based on service is divided into data analysis, sequencing, database integration, and other services.

Global Digital Bioinformatics Market- By Application

• Preventive Medicine
• Molecular Medicine
• Genomics
• Drug Development
• Transcriptomics
• Others

The bioinformatics market is divided into preventive medicine, molecular medicine, genomics, drug development, transcriptomics, and others based on application. Because of the rise in demand for companion diagnostics and tailored therapeutics, transcriptomics is anticipated to increase the fastest. Preventive medicine, molecular medicine, gene therapy, drug development, and other fields use bioinformatics. Microbe forensic analysis, antibiotic resistance genetic research, and veterinary science are some of the other applications. In 2021, the molecular medicine sector held the biggest market share. From 2023 - 2030, the drug development segment is poised to grow at the fastest rate.

Global Digital Bioinformatics Market- By End-User

• Medical Biotechnology
• Academics
• Animal Biotechnology
• Agricultural Biotechnology
• Environmental Biotechnology
• Forensic Biotechnology

Medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology are the end-users in the bioinformatics sector. The Medical Biotechnology market is projected to be the biggest end-user for the digital bioinformatics industry.

Global Digital Bioinformatics Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the five regions that make up the global digital bioinformatics market. North America, followed by Europe, dominated the worldwide bioinformatics market in 2021. The bioinformatics market in North America and Europe is growing due to the availability of sophisticated technology, a well-structured regulatory environment, a greater rate of new technology adoption, and considerable company investment in research and development. Bioinformatics is a profitable sector in the Asia Pacific. Government measures to improve biotechnology research and development activities in respective countries, increased financing, increased knowledge of bioinformatics, and an increase in literacy rate are projected to drive the bioinformatics industry in the Asia Pacific.

Global Digital Bioinformatics Market- By Companies

• Thermo Fisher Scientific
• Illumina
• Agilent Technologies
• QIAGEN
• BGI
• Wuxi Next code
• Eurofins Scientific
• Waters Corporation
• Sophia Genetics
• Partek

NOTABLE HAPPENINGS IN THE GLOBAL DIGITAL BIOINFORMATICS MARKET IN THE RECENT PAST:

• Product Launch: - In march 2021, Agilent Technology, Inc. launched SureSelect for human exome analysis.
• Business Partnership: - BGI and Brunei's Ministry of Health expanded their collaboration in January 2021 to include reproductive health, individualised drug counselling, early cancer screening, and the detection of unknown diseases utilising BGI's cutting-edge sequencing technology.
• Business Partnership: - In January 2020, Charles River Laboratories, Inc. has formed a relationship with Fios Genomics to benefit from the company's experience in bioinformatics, statistics, and biology.