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Bioinformatics Global Market Report 2023
Major players in the bioinformatics market are Agilent Technologies, Illumina, QIAGEN, Affymetrix, Thermo Fisher Scientific, BGI, Dassault Systems, Eurofins scientific, Bruker Daltonics, Biomax Informatix, DNASTAR, Partek, Geneva Bioinformatics, Perkinelmer Inc.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bioinformatics Global Market Report 2023" - https://www.reportlinker.com/p06229161/?utm_source=GNW
, Accelrys, SA Nonlinear Dynamics, Quest Diagnostics, Sophia Genetics, Waters Corporation, Permin Elmer Inc., Applied Biologicals Materials., Life Technologies, PerkinElmer, Waters Corporation, Sophia Genetics, Celera, Tripos, LP, Helicos Biosciences Incorporation, and IBM Life Sciences.
The global bioinformatics market will grow from $13.02 billion in 2022 to $14.68 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The bioinformatics market is expected to grow to $24.46 billion in 2027 at a CAGR of 13.6%.
The bioinformatics market includes revenues earned by entities by providing solutions which combine computer programming, information engineering, mathematics, and statistics to analyze biological data for drug discovery and preclinical studies.Values in this market are ’factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Bioinformatics, which is connected to genetics and genomics, uses computer technology to gather, store, analyze, and share biological information and data such as DNA and amino acid sequences or annotations about those sequences.
North America was the largest region in the bioinformatics market in 2022.Western Europe was the second largest region in the bioinformatics market.
The regions covered in the bioinformatics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product and service types of bioinformatics are knowledge management tools, data analysis platforms, and services.Knowledge management tools are technologies used by organizations to share information both internally and externally.
The various applications include metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics, others that are used by pharmaceutics, animal study, agriculture, forensic science, and other end users.
Increasing demand for protein sequencing is driving growth in the bioinformatics market.Protein sequencing refers to the process of determining the sequence of amino acids in all or part of the proteins present in DNA, based on which specific functions, activities, origin, or localization of the protein are determined.
Protein sequencing helps analysts to understand the distribution of amino acids along the sequences and the structure of proteins.With bioinformatics methods and databases, the capacity, structure, and developmental history of proteins can be effectively identified.
The demand for protein sequencing is expected to grow on account of factors such as advancements in clinical mass spectrometry and analytical techniques, and the significant adoption of target-based drug development by pharmaceutical and biotechnology companies. For instance, in 2021, the total number of protein sequences in UniProtKB, which is a freely accessible database of protein sequence and functional information, increased to approximately 190 million.
The lack of interoperability among various available data formats is acting as a restraint on the bioinformatics market.Various data formats come with differences in structures of data.
There are numerous protein databases available through various resources, and each database chooses to represent proteins in a different format.Also, different data models such as object data model or relational data model are used while collecting data.
Therefore, the problem of interoperability arises when a researcher tries to integrate the results of unique databases present in different data formats.Various data formats available for bioinformatics include Compressed Row Storage (CRS), Sparse Vector, Avro, Parquet and ORC (Optimized Row Compressed).
According to a report by Pharmaphorum, an estimated 80% of the researchers’ time is spent on data grooming and only 20% on actual data analysis. This is essentially due to the lack of standardized file types and inconsistent data formatting, which means that every new program results in a new data format. The interoperability issues arising from the use of multiple data formats are affecting the market growth.
Companies in the bioinformatics market are increasingly investing in the research and development of nanopore sequencing technology.Nanopore sequencing is a single molecule DNA sequencing technology that eliminates the need for Polymerase Chain Reaction or chemical labeling of the sample.
This technology passes ionic current through nanopores (a pore of nanometer size) and when the biological molecules pass through the nanopores or near to it them this technology measures the changes in current which can be used to identify the molecule.Nanopore sequencing technology offers high throughput, low cost, longer reads (Sequence of a section of a unique fragment) to the analyst and helps in the collection of data which is an essential part of bioinformatics.
For instance, in 2020, Oxford Nanopore Technologies raised $109.5 million to support the ramp of commercial and manufacturing operations and to further develop its nanopore technology.
The bioinformatics market is governed by various regulatory bodies for quality and compliance of bioinformatics platforms.For instance, in India, the Biotechnology Industry Research Assistance Council (BIRAC), set up by Department of Biotechnology (DBT), Government of India, regulates the bioinformatics market.
BIRAC introduces Technology Readiness Levels (TRLs) as a measure of estimating the maturity of technology while in the evaluation phases until these technologies are complete to be offered commercially.The TRL scale provides 9 technology readiness levels with TRL1 being the stage when the technology is ideated, and TRL9 being the stage when the technology is ready for commercial use.
The manufacturers have to get past TRL9 to have their products available commercially and ready to be marketed.These TRL’s consist of various levels of compliance and processes that the manufacturers must adhere to.
The bioinformatics platform is evaluated for quality, feasibility, data privacy, and protection as per international standards.
In September 2020, APIS Assay Technologies Ltd, a UK-based Biotechnology company acquired BeoGenomics for an undisclosed amount.With the addition of Beogenomics’ proven expertise in bioinformatics APIS Assay Technologies Ltd can more effectively capture the exciting opportunities presented in the bioinformatics space.
BeoGenomics, a USA-based bioinformatics company that focuses on NGS, SNP chip, and GeneChip genomic data processing and analysis.
The countries covered in the bioinformatics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The bioinformatics market research report is one of a series of new reports that provides bioinformatics market statistics, including bioinformatics industry global market size, regional shares, competitors with a bioinformatics market share, detailed bioinformatics market segments, market trends and opportunities, and any further data you may need to thrive in the bioinformatics industry. This bioinformatics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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