Bioinformatics Industry Outlook, 2026 - Featuring Ayasdi, SciGenome Labs, TeselaGen, Hybrigenics, Era7 Information Tech, Lumenogix, Agilent Tech, Thermo Fisher Scientific, DNAnexus, and Biobase
Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Bioinformatics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global bioinformatics market is expected to grow at a compound annual growth rate of 19.36% over the forecast period to reach a market size of US$37.029 billion in 2026 from US$10.728 billion in 2019.
Bioinformatics is becoming crucial since massive volumes of data generated by techniques such as protein and nucleic acid sequencing necessitate data interpretation and management for medical applications and future research. As a result, growing demand is projected to propel the bioinformatics market throughout the forecast period.
However, expensive bioinformatics software and service prices, as well as a scarcity of experienced specialists, are anticipated to impede industry expansion in the coming years.
Growth Factors:Increasing bioinformatics funding from the public and private sectors
Many governments and private companies across the globe are making substantial investments in bioinformatics to enable high-quality solutions and services through data and the latest technologies. For instance, with a EUR 20 million investment, the UK government formed a new alliance named COVID-19 Genomics UK Consortium (COG-UK) in March 2020 to sequence the genomes of SARS-CoV-2 the virus that is causing the ongoing COVID-19 pandemic. The NHS, Public Health Agencies, the Wellcome Sanger Institute, and several academic institutions comprise the COVID-19 Genomics UK Consortium (COG-UK). Such factors are anticipated to drive the growth of the bioinformatics market.
Restraints:High equipment costs
With the introduction of sophisticated next-generation sequencing (NGS) technology, there is a growing demand for rapid and accurate bioinformatics tools that are simple to use. The majority of experimental researchers are not bioinformaticians. As a result, the availability of user-friendly tools is critical for using bioinformatics platforms. Many bioinformatics applications necessitate extensive computer skills, owing to a lack of a suitable user interface.
Genomics instruments are also outfitted with advanced features and functions, and as a result, they are priced at a premium, ranging from USD 10-20 million. Since pharmaceutical companies and research institutes require a large number of such devices, the financial investment in acquiring many genomic instruments is substantial. Small and medium-sized pharmaceutical companies and research facilities cannot afford to make such large expenditures in numerous genomics equipment.
Impact of COVID-19
The COVID-19 is anticipated to have a negative influence on bioinformatics market growth since the pandemic affected supply chains and industrial operations all across the world. As a result, manufacturing capacity and bioinformatics supply will be reduced, which is likely to stifle market growth.
Companies Profiled
Ayasdi, Inc.
SciGenome Labs Pvt. Ltd.
TeselaGen
Hybrigenics
Era7 Information Technologies
Lumenogix
Agilent Technologies
Thermo Fisher Scientific
DNAnexus
Biobase
Market Segmentation
By Application
Drug Discovery
Personal and Preventive Medicine
Crop Improvement and Insect Resistance
Others
By Biological Data
DNA
RNA
Protein
Gene Expression Profile
Chromosomal Mapping
Others
By Geography
For more information about this report visit https://www.researchandmarkets.com/r/z279d3
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