Bioinformatics Market to Grow by USD 13.2 Billion (2024-2028) Boosted by Lower Genetic Sequencing Costs, Powered by AI – Technavio Report

NEW YORK, Sept. 17, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global bioinformatics market size is estimated to grow by USD 13.20 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.59% during the forecast period. Reduction in cost of genetic sequencing is driving market growth, with a trend towards development of sophisticated bioinformatics tools for NGS. However, shortage of trained laboratory professionals poses a challenge. Key market players include Agilent Technologies Inc., Azenta Inc., Bio Rad Laboratories Inc., Biomax Informatics AG, DNASTAR Inc., Eurofins Scientific SE, Fios Genomics Ltd., Genedata AG, Geneva Bioinformatics SA, Illumina Inc., Partek Inc., Perkin Elmer Inc., Precigen Inc., QIAGEN NV, Quest Diagnostics Inc., Seven Bridges Genomics Inc., Source BioScience, Thermo Fisher Scientific Inc., Waters Corp., and ZS Associates Inc..

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Market Driver

The Bioinformatics market is experiencing significant growth due to the increasing availability of Next-Generation Sequencing (NGS) data and the need for advanced tools to analyze this data. NGS has revolutionized the field of genetics and biology, but analyzing the vast amounts of data generated can be a daunting task. Several companies offer commercial solutions to address these challenges, providing researchers and end-users with sophisticated bioinformatics tools and software. These tools employ mathematical and statistical approaches to organize, analyze, and interpret biological information at various levels. For instance, Oxford Nanopore MinION is a popular bioinformatics tool for real-time, on-site DNA sequencing, while Empowering the Development of Genomics Expertise (EDGE) processes NGS data and offers analytical workflows. Agilent Technologies’ acquisition of Resolution Bioscience is an example of industry consolidation, expanding capabilities in NGS-based cancer diagnostics and precision medicine. However, the high cost of sophisticated bioinformatics systems, rapid data processing, and extensive data storage required for NGS remains a challenge for end-users. Despite this, the benefits of using bioinformatics tools for NGS, such as rapid and precise outcomes and cost-effective sequencing, are driving the growth of the global Bioinformatics market, which is expected to continue during the forecast period. 

The Bioinformatics market is thriving with trends like Precision Medicine and Genome Sequencing leading the way. NGS technologies and Genomics instruments are driving down equipment costs, making these advanced techniques more accessible. Transcriptomics, Personalized Medicine, and Drug Discovery are key areas of focus for companies like NeoGenomics Laboratories, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source BioScience, and more. Virus research is also a hot topic, with sequencing playing a crucial role in understanding transmission chains and developing containment measures. Illumina, HostSeq, VirusSeq, CanCoGen, and others are at the forefront of Nucleic Acid and Protein sequencing, aiding in the study of viruses like SARS-CoV-2. Product innovations from ATCC, Qiagen, Thermo Fisher Scientific, Agilent Technologies, and others are revolutionizing Biological Materials and Research Platforms. Big data analysis, Database development, Gene Therapy, and Drug Development are also significant areas of investment. Disease Biomarkers and Therapeutic Strategies are being explored to improve diagnostic methods and create effective vaccines. 

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 Market Challenges

• The bioinformatics market faces challenges due to the intricacy of processes involved. Researchers must meticulously apply reagents and handle apparatus, while interpreting results requires expertise and understanding of analysis techniques. Factors to consider before conducting protein research experiments include the molecular weight of the protein, buffer solution, and protein stability. However, the medical laboratory industry experiences severe workforce shortages, with annual turnover rates exceeding 20% for certain personnel categories. Causes include low salaries, inadequate training programs, and lack of job satisfaction. The hourly wage for laboratory professionals is around USD15, contributing to high attrition rates. Recognition and awareness of laboratory professions among young people are also lacking. These issues may negatively impact the bioinformatics market’s growth during the forecast period.
• The Bioinformatics market is experiencing significant growth due to the increasing demand for advanced solutions in the field of viral research. With the ongoing global health crisis caused by viruses like SARS-CoV-2, the need for effective research platforms and transmission chain analysis is more critical than ever. Companies like Illumina, HostSeq, VirusSeq, CanCoGen, and others are leading the way with innovations in nucleic acid and protein sequencing, genomics, proteomics, and molecular biology. Challenges such as virus variability, public health control, and containment measures require the development of disease biomarkers, therapeutic strategies, and big data analysis. Database development, gene therapy, and drug development are also key areas of focus. ATCC, Qiagen, Thermo Fisher Scientific, Agilent Technologies, and others are investing in biological materials and scientific tools to meet these demands. Vaccines and diagnostic methods are also crucial areas of innovation, with RNA and DNA sequencing playing a significant role. Overall, the Bioinformatics market is poised for continued growth as it addresses the challenges of viral research and the development of new therapeutics.

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Segment Overview

This bioinformatics market report extensively covers market segmentation by

1. Application 
• 1.1 Molecular phylogenetics
• 1.2 Transcriptomic
• 1.3 Proteomics
• 1.4 Metabolomics
2. Product 
• 2.1 Platforms
• 2.2 Tools
• 2.3 Services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Molecular phylogenetics– The Bioinformatics market refers to the industry dedicated to using technology and data analysis to understand biological information. Companies in this sector provide software solutions for genome analysis, protein structure prediction, and drug discovery. Key players include Illumina, Thermo Fisher Scientific, and Qiagen. Growth is driven by increasing research in genomics and personalized medicine. This market is expected to reach USD72.6 billion by 2025.

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Research Analysis

The Bioinformatics market is experiencing significant growth due to the increasing adoption of precision medicine and advanced genomic technologies. With the widespread use of Next-Generation Sequencing (NGS) technologies, genomics instruments have become essential tools for research platforms in understanding the genetic basis of various diseases. Transcriptomics and sequencing techniques have revolutionized the field of virology, enabling the identification of viruses and their transmission chains. This information is crucial for public health control and containment measures, especially in the context of virus variability and the development of vaccines and diagnostic methods. Companies like Illumina, Eurofins Scientific, BGI, NanoString, Indivumed GmbH, Strand Life Sciences, and Healthcare Global Enterprises are leading the way in providing innovative solutions for genome sequencing, RNA and DNA analysis, and diagnostic services.

Market Research Overview

The Bioinformatics market is witnessing significant growth due to the increasing adoption of precision medicine, genome sequencing, and NGS technologies. These advanced technologies enable the analysis of genomics instruments, transcriptomics, and proteomics, paving the way for personalized medicine and drug discovery. Clinical diagnostics have also seen a surge in demand, particularly in the context of viruses such as SARS-CoV-2. The market is driven by research platforms and public health control efforts, which require containment measures, virus variability analysis, and diagnostic methods. Key areas of focus include vaccine development and therapeutic strategies. Major players in the market include Illumina, with offerings like HostSeq and VirusSeq, and CanCoGen, specializing in nucleic acid sequencing. Other significant contributors are Qiagen, Thermo Fisher Scientific, Agilent Technologies, and ATCC, providing biological materials and product innovations. The market is also witnessing advancements in protein sequencing, disease biomarkers, and big data analysis for database development and gene therapy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Molecular Phylogenetics
• Transcriptomic
• Proteomics
• Metabolomics
• Product
• Platforms
• Tools
• Services
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio