Sales of Bioinformatics Market | Future Growth Aspect Analysis to 2031

Bioinformatics Market Outlook 2031

The global bioinformatics market was valued at US$ 24.7 Bn in 2020

It is estimated to expand at a CAGR of 5.9% from 2021 to 2028

The global bioinformatics market is expected to reach the value of US$ 44.9 Bn by the end of 2028

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Bioinformatics Holds Potentials to Cut Down Costs for Drug Development

Bioinformatics is an important tool for managing the large data generated during the drug discovery process, starting from pre-clinical trials to target identification and screening. Bioinformatics data management stores data at one place, thereby enabling effective analysis of information whenever required. This helps in increasing R&D productivity of a company by recognizing drug targets.

Bioinformatics technologies can save time and money, as it combines data into different interactive models to highlight disease pathway and aid drug discovery. Drug development can take years to complete and the cost associated could exceed millions of dollars. The use of bioinformatics has the potential to cut down these costs significantly. It can also help the companies overcome challenges of storing valuable and extensive processing data.

Need for Life-saving Therapeutics Boosts Demand for Bioinformatics Use during COVID-19 Pandemic

The ongoing COVID-19 pandemic has placed a high priority on identifying drugs to prevent or lessen clinical infection of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) caused by the coronavirus disease-2019 (COVID-19). Stakeholders in the bioinformatics market are taking advantage of this opportunity to increase R&D in different computational approaches to identify potential therapeutics. They are investigating existing FDA approved drugs that could block coronavirus from entering cells. Since coronavirus and its variants share a large genome, there is a need for bioinformatics to rapidly discover existing therapeutic agents that can be effective in reducing morbidity and mortality in patients.

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Proliferation of IT Translating into Revenue Opportunities for Software Developers

Diverse solutions of currently available bioinformatics platforms hamper the growth of the bioinformatics market. The need of combining the available software to build a composite application for current single task tools is increasing. The tools should be compatible with each other to use the data. Current bioinformatics platforms do not offer a well-defined data format, which, in turn, restrains growth of the bioinformatics market. Hence, stakeholders should team up with tech providers to innovate in bioinformatics platforms.

Bioinformatics is used to manage the data gathered from research & development projects in the biopharmaceutical, life sciences, and biotechnology industries. The growth of the bioinformatics market is driven by rise in applications of IT in the healthcare sector, along with robust technological advancements. The usage of information technology or IT has enabled easy storage, processing, access, and retrieval of data.

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Bioinformatics Plays Instrumental Role in Preventive Medicine & Molecular Medicine

Significant investments by pharmaceutical companies in chemical and drug research is expected to drive the global market over the next few years. Bioinformatics platforms were initially considered IT tools; however, presently, these are used as integrated solutions that provide algorithms and statistical tools for data analysis. Bioinformatics solutions help in integrating data management and analysis for applications such as gene sequencing.

Bioinformatics has applications in preventive medicine, molecular medicine, gene therapy, drug development, and others. Other application areas include forensic analysis of microbes, genetic research for antibiotic resistance, and veterinary science. The molecular medicine segment accounted for the largest market share in 2020. The drug development segment is anticipated to expand at the highest CAGR from 2021 to 2028 in the bioinformatics market.

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 Strategic Collaborations Help Innovate in Bioinformatics Platforms

Key players in the global bioinformatics market are expanding their market position by adopting various strategies such as mergers & acquisitions and research collaborations with other companies to launch innovative products and consolidate their market positions across the world.

Few expansion strategies adopted by players operating in the global bioinformatics market include the launch of the Pan-Cancer IVD (in vitro diagnostic) Test and innovations in cloud-based bioinformatics platform.

Participants in the market are joining forces to introduce Next-Generation Sequencing (NGS)-based assay that analyzes cancer-relevant genetic alterations from DNA and RNA derived from a patient's tumor in one integrated workflow.

Bioinformatics Market: Overview

According to Transparency Market Research's latest report on the global bioinformatics market for the historical period 2017-2019 and forecast period 2021-2028, rise in demand for nucleic acid & protein sequencing, increase in initiatives by private & government organizations, growth of proteomics & genomics, and surge in research on molecular biology & drug discovery

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 Increase in Usage of Bioinformatics in Drug Discovery: Key Driver

Bioinformatics is an important tool for managing the large data generated during the drug discovery process, starting from pre-clinical trials to target identification and screening. Bioinformatics data management stores the data at one place, thereby enabling effective analysis of information whenever required. This helps in increasing R&D productivity of a company by recognizing drug targets.

Bioinformatics technologies can save time and money, as it combines data into different interactive models to highlight disease pathway and aid drug discovery. Drug development can take years to complete and the cost associated could exceed millions of dollars. Use of bioinformatics can cut down the cost by 33% to 38%. It can also help the companies to overcome the challenges of storing the valuable and extensive processing data.

Need of Integrated Solutions to Drive Market

Significant investments by pharmaceutical companies in chemical and drug research is expected to drive the global market in the next few years. Bioinformatics platforms were initially considered IT tools; however, presently, these are used as integrated solutions that provide algorithms and statistical tools for data analysis. Bioinformatics solutions help in integrating data management and analysis for applications such as gene sequencing.

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 Lack of Common Data Format: Key Restraint

Diverse solutions of currently available bioinformatics platforms hamper the growth of the bioinformatics industry. The need of combining the available software to build a composite application for current single task tools is increasing. The tools should be compatible with each other to use the data. Current bioinformatics platforms do not offer a well-defined data format, which in turn restrains the bioinformatics market.

Bioinformatics Market: Competitive Landscape

This report profiles major players in the global bioinformatics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global bioinformatics market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global bioinformatics market are
Accelrys, Inc.
ID Business Solutions, Ltd.
Affymetrix, Inc.
CLC bio A/S
Agilent Technologies, Inc.
GenoLogics Life Sciences Software, Inc.
Life Technologies Corporation
Illumina, Inc.

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