Bioinformatics Market is Projected to Reach USD 18.7 billion by 2027, at a CAGR of 13.0% | Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters C

Bioinformatics Market is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0%. according to a new report by MarketsandMarkets™. The use of computer technology to comprehend and utilise biological and biomedical data effectively is known as bioinformatics. It is the field responsible for storing, analysing, and interpreting the Big Data gathered during clinical settings or as a result of life science investigations. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure, and decreasing cost of genome sequencing. However, the high cost of equipment is hindering the growth of this market.

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Key Market Players

Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), DNASTAR (US), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.

TOP BIOINFORMATICS MARKET PLAYER

THERMO FISHER SCIENTIFIC, INC. (US)

Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company mainly develops technologically advanced bioinformatics solutions to outstand its offerings. It invests into organic and inorganic growth strategies like acquisitions to strengthen its market presence.

The company is one of the key players in the market owing to fact that its leading platforms work on one of the best technologies-ion semiconductor technology. With its strong position in the market, product offerings and client centric services , Thermo Fisher Scientific, Inc. is expected to grow significantly in the global bioinformatics market.

PERKINELMER, INC. (US)

PerkinElmer is one of the leading players in the global bioinformatics market. The company provides data analytics, computing, and scientific application software services. PerkinElmer competes in this market based on services offered, price, technological innovation, operational efficiency, product differentiation, product availability, quality, and reliability. The company has a strong geographical presence in the Americas, Europe, Asia, and Africa.

PerkinElmer has a strong sales and distribution network in more than 150 countries for its products and services. These factors are expected to help PerkinElmer stay competitive in the bioinformatics market.

ILLUMINA, INC. (US)

Illumina, Inc. is holds strong position in the bioinformatics market. Illumina has a wide range of product and service portfolio for the end users in this market, a well-established distribution network, and has geographic presence worldwide. With its diverse product offerings, the company is expected to witness high growth in this market.

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North American bioinformatics market to dominate the market during the forecast period"

North America dominated the bioinformatics market in 2021 and is expected to grow at an 12.7% CAGR during the forecast period. The North America holds large share in the global bioinformatics market owing to factors such as government support for genomic research, presence of top key players in the region, reduced cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America.

Bioinformatics Market Dynamics:

Drivers:

1. Increasing public-private sector funding for bioinformatics

2. Increasing demand for personalized medicine

3. Increasing pharmaceutical and biotechnology R&D expenditure

4. Decreasing costs of genome sequencing

Restraints:

1. High equipment costs

Opportunities:

1. Lucrative opportunities in emerging markets

2. Adoption of blockchain technology and cloud computing

3. Integration of machine learning and AI in healthcare

4. Investments by leading IT companies in the development of bioinformatics solutions

Challenges:

1. Management of large data volumes

2. Lack of interoperability and multiplatform capabilities

3. Growing competition from in-house development and publicly available tools

4. Shortage of skilled bioinformatics professionals

Recent Developments:

· In October 2022, Illumina, Inc. and AstraZeneca formed a strategic research collaboration to expedite the discovery of therapeutic targets by combining their strengths in AI-based genome interpretation and genomic analysis tools with industry knowledge. The cooperation would assess if a framework made of both these technologies can boost target discovery yield and confidence in order to identify prospective therapeutics based on human omics insights.

· In September 2022, Thermo Fisher Scientific joined the Pennsylvania Biotechnology Center (PABC) as a founding sponsor of both the Philadelphia-based B+Labs incubator and the PABC site in Doylestown, Pennsylvania, where emerging life science enterprises can accelerate their progress to commercialization.

· In January 2021, BGI and the Ministry of Health of Brunei expanded their partnership to carry out extensive cooperation in public health emergency response and public health testing screening and diagnostic services, including reproductive health, personalized drug guidance, early cancer screening, and detection of unknown pathogens by using BGI's cutting-edge sequencing technology.

· In January 2020, Charles River Laboratories, Inc. entered into a partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology.

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