Press release
AI in Bioinformatics Market Analysis 2024: Revolutionizing Biological Data Analysis
AI in Bioinformatics
The Business Research Company presents an extensive market research report on the AI In Bioinformatics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The AI in bioinformatics market size has grown exponentially in recent years. It will grow from $2.97 billion in 2023 to $4.30 billion in 2024 at a compound annual growth rate (CAGR) of 44.5%. The growth in the historic period can be attributed to increased genomic data availability, rise of precision medicine, demand for biomarker discovery, clinical trial optimization, and increased collaboration.
The AI in bioinformatics market size is expected to see exponential growth in the next few years. It will grow to $18.35 billion in 2028 at a compound annual growth rate (CAGR) of 43.8%. The growth in the forecast period can be attributed to expansion of single-cell technologies, growing emphasis on multi-omics integration, rising focus on functional genomics, acceleration of drug repurposing, increasing adoption of ai in pathology. Major trends in the forecast period include ethical AI and responsible data use, AI-driven virtual laboratories, integration of quantum computing, AI-powered clinical trials, and blockchain for secure data sharing.
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Key Market Players:
Major companies operating in the ai in bioinformatics market report are Thermo Fisher Scientific Inc., Eurofins Scientific SE, Dassault Systèmes SE, Illumina Inc., NeoGenomics Laboratories Inc., QIAGEN N.V., SomaLogic Operating Co. Inc., Seven Bridges Genomics Inc., Genialis Inc., SOPHiA GENETICS SA, DNAnexus Inc., Insilico Medicine Inc., Deep Genomics Inc., Biomax Informatics Inc., Ardigen SA, Strand Life Sciences Pvt. Ltd., Genomenon Inc., SourceBio International Limited, Fios Genomics Limited, CelbridgeScience, BlueBee Holding BV, JADBio , Elucidata Corporation, Gnosis DA, DNASTAR Inc., iNDX.Ai , Paige AI Inc.
Market Drivers:
The increasing number of clinical trials is expected to propel the growth of AI in the bioinformatics market going forward. Clinical trials refer to a systematic and carefully designed process of conducting medical research involving human participants to evaluate the safety, efficacy, and effectiveness of new medical interventions, treatments, drugs, devices, or therapeutic strategies. AI in bioinformatics is used in clinical trials to analyze patient data from electronic health records and other sources to identify potential candidates for clinical trials who meet specific criteria, improving recruitment efficiency and targeting. For instance, in May 2023, according to Xtalks, a Canada-based life science and medical device platform, on ClinicalTrials.gov, there were 452,604 clinical trials registered worldwide as of May 2023, and 64,838 of the total number of registered studies are actively seeking participants. Further, the number of registered trials has significantly increased from the over 365,000 that were reported at the beginning of 2021. Therefore, the increasing number of clinical trials is driving the growth of AI in the bioinformatics market.
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https://www.thebusinessresearchcompany.com/report/ai-in-bioinformatics-global-market-report
The ai in bioinformatics market covered in this report is segmented -
1) By Type: Machine Learning, Deep Learning, Other Types
2) By Offering : Services, Software
3) By Application: Genomics, Chemoinformatics and Drug Design, Proteomics, DNA Sequencing, System Biology, Transcriptomics, Text Mining, Microarrays, Metabolomics, Other Applications
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