November 2024
The bioinformatics market was estimated at US$ 11.53 billion in 2023 and is projected to grow to US$ 47.48 billion by 2034, rising at a compound annual growth rate (CAGR) of 13.73% from 2024 to 2034. The increasing genomic and proteomic research, novel drug discovery & development, and technological advancements drive the market.
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Bioinformatics is a field involving computational technology that collects, stores, analyzes, and disseminates biological data and information. It uses various fields of science and technology to analyze and interpret biological data. It plays a crucial role in the expression and regulation of genes and proteins and in understanding the evolutionary aspects of molecular biology. In structural biology, it aids in the simulation and modeling of DNA, RNA, proteins, and biomolecular interactions. One of the main achievements of bioinformatics is the analysis of genome sequence data, especially the analysis of the human genome project.
The novel drug discovery research and identification of novel drug targets increase the demand for bioinformatics. Advances in reading DNA sequences and expanding research to develop practical insights about human health and biology with its complexity potentiate the market. Additionally, favorable government policies support omics (genomics, proteomics, metabolomics, and transcriptomics) research, further leading to market growth.
The advent of artificial intelligence (AI) and machine learning (ML) has transformed the entire bioinformatics field. The widespread applications of genomics and proteomics in the healthcare sector rapidly increased the demand for bioinformatics. Natural language processing (NLP) aids in searching through volumes of biology research, aggregating information, and translating research findings from one language to another. Artificial neural networks can classify gene expression profiles, predict protein structure, and aid in DNA sequencing. These technologies have a synergistic effect of converting complex genomic and proteomic data into simple, readable data. Hence, they can accelerate the drug discovery and development process, thereby reducing the overall time and cost of the experiment.
The major challenge of the market is the computational complexity. The complex process and the large-scale datasets require heavy computational systems to handle such large-scale data. These systems require suitable infrastructure and are highly expensive, limiting their use by several developing and underdeveloped countries. Another major challenge is the lack of trained professionals. Scientists and engineers in certain LMICs lack relevant knowledge and skills in bioinformatics, thereby restricting its usage.
North America dominated the global bioinformatics market in 2023. The rising prevalence of chronic disorders, novel drug discovery research, technological advancements, and the presence of key players. Several US government organizations, such as the National Institute of Standards and Technology (NIST), the National Center for Toxicological Research (NICT), and the National Cancer Informatics Program (NCIP), play a crucial role in supporting and funding bioinformatics research in the region. Additionally, the Canadian government actively supports bioinformatics research. In October 2023, the Canadian Minister of Health announced a $15 million investment to create a Pan-Canadian Genome Library to harness the potential of genomic medicine. The market is also driven by suitable infrastructure, capital investments, and the presence of skilled professionals.
Asia-Pacific is projected to host the fastest-growing bioinformatics market in the coming years. The favorable government policies, growing research & development, and increasing investments & collaborations drive the market. Countries like China, India, and Japan are at the forefront of boosting the bioinformatics market in the region. China is the world’s second-largest biopharmaceutical market and continues to grow at a fast pace due to developments in gene therapy and genome editing. Several multinational companies around the world are investing in India and Japan owing to their rapidly changing demographics and expanding healthcare infrastructure. In 2022, the Japanese government initiated a project titled “Strengthening Drug Discovery Venture Ecosystem Project” with a budget of 300 billion yen.
By product, the biocontent management segment registered its dominance over the global bioinformatics market in 2023. Content management in biomedical research refers to the process of generating, storing, accessing, delivering, and refining biological data through a unified platform. The increasing use of web servers and software for obtaining and retrieving complex biological data potentiates the segment’s growth.
By product, the bioinformatics services segment is anticipated to grow with the highest CAGR in the market during the studied years. The bioinformatics services cover entire bioinformatics data lifecycles, including managing and monitoring the intake, integrity, and use of diverse bioinformatics data types. These services can save the time and resources of numerous scientists, leading to precise and accurate data through experienced bioinformaticians.
By application, the genomics segment held a significant share of the bioinformatics market in 2023. The increasing demand for genomics and favorable government policies augment the segment’s growth. The increasing need for genome sequencing and the human genome project to identify potential genetic biomarkers and gene sequences to predict the disease also boosts the segment’s growth.
By application, the chemoinformatics & drug designing segment is predicted to witness significant growth in the market over the forecast period. Chemoinformatics is a field that systematizes the practice of computers in chemistry. Bioinformatics and chemoinformatics are complementary to each other in the drug discovery process, where target identification is the first step. Novel drug discovery research and technological advancements promote the segment’s growth.
Li Qing, Senior Vice President and General Manager in Greater China, commented that genomics is a rapidly evolving field as DNA sequencing is playing a vital role when it comes to human health and the planet. He also stated that in the future, the role of genomics will be pushed forward from ‘sick care’ to ‘health care’ to improve human health more broadly.
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November 2024
November 2024
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November 2024
Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y. Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.
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