Bioinformatics Market Growth Accelerated by Integration of Big Data Analytics
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Bioinformatics Market |
Bioinformatics is an
interdisciplinary field that combines biology, computer science and information
technology to analyze and interpret biological data obtained from
high-throughput experiments. Bioinformatics tools are widely used in medical
and health applications like drug discovery and development, personalized
medicine, medical diagnostics and disease diagnostics. With the increasing
prevalence of chronic diseases globally, demand for precision medicine and
disease diagnostics using genomics data is growing rapidly. Advances in next
generation sequencing technologies and reduction in genome sequencing costs
have enabled large-scale genome sequencing projects, resulting in tremendous
amounts of genomic and other biological data. Analyzing and deriving meaningful
insights from this huge volume of complex biological data requires powerful
bioinformatics tools and solutions.
The global bioinformatics Market
is estimated to be valued at US$ 22.1 Bn
in 2023 and is expected to exhibit a
CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market Dynamics:
One of the primary drivers for
the growth of the bioinformatics market is increasing adoption of genomics
technologies. Next generation sequencing technologies have significantly brought
down the cost of genome sequencing. This is enabling large-scale genome
sequencing projects in healthcare, research and drug discovery domains. For
example, over 10 million genomes have been sequenced and analyzed as part of
large genome sequencing programs like the UK Biobank and Million Veteran
Program in United States. However, the massive amounts of genomic and other
biological data generated through projects requires advanced bioinformatics
solutions for storage, analysis and interpretation. Hence, growing dependence
on genomics is driving demand for more sophisticated and powerful
bioinformatics tools and services. Additionally, growing pressure on
pharmaceutical companies to reduce the costs and time involved in drug
discovery is also fueling adoption of bioinformatics approaches which leverage
biological data to identify drug targets and biomarkers. This is further
contributing to the market growth over the forecast period.
SWOT Analysis
Strength: Bioinformatics uses
computational techniques to understand biological data like genetic codes,
amino acid sequences, and DNA/RNA sequences. This interdisciplinary approach
helps analyze and make meaning of large biological data sets which strengthens
medical research and discovery. It enables cost-effective design of drugs and
diagnostic tools by integrating information technology with life sciences.
Weakness: Setting up
bioinformatics infrastructure requires heavy investment in IT capabilities,
software, skilled data scientists and domain experts which can be challenging
for emerging markets and underdeveloped regions. Additionally, biological data
analysis depends highly on algorithm design and continuous upgradation which
demands ongoing research and development spending.
Opportunity: With technological
advances like AI, machine learning, cloud computing and big data analytics,
opportunities for bioinformatics are growing exponentially. Vast amounts of
biological and health data are being generated through omics research,
healthcare practices and patient records. This available data needs to be
organised, secured and analyzed for applications in personalized medicine, drug
development, agricultural biotechnology etc.
Threats: Data security and
privacy challenges arise with use of sensitive health and genetic information
in bioinformatics research. Regulatory compliances and ethics needs to be
strengthened regarding ownership and sharing of biological intellectual
property. Additionally, heavy dependence on IT infrastructure and skilled
workforce makes the industry vulnerable to macroeconomic changes, talent crunch
or technology obsolescence over longer run.
Key Takeaways
The Global
Bioinformatics Market Share is expected to witness high growth on account
of increasing research and development spending in life sciences as well as
advancements in technologies that aid big data analysis of biological
information. The market size for 2024 is estimated to reach US$ 22.1 Bn registering a CAGR of over 10% during the forecast
period of 2023 to 2030.
Regional analysis- North America currently dominates the global
bioinformatics market with the highest research and development investments and
presence of leading industry players and academic institutions. Meanwhile, Asia
Pacific is identified as the fastest growing region due to increasing
healthcare awareness, expanding biotech hubs and favorable government
initiatives in countries like China, India and Japan.
Key players operating in the bioinformatics market are The 3M
Company, Thermo Fisher Scientific Inc., Illumina Inc., PerkinElmer Inc., QIAGEN
N.V., Agilent Technologies Inc., Dassault Systèmes SE, Eurofins Scientific,
Waters Corporation and BGI Group. The companies are focused on building
strategic collaborations, acquisitions, new product launches and expanding into
emerging markets through joint ventures to gain competitive advantage.
Get More Insights Here
https://www.newswirestats.com/bioinformatics-market-industry-insights-trends-bioinformatics-market/
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