Global $37 Billion Bioinformatics Market to 2026: Increasing Bioinformatics Funding from the Public and Private Sectors - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Bioinformatics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The bioinformatics market is expected to grow at a compound annual growth rate of 19.36% over the forecast period to reach a market size of US$37.029 billion in 2026 from US$10.728 billion in 2019.
Bioinformatics is becoming crucial since massive volumes of data generated by techniques such as protein and nucleic acid sequencing necessitate data interpretation and management for medical applications and future research. As a result, growing demand is projected to propel the bioinformatics market throughout the forecast period.
However, expensive bioinformatics software and service prices, as well as a scarcity of experienced specialists, are anticipated to impede industry expansion in the coming years.
Growth Factors: Increasing bioinformatics funding from the public and private sectors
Many governments and private companies across the globe are making substantial investments in bioinformatics to enable high-quality solutions and services through data and the latest technologies. For instance, with a EUR 20 million investment, the UK government formed a new alliance named COVID-19 Genomics UK Consortium (COG-UK) in March 2020 to sequence the genomes of SARS-CoV-2 the virus that is causing the ongoing COVID-19 pandemic. The NHS, Public Health Agencies, the Wellcome Sanger Institute, and several academic institutions comprise the COVID-19 Genomics UK Consortium (COG-UK). Such factors are anticipated to drive the growth of the bioinformatics market.
Restraints: High Equipment Costs
With the introduction of sophisticated next-generation sequencing (NGS) technology, there is a growing demand for rapid and accurate bioinformatics tools that are simple to use. The majority of experimental researchers are not bioinformaticians. As a result, the availability of user-friendly tools is critical for using bioinformatics platforms. Many bioinformatics applications necessitate extensive computer skills, owing to a lack of a suitable user interface. Genomics instruments are also outfitted with advanced features and functions, and as a result, they are priced at a premium, ranging from USD 10-20 million. Since pharmaceutical companies and research institutes require a large number of such devices, the financial investment in acquiring many genomic instruments is substantial. Small and medium-sized pharmaceutical companies and research facilities cannot afford to make such large expenditures in numerous genomics equipment.
Impact of Covid-19
The COVID-19 is anticipated to have a negative influence on bioinformatics market growth since the pandemic affected supply chains and industrial operations all across the world. As a result, manufacturing capacity and bioinformatics supply will be reduced, which is likely to stifle market growth.
- Drug Discovery
- Personal and Preventive Medicine
- Crop Improvement and Insect Resistance
By Biological Data
- Gene Expression Profile
- Chromosomal Mapping
- North America
- United States
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- Ayasdi, Inc.
- SciGenome Labs Pvt. Ltd
- Era7 Information Technologies
- Agilent Technologies
- Thermo Fisher Scientific
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