Originally published on Technavio: Bioinformatics Market Analysis - North America, Europe, EMEA, APAC - Forecast 2023-2027

 

Introduction:

The Bioinformatics Market Report for 2023-2027 projects substantial growth, anticipating an increase of USD 8,535.52 million at a CAGR of 13% from 2022 to 2027. Driven by factors such as reduced genetic sequencing costs, rising demand for protein sequencing, and innovative genome analysis techniques, the market analysis encompasses drivers, trends, and challenges. Additionally, the report includes historical market data from 2017 to 2021.

 

Market Forecast:

The Bioinformatics Market is set for remarkable expansion, estimating a growth of USD 8,535.52 million at a CAGR of 13% between 2022 and 2027. The report provides a detailed examination of key drivers, trends, and challenges, offering valuable insights into the market dynamics.

 

Market Definition:

Bioinformatics, a field at the intersection of biology and informatics, experiences a transformative phase. The report underscores the importance of advanced genomic sequencing technologies, such as Next-Generation Sequencing (NGS), and the completion of the Human Genome Project, contributing to significant reductions in genetic sequencing costs.

 

Key Drivers, Trends, Challenges, and Customer Landscape:

The report, using 2022 as the base year, conducts a comprehensive analysis of key drivers, trends, and challenges. A primary driver is the reduction in the cost of genetic sequencing, facilitated by advancements in genomic sequencing technologies like NGS. The report emphasizes trends such as the development of sophisticated tools for NGS and highlights the major challenge of a shortage of trained laboratory professionals hindering market growth.

 

Major Market Challenge:

A significant hurdle to market growth is the shortage of trained laboratory professionals during the forecast period. Workforce shortages in the medical laboratory science field pose concerns about workload and turnover, impacting the meticulous processes involved in reagent application and apparatus handling. The challenge also extends to result interpretation, requiring researchers to be well-versed in conducting analyses in alignment with the experiment's overall objective.

 

Key Market Customer Landscape:

The market forecasting report covers the adoption lifecycle from the innovator’s stage to the laggard’s stage, emphasizing adoption rates in different regions based on penetration. It delves into key purchase criteria and drivers of price sensitivity to assist companies in developing effective market growth strategies.

 

Major Bioinformatics Market Vendors:

Companies adopt various strategies like strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to fortify their market presence. Noteworthy vendors, including Agilent Technologies Inc., Azenta Inc., Bio Rad Laboratories Inc., and Illumina Inc., are highlighted for their contributions to the market.

 

Market Analysis:

Collaboration between private and government organizations in molecular biology, leveraging extensive databases and sophisticated software tools for drug design and development, is a notable aspect of the market. The report emphasizes common data formats facilitating information exchange in RNA and peptide sequences. Cutting-edge technologies such as NGS and genetic engineering are highlighted, indicating the importance of interdisciplinary collaboration in advancing biological data and molecular biology.

 

Market Segmentation:

The market share growth by the molecular phylogenetics segment is anticipated to be significant during the forecast period. Molecular phylogenetics, involving the use of molecular data to study evolutionary relationships among species, revolutionizes biology by offering a more accurate understanding of relationships among living organisms. The segment, valued at USD 3,541.59 million in 2017, continued to grow until 2021, driven by its applications in drug discovery, disease diagnosis, and conservation biology.

 

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North America is expected to contribute 44% to the global market growth during the forecast period. The region's growth is propelled by the increasing prevalence of chronic diseases and its leading role in the global market, driven by the demand for solutions from research organizations and pharmaceutical companies. The report considers the impact of COVID-19 and recovery strategies for each segment, highlighting the influence of the pandemic on the North American market in 2020.

The market report forecasts growth by revenue globally, regionally, and at the country level, offering an analysis of the latest trends and growth opportunities from 2017 to 2027. The forecast period, spanning from 2023 to 2027, aims to achieve growth momentum with a CAGR of 13%, reaching USD 8,535.52 million by 2027.

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