Global Bioinformatics Market Analysis

Global Bioinformatics Market Analysis


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The Global Bioinformatics market is projected to grow from $15.35 Bn in 2022 to $51.37 Bn by 2030, registering a CAGR of 16.30% during the forecast period of 2022 - 2030. The main factors driving the growth would be the demand for integrated data, more protein and nucleic acid sequencing due to lower sequencing costs, and increased proteomics and genomics applications. The market is segmented by technology and by application. Some of the major players include Thermo Fisher Scientific, Qiagen, IBM Life Sciences, Agilent Technologies, Illumina, and PerkinElmer.

ID: IN10GLHS001 CATEGORY: Healthcare Services GEOGRAPHY: Global AUTHOR: Neha Davda

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Global Bioinformatics Market Executive Summary

The Global Bioinformatics market is projected to grow from $15.35 Bn in 2022 to $51.37 Bn by 2030, registering a CAGR of 16.30% during the forecast period of 2022 - 2030. In 2021, national healthcare spending in the world as a percentage of GDP reached 9.83% achieving $1,115.01 per capita.

The study of bioinformatics merges biology and information technology. Data generation, data warehousing, data mining, data management, and other approaches are used in bioinformatics. In order to provide statistical frameworks and data processing methods for applications like next-generation sequencing, modeling of genomic and proteomic structure, and three-dimensional drug discovery, bioinformatics software, and tools are used as integrated solutions.

The Global bioinformatics market was dominated by North America in 2019, accounting for the largest share, and it is projected that this trend will continue during the forecast period. This is attributable to the rapid uptake of cutting-edge technology and the rise in demand for improved bioinformatics tools, both of which are essential to the process of discovering and developing new drugs. The market in LAMEA is anticipated to expand at the highest CAGR during the forecast period as a result of advances in the fields of genomics and proteomics, which are producing vast amounts of data that must be evaluated and handled.

global bioinformatics market analysis

Market Dynamics

Market Growth Drivers

The demand for integrated data, more protein and nucleic acid sequencing due to lower sequencing costs, and increased proteomics and genomics applications are all projected to contribute to the worldwide bioinformatics market's rapid growth in the coming years. During the projection period, activities from both public and private organizations and drug discovery and development are also expected to boost market expansion.

Government entities and significant market participants in both emerging and developed countries are heavily investing in information technology projects. Additionally, market participants are engaged in research and development efforts in planning for the introduction of new items to the marketplace. So, increasing R&D activities will also support the growth of the global bioinformatics industry.

Market Restraints

The adoption of new and cutting-edge technologies and technical advancements are enabling the growth of the global bioinformatics industry. In the bioinformatics market, the market participants are significantly implementing next-generation sequencing technologies. The database is produced and kept up to date with the aid of this technology. Here, data is essential for the bioinformatics market's expansion. As a result, the global market for bioinformatics is being constrained by growing concerns about data privacy and security. Moreover, a lack of skilled staff, standard data formats, and an absence of affordable, user-friendly technologies are anticipated to restrain market expansion during the projection period.

Competitive Landscape

Key Players

  • Thermo Fisher Scientific
  • Qiagen
  • IBM Life Sciences
  • Agilent Technologies
  • Illumina
  • PerkinElmer

Notable Recent Deals

January 2023: QIAGEN acquired Verogen to strengthen the company's position as a leader in the field of human identification and forensics, which is backed by process automation, genetic testing analysis, and sample preparation. This deal expands on cooperation established in 2021 to supply Verogen's NGS-based panels, GEDmatch bioinformatics products, and Illumina MiSeq FGx sequencer.

September 2020: Illumina partnered with Roche and a software suite to accelerate the use of genomics as well as new sequencing devices. According to the terms of the arrangement, Illumina will provide Roche the right to create and market IVD tests for both its upcoming NovaSeqDx diagnostic sequencing system and Illumina's NextSeqTM 550Dx System. Illumina's comprehensive pan-cancer test, TruSight Oncology 500, will be improved with additional Companion Diagnostic (CDx) claims thanks to a partnership between Roche and Illumina (TSO 500).

Healthcare Policies and Regulatory Landscape

The US Food and Drug Administration (FDA), the European Medicines Agency (EMA), and the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) are some of the government agencies that oversee the global bioinformatics business. These organizations are in charge of policing the creation, endorsement, and promotion of bioinformatics goods and services. Privacy rules, such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States and the General Data Protection Regulation (GDPR) in the European Union, govern the use and storage of sensitive Personal Health Information (PHI). Intellectual property rules, such as patents, copyrights, and trademarks, which defend businesses' rights to use and promote their bioinformatics goods and services, also have an effect on the worldwide bioinformatics market.

Reimbursement Scenario

Depending on the nation and region, several reimbursement practices are used in the worldwide bioinformatics market. Public health insurance systems may be used to pay for bioinformatics goods and services in various nations. These programs' degree and scope of payment can change depending on the nation and the particular good or service being reimbursed. Bioinformatics products and services may also be covered by private health insurance plans, albeit the amount of coverage offered by these plans can vary greatly depending on the policy and the insurance provider. Additionally, in some nations, there can be government financing schemes or grants access to support the creation and application of bioinformatics goods and services.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Bioinformatics Market Segmentation

By Technology (Revenue, USD Billion):

  • Knowledge Management Tools
  • Bioinformatics Platforms
  • Bioinformatics Services

By Application (Revenue, USD Billion):

  • Metabolomics
  • Molecular phylogenetics
  • Transcriptomics
  • Chemoinformatic & drug design
  • Genomics
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 03 February 2023
Updated by: Bhanu Pratap Singh

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