Incorporation of Bioinformatics Tools into Genome Research Stimulating Innovation and Enhancing Access to Personalized Medicine
Rockville , Nov. 09, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Bioinformatics Market is projected to advance at a CAGR of 13.4% and reach a valuation of US$ 50.25 billion by 2034-end, with the market set to undergo a dramatic shift.
The market for bioinformatics, the interdisciplinary area that combines biology, computer science, and information technology to organize and analyze biological data, is expanding rapidly due to its importance in genomics, drug development, and personalized medicine. The bioinformatics market is expected to grow significantly in the coming years, owing to the exponential growth of biological data and breakthroughs in computational tools.
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Key Segments of Bioinformatics Industry Research Report
| By Product Type | By Deployment | By Application | By Region |
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The incorporation of bioinformatics tools into genome research is stimulating innovative discoveries, making personalized medicine more accessible, and driving market growth. The ever-increasing volume of genomic data needs advanced bioinformatics tools and platforms for data administration, analysis, and interpretation. Bioinformatics aids in the identification of potential drug candidates speeds up drug research, and lowers development costs. Bioinformatics is increasingly being used by pharmaceutical companies to streamline their research efforts.
Key Takeaways from Market Study
- The global bioinformatics market was valued at US$ 12.6 billion in 2023.
- Worldwide demand for bioinformatics is set to reach a market value of US$ 14.29 billion in 2024.
- The market is projected to reach US$ 50.25 billion by the end of 2034,
- expanding at a CAGR of 13.4% from 2024 to 2034.
- The bioinformatics services segment is predicted to expand at 18% CAGR through 2034.
- The market in Europe is predicted to progress at 14.8% CAGR over the forecast period.
- The medical biotechnology segment is forecasted to expand at a CAGR of 9% from 2024 to 2034.
- North America held 44.7% share of the global market in 2023.
“As innovation and collaboration continue to flourish, the market is set to provide unprecedented opportunities for companies and researchers in the life sciences sector. The expansion of the bioinformatics market is not only a testament to the importance of data-driven biology but also a promising sign for the future of healthcare and medicine,” says a Fact.MR analyst.
Rising Use of Bioinformatics in Precision Medicine to Provide Individualized Treatment
Precision medicine is a disruptive approach to healthcare that represents a paradigm shift away from the previous one-size-fits-all medical treatment approach. Precision medicine strives to provide more precise diagnoses, predict disease risks, and provide individualized treatment strategies by integrating cutting-edge technology such as genetics and bioinformatics.
Healthcare practitioners can uncover genetic changes related to specific diseases and assess the vulnerability of a person to various health disorders by studying the genome of the patient. This information enables the early discovery of diseases, allowing for proactive treatments to effectively prevent or manage them. It also enables physicians to choose the most appropriate medications and therapies based on the genetic profile of the individual, lowering the risk of adverse responses and boosting treatment efficacy.
Oncologists can use genetic data to better correctly classify cancers, identify targetable mutations, and prescribe tailored medicines such as targeted therapies or immunotherapies. This method has greatly improved the results of cancer patients while reducing the negative effects associated with standard chemotherapy. Precision medicine is not confined to cancer treatment. It covers a wide spectrum of medical areas, such as cardiology, neurology, and uncommon disorders. Physicians can design specific treatments or therapies to target the root causes by determining the genetic basis of these disorders.
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| Report Attribute | Details |
| Value Projection (2034) | USD 50.25 Billion |
| Growth Rate (2024-2034) | 13.4 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Competitive Landscape
The market’s competitive landscape is characterized by a dynamic interplay among well-established corporations, emerging startups, and academic institutions. Leading the market with comprehensive bioinformatics solutions are prominent companies like Thermo Fisher Scientific, Illumina Inc., PerkinElmer Inc., BGI Group, and QIAGEN.
- Thermo Fisher Scientific, a renowned leader in life sciences solutions, offers a suite of bioinformatics tools tailored for genomics research.
- Illumina, globally acclaimed for its DNA sequencing technology, enhances its platforms with bioinformatics tools to facilitate seamless data processing.
- PerkinElmer provides an extensive range of genomics and life sciences software and services.
- QIAGEN, specializing in sample and assay technologies, offers bioinformatics solutions for data processing and interpretation.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the bioinformatics market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (bioinformatics platforms, bioinformatics services), application (genomics, proteomics, transcriptomics, chemoinformatics, others), and sector (medical biotechnology, agriculture biotechnology, animal biotechnology, academics), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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