The global bioinformatics market was valued at USD 10.1 billion in 2022 and is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0% during the forecast period. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure, and decreasing cost of genome sequencing. However, the high cost of equipment is hindering the growth of this market.
TOP BIOINFORMATICS MARKET PLAYER
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), DNASTAR (US), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
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THERMO FISHER SCIENTIFIC, INC. (US)
Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company mainly develops technologically advanced bioinformatics solutions to outstand its offerings. It invests into organic and inorganic growth strategies like acquisitions to strengthen its market presence.
The company is one of the key players in the market owing to fact that its leading platforms work on one of the best technologies—ion semiconductor technology. With its strong position in the market, product offerings and client centric services , Thermo Fisher Scientific, Inc. is expected to grow significantly in the global bioinformatics market.
PERKINELMER, INC. (US)
PerkinElmer is one of the leading players in the global bioinformatics market. The company provides data analytics, computing, and scientific application software services. PerkinElmer competes in this market based on services offered, price, technological innovation, operational efficiency, product differentiation, product availability, quality, and reliability. The company has a strong geographical presence in the Americas, Europe, Asia, and Africa.
PerkinElmer has a strong sales and distribution network in more than 150 countries for its products and services. These factors are expected to help PerkinElmer stay competitive in the bioinformatics market.
ILLUMINA, INC. (US)
Illumina, Inc. is holds strong position in the bioinformatics market. Illumina has a wide range of product and service portfolio for the end users in this market, a well-established distribution network, and has geographic presence worldwide. With its diverse product offerings, the company is expected to witness high growth in this market.
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Recent Developments
· Illumina, Inc. and AstraZeneca formed a strategic research collaboration to expedite the discovery of therapeutic targets by combining their strengths in AI-based genome interpretation and genomic analysis tools with industry knowledge. The cooperation would assess if a framework made of both these technologies can boost target discovery yield and confidence in order to identify prospective therapeutics based on human omics insights.
· Thermo Fisher Scientific joined the Pennsylvania Biotechnology Center (PABC) as a founding sponsor of both the Philadelphia-based B+Labs incubator and the PABC site in Doylestown, Pennsylvania, where emerging life science enterprises can accelerate their progress to commercialization.
· BGI and the Ministry of Health of Brunei expanded their partnership to carry out extensive cooperation in public health emergency response and public health testing screening and diagnostic services, including reproductive health, personalized drug guidance, early cancer screening, and detection of unknown pathogens by using BGI’s cutting-edge sequencing technology.
· Charles River Laboratories, Inc. entered into a partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology.
Bioinformatics Market Advantages:
1. Cost-Effective: The use of bioinformatics tools, technologies, and services are highly cost-effective, enabling researchers to save time and money.
2. Streamlined Access to Data: Bioinformatics technologies, tools, and services provide easy access to a wide range of data, including genomic and proteomic information, which streamlines research.
3. Comprehensive Analysis of Data: Through bioinformatics, researchers can analyze data quickly and accurately. This helps in the discovery of novel insights and solutions.
4. Improved Drug Discovery and Development: Bioinformatics technologies, tools, and services provide a faster and efficient way to discover and develop new drugs.
5. Improved Diagnostics: Bioinformatics technologies, tools, and services can help in the diagnosis of diseases by providing detailed information about the patient’s medical history, symptoms, and genetic makeup.
6. Improved Research Capabilities: Bioinformatics technologies, tools, and services enable researchers to access, store, and analyze vast amounts of data quickly and accurately, which improves research capabilities.
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