Bioinformatics Market Size, Share & Trends Analysis growing at a CAGR of 13.7% from 2023 to 2030

The global bioinformatics market size was estimated at USD 10.1 billion in 2022 and is projected to reach USD 28.5 billion by 2030, growing at a CAGR of 13.7% from 2023 to 2030. Growing clinical development of biopharmaceutical and increasing need for three-dimensional drug designing technology are expected to drive the market growth over the next five years.

Key Market Trends & Insights

• North America dominated the market and accounted for a revenue share of 43.6% in 2022.
• By application, the genomics application segment accounted for a significant revenue share in 2022.
• By product, the bio-content management segment led the market with a revenue share of 39.6% in 2022.

Market Size & Forecast

• 2022 Market Size: USD 10.1 Billion
• 2030 Projected Market Size: USD 28.5 Billion
• CAGR (2023-2030): 13.7%
• North America: Largest market in 2022
• Asia Pacific: Fastest growing market

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Furthermore, the introduction of user-friendly and readily available bioinformatics software such as RasMol, AUTODOCK, BALL, and Bioclipse, and growing market usage of these tools for the accurate and effective analysis of biomarkers discovery programs that assist in toxicity detection during the initial stage of the drug development process are expected to drive industry growth over the forecast period.

Bioinformatics software and tools are being used as integrated solutions that provide algorithms and statistical methodologies for data analysis and help integrate data management and analysis for applications such as next-generation sequencing, genomic and proteomic structuring, modeling, and three-dimensional drug designing. Increasing R&D initiatives in the proteomics and genomics market, including other related ‘-omics’ fields, are further expected to support market growth to meet data storage and analysis demands.

According to an article published by Stanford Medicine in January 2022, research conducted by Stanford scientists showed that a DNA sequencing technique could sequence a human genome in about 8 hours. Such developments can boost demand for genomics and, consequently, the bioinformatics sector. Bioinformatics data storage and analysis applications are capable of storing a large amount of genomic and proteomic information to facilitate research activities in fields ranging from aging and carcinogenesis to preventive therapy for genetic diseases. This factor is also expected to significantly contribute to the growth of this industry over the forecast period.

The COVID-19 pandemic has significantly impacted the bioinformatics market. Researchers and physicians resorted to bioinformatics to help them comprehend the virus and create diagnostic tests and cures. As a result, the demand for bioinformatics tools and services showed a noticeable surge during this period.

Bioinformatics Market Report Scope