Market Overview:
The bioinformatics platforms market is estimated to be valued at US$ 11.41 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Bioinformatics platform is a software tool that helps store, retrieve and analyze biological data such as gene sequences, macromolecular structures and other types of health and disease data. These platforms are widely used for applications like genome analysis and protein analysis in healthcare, biological research and drug discovery.
Market Dynamics:
The growth of the bioinformatics platform market is majorly driven by the rising application of bioinformatics tools across healthcare sector for disease diagnosis and drug discovery. Bioinformatics platforms assist in analyzing the genomic data of patients for disease diagnosis and help in identifying drug target candidates and development pathways. These tools have led to faster and cost-effective drug discovery processes. Additionally, increasing government funding for research in genomics and other omics areas is also propelling the demand for bioinformatics platforms. However, lack of skilled professionals for handling bioinformatics tools remains a key challenge.
SWOT Analysis
Strength: Bioinformatics platforms assist in analyzing large volumes of biological data generated from omics technologies such as genomics, proteomics, and metabolomics. They offer enhanced data management and better visualization capabilities. The various applications of bioinformatics platforms in precision medicine and drug discovery are also a key strength.
Weakness: High dependence on technical skills and expert knowledge for efficient utilization of bioinformatics platforms. Data integration and interpretation issues still persist due to heterogeneous nature of different data types.
Opportunity: Growing applications of AI/ML approaches in bioinformatics are opening up new opportunities. Integration of multi-omics datasets also allows for novel biomarker discovery and insights. Adoption in clinical settings and direct-to-consumer services provides fresh opportunities.
Threats: Consolidation of major players reducing competitiveness in the market. Risks related to data privacy, security and intellectual property are also threats. Open source platforms challenge commercial platforms.
Key Takeaways
The Global Bioinformatics Platforms Market Size is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing uptake of multi-omics analysis techniques. Next generation sequencing has revolutionized molecular research by generating vast volumes of complex biological data that requires specialized platforms for analysis.
Regional analysis
North America currently dominates the global bioinformatics platforms market owing to presence of major players and advanced research infrastructure. Asia Pacific is poised to exhibit fastest growth supported by increasing R&D investments and expanding biotech industry. Countries like China, India and South Korea are emerging as lucrative markets.
Key players
Key players operating in the bioinformatics platforms market are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. The other players in the value chain include Geneva Bioinformatics (Genebio), Dassault Systems, Eurofins Scientific, Bruker Daltonics Inc., Accelrys, Inc., Affymetrix, Inc., SA Nonlinear Dynamics, and Quest Diagnostics, Inc.
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