The bioinformatics market is expected to grow from US$ 12,609.39 million in 2021 to US$ 34,749.78 million by 2028; it is expected to grow at a CAGR of 15.7% from 2022 to 2028.

Increasing funding and investments in bioinformatics and rising number of genomic research activities with the corresponding adoption of bioinformatics are the major factors boosting the market growth.

Many private organizations and government bodies worldwide are progressively investing in the field of bioinformatics. These investments have largely resulted in data and technological advancements in bioinformatics services, which have developed the quality of bioinformatics services. For instance, in 2016, the European Molecular Biology Laboratory (EMBL), an intergovernmental organization and pioneer in bioinformatics research, received funds from various organizations, such as British Heart Foundation, Biotechnology and Biological Sciences Research Council, European Molecular Biology Organization, Cancer Research UK, the European Research Council, the European Commission, the Foundation of the National Institutes of Health, Bill & Melinda Gates Foundation, the Human Frontier Science Program, International Policy Governance Organization, the Medical Research Council, the National Institutes of Health, National Science Foundation, Parkinson's UK, Research Councils UK, and Wellcome, for R&D in the field of bioinformatics.

In 2021, the US government announced an investment worth US$ 1.7 billion to enhance monitoring, detection, and mitigation of SARS-CoV-2 variants and infrastructure development for future genomic sequencing needs. Also, in 2021, LifeArc (London) announced US$ 6.91 million in funding to support the Gen OMICC COVID-19 study, which will also support the bioinformatics analysis of patients, costs of patient enrolment, sample acquisition, and sample processing. Moreover, many countries are investing in their national population sequencing programs to identify the link between genetics and diseases. Government organizations are sequencing the genomes of millions of citizens to advance research and help develop better techniques to diagnose and treat cancer, rare diseases, and other conditions. Thus, the funding and investment in bioinformatics are boosting the market growth.

Product Insights

Based on product, the bioinformatics market is segmented into bioinformatics platforms, knowledge management tools, and bio informative services. The bioinformatics platforms segment holds the largest market share in 2021. The knowledge management tools segment is anticipated to register the highest CAGR during the forecast period. The bioinformatics platform helps generate massive patient information datasets, mapping their entire genome-as opposed to a single panel of DNA-to provide improved diagnosis and more targeted and effective treatments. The rapid development of next-generation sequencing technology has dramatically increased the amount of available microbial genomes, boosting bioinformatics platforms' adoption.

Application Insights

Based on application, the bioinformatics market is segmented into genomics, proteomics, chemoinformatics & drug design, transcriptomics, metabolomics, and others. The genomics segment holds the largest market share in 2021. Furthermore, the chemoinformatics & drug design segment is expected to record the fastest CAGR from 2022 to 2028. Genetics is currently one of the most dynamic sciences in medicine, and genetic data plays a vital role in all areas of medicine. The data generated by genomics is probably analyzed by the same methods used by physicists and engineers who study financial markets and fiber optics but analyzing the data in a way that makes sense requires knowledge of biology. Thus, bioinformatics became an invaluable hybrid field of knowledge.

Sector Insights

Based on sector, the bioinformatics market is segmented into medical biotechnology, animal biotechnology, agricultural biotechnology, academics, environmental biotechnology, forensic biotechnology, and others. in 2021, the medical biotechnology segment is likely to hold the largest market share. Furthermore, the same segment is expected to register the highest CAGR from 2022 to 2028. Medical bioinformatics improves the efficacy of sequencing procedures and aids in the elimination of errors that can occur with standard sequencing methods. Agrigenomics, human diseases, animal livestock, and microbes all benefit from these services.

The US Centers for Medicare & Medicaid Services, Government of the UK, National Science Foundation (NSF), German Research Foundation (DFG), Journal Frontiers of Genetics, European Molecular Biology Laboratory (EMBL), National Cancer Institute (NCI), Proteogenomic Data Analysis Center (PGDAC), Technical University of Munich (TUM), and Indian Council of Agricultural Research (ICAR) are among the primary and secondary sources referred to while preparing the report on the bioinformatics market.