Bioinformatics Market Size, Share, Growth Analysis, By Products And Services(Knowledge Management Tools (Generalized Knowledge Management Tools, Specialized Knowledge Management Tools), Bioinformatics Platforms (Data Analysis Platforms, Structural & Functional Analysis Platforms), By Application(Genomics, Chemoinformatics & Drug Design, Proteomics, Transcriptomics), By Sector(Medical Biotechnology (Drug Discovery & Development, Clinical Diagnostics & Personalized Medicine, Reproductive Health), Animal Biotechnology), By Region - Industry Forecast 2024-2031

Bioinformatics Market size was valued at USD 13.2 billion in 2022 and is poised to grow from USD 15.35 billion in 2023 to USD 45.6 billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031). 

The key players have a strong foothold in the market and offer a wide range of products & services. Participants in the industry are engaged in research and development for the advancement of genetic and proteomic sequencing for improving DNA and RNA sequencing capabilities and reduce the costs associated with it. For instance, in July 2024, Inocras collaborated with Watchmaker Genomics for providing solutions focused on accelerating insights for patients and researchers. During the development process, Inocras has conducted extensive testing of various library preparation chemistries. After thorough examining, they have chosen the watchmaker DNA library prep kits with fragmentation because of their superior library conversion efficiency, minimal bias in sequence coverage, and excellent accuracy in sequencing, especially with challenging formalin-fixed, paraffin-embedded (FFPE) tissues.  'Illumina Inc. (US)   ', 'Thermo Fisher Scientific Inc. (US)   ', 'Qiagen N.V. (Netherlands)   ', 'Agilent Technologies Inc. (US)   ', 'BGI Group (China)   ', 'PerkinElmer Inc. (US)   ', 'Eurofins Scientific SE (Europe)   ', 'Waters Corporation (US)   ', 'DNAnexus Inc. (US)   ', 'Sophia Genetics SA (Switzerland)   ', 'Partek Incorporated (US)   ', 'Gene Codes Corporation (US)   ', 'Dassault Systemes SE (France)   ', 'Biomax Informatics AG (Germany)   ', 'Bruker Corporation (US)   ', 'GenoLogics Life Sciences Software Inc. (US)   ', 'Nonlinear Dynamics Ltd. (Waters Corporation) (UK)   ', 'Genedata AG (Switzerland)   ', 'Knome Inc. (US)   ', 'Macrogen Inc. (South Korea) '

Growing personalized medicine is driving the global bioinformatics market. As healthcare moves towards optimal treatment based on individual genetic data, the need for bioinformatic tools to analyze and interpret large amounts of genetic data is increasing. This demand is driving the adoption of bioinformatics in pharmaceutical a in diagnosis, evaluation and treatment options. 

The integration of AI and machine learning (ML) with bioinformatics is emerging as a market priority. AI-powered bioinformatics tools improve data analysis, enabling faster and more accurate interpretation of complex biological data. This trend is expected to transform various aspects of bioinformatics by improving predictive models, pattern recognition and decision-making strategies. 

North America dominated the market with a 43.6% revenue share in 2022. Most of the revenue is generated from the US and Canada, which are dominated by top research organizations, academic institutions and bioinformatics companies in this region. The regional market is expected to grow with the rise of research and innovative technologies and cutting-edge technologies related to molecular biology and genome design. For example, in June 2022, California-based biotech studies startup LatchBio released an end-to-end bioinformatics platform that tactics large biotech data to accelerate the medical discovery.   Asia-Pacific is poised to be the fastest growing market with a CAGR of 18.4%. The influx of the skilled and trained bioinformaticians and the anticipated strong growth in the regional IT sector are expected to boost the capacity of developed economies. Supportive government policies are also expected to boost the growth of the region during the forecast period. For example, China has released initiatives together with the China Precision Medicine Initiative and the China National Gene Bank that emphasize the usage of bioinformatics in genomics research and healthcare. While countries like India and South Korea have advanced bioinformatics capacity building packages strengthen and inspire innovation on this region.