Bioinformatics Market Size, Share, Growth Analysis, By Products And Services(Knowledge Management Tools, Bioinformatics Platform (Sequence Analysis Platform, Sequence Alignment Platform, Sequence Manipulation Platform), By Application(Microbial Genome, Gene Engineering, Drug Development, Omics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35H2059 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 75 |Figures: 75

Bioinformatics Market Insights

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 rise in demand for research and development and initiatives by the government are driving the growth of the market during the forecasted period. Additionally, the advancements in bioinformatics software such as RasMol, AUTODOCK, BALL, and others are driving the market growth. These tools help in the accurate and effective analysis of biomarkers' discovery programs that help detect toxicity during the initial stage of the drug development procedures which contribute to the market expansion. Bioinformatics is the use of computer technology to manage and analyze biological data. It entails storing, evaluating, and disseminating biological data. It helps in determining gene and protein functions, establishing evolutionary relationships, and predicting the three-dimensional shapes of proteins, therefore driving the market. The rise in the research and development initiatives particularly in the proteomics and genomics market our father further supporting the market growth so that they can meet the rising demand of data storage and its analysis.  For instance, according to an article by Stanford medicine in January 2022, research showed that DNA sequencing technique could be able to sequence a human genome in about 8 hours. These help in surging the demand for the genomics and bioinformatics sector. For facilitating research in aging and carcinogenesis, bioinformatics data storage and analysis applications and preventive therapy for genetic diseases help in storing large amounts of data. Therefore, contributing to the growth of the market. However, high bioinformatics software and service costs, as well as limited availability of skilled professionals, are likely to constrain market growth in the coming years. 

US Bioinformatics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 13.2 billion

Largest Segment

Bioinformatics Platform

Fastest Growth

Bioinformatics Platform

Growth Rate

16.3% CAGR

Global Bioinformatics Market ($ Mn)
Country Share for North America Region (%)

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Bioinformatics Market Segmental Analysis

The global bioinformatics market is segmented based on products and services, application, sector, and region. Based on products and services, the market is segmented into knowledge management tools (generalized knowledge management tools, specialized knowledge management tools), bioinformatics platforms (data analysis platforms, structural & functional analysis platforms, other), and bioinformatics services (sequencing services, data analysis services, drug discovery services, differential gene expression analysis services, database and management services, other). Based on application, the market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and others. Based on sector, the market is segmented into medical biotechnology (drug discovery & development, clinical diagnostics & personalized medicine, reproductive health), animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and other. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Analysis by Product & Service 

The bioinformatics platforms segment contributed the most revenue and this trend is expected to continue during the forecast period, owing to an increase in platform applications and a need for better tools in drug development. The rise in platform application could be attributed to a surge in demand from life science firms for structure identification and modification. This, in turn, would help in the drug design process and the evaluation of therapeutic effects. Furthermore, increased efficiency and safety in drug development and discovery necessitates the development of better drug development tools. 

On the other hand, the bioinformatics services segment is the fastest growing segment and is expected to grow at the fastest CAGR of 13.4%. The genomics, which is the major application area in this sector, helps in the analysis of the organism's entire DNA sequence contributing towards the growth of the bioinformatics services segment.

 
Analysis by Application

The genomic application segment is the largest segment in the global bioinformatics market and has a significant revenue share. The rise in the demand for pharmacogenomics in drug development and sequencing screening are driving the segmental growth. Furthermore, the technological advancements which help in managing a wide range of data sets of genomes are contributing towards its expansion.

On the other hand, the cheminformatic segment is the fastest growing segment and is expected to expand during the forecasted period. The rise in the demand for biomarker development and discovery is driving the market. It helps in the reducing the cost during the drug development procedures and reduces time which are major drivers. Furthermore, the rise in the success rate of drug discovery and drug designing are surging the segment’s growth. 

Global Bioinformatics Market By Product & Service

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Bioinformatics Market Regional Insights

North America is the largest region in the market, accounting for more than 47.2% of share, and is expected to continue throughout the forecast period. This is due to increased demand for improved bioinformatics tools, which are required for drug research and development, as well as an increase in the use of sophisticated technologies. Because of advancements in genomics and proteomics, which generate massive amounts of data that must be analyzed and handled. 
On the other hand, Asia Pacific is the fastest growing region and is expected to grow at the fastest CAGR of 17.3% during the forecast period. The government initiatives and policies are driving the market, contributing towards research and development. Additionally, the presence of skilled officials is contributing to the growth. Due to the ongoing increasing development of the IT sector, it will help in increasing the outsourcing capabilities to the developed countries. Furthermore, the region's bioinformatics industry is still in its infancy, with research activity growing slowly.

Global Bioinformatics Market By Region
  • Largest
  • Fastest

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Bioinformatics Market Dynamics

Driver
Rising Demand for Computational Epigenetics and Microarray Data Analysis

  • The demand for computational epigenetics, a meta-analysis of microarray data, differentially expressed genes, gene networks, systems biology requirements, and gene-associating studies, among other things, have had a significant impact on the growth of the bioinformatics market. However, a lack of well-defined standards and common data formats for data integration, as well as data complexity concerns and a lack of user-friendly tools, are likely to stymie market growth during the forecast period.

Technological Advancements in Bioinformatics Software

  • The introduction of technologically advanced bioinformatics software such as BALL, Bioclipse, RasMol, and AUTODOCK, as well as rising market usage of these tools for effective and accurate analysis of biomarkers discovery programs that aid in toxicity detection during the early stages of the drug development process, are expected to drive industry growth in the coming years.


Restraint 

Less Availability and Lack of Knowledge

  • With the introduction of advanced NGS technologies, there is a growing demand for quick and accurate bioinformatics tools that are simple to use. The majority of experimental researchers are not bioinformaticians. As a result, the availability of user-friendly tools is critical for using bioinformatics platforms. Many bioinformatics tools necessitate advanced computer skills, owing to a lack of a suitable user interface.


High Associate Costs Hindering Market 

  • Genomics instruments are also outfitted with advanced features and functionalities, and as a result, they are priced at a premium, ranging from USD 10–20 million. The pharmaceutical companies and research laboratories require several genomics systems which makes capital investment necessary for acquiring different instruments. Therefore, the high cost associated with purchasing these advanced genomic tools highlights considerable financial requirement for these institutions. Small and medium-sized pharmaceutical companies and research laboratories cannot afford to make such large investments in multiple genomics instruments.

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Bioinformatics Market Competitive Landscape

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. The progress in next generation sequencing technologies is anticipated as a major driver for the bioinformatics industry during the forecasted period. This will considerably impact and surge the market forward.  

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.


Top Players Company Profiles 

  • 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)


Recent Developments

  • In April 2024, Sofia genetics announced a strategic partnership with Strand Life Sciences, a Bangalore based company for delivering innovative solutions that will increase the use of precision medicine around the globe.
  • In March 2024, MENADA and Nebula Genomics announced their strategic partnership to provide genome sequencing in the Middle East.
  • In May 2022, BioSkryb Genomics in collaboration with its innovative bioinformatics platform, BaseJumper launched ResolveOME Early Access Program for full genome and transcriptome amplification from a single cell.

Bioinformatics Key Market Trends

  • Rising Adoption of Personalized Medicines: Advances in systems biology and pharmacogenomics have helped personalized medicine in transitioning from disease-centered and reductionist medicine to system-based, integrative, and human-centered care. For example, in August 2021, the Atlantic Cancer Consortium (ACC) was launched in Canada, which is a group of Canadian researchers focused on the development of precision medicine for cancer, with over USD 3.6 million in new provincial and national funding. Personalized medicine has increased collaboration among medical institutions, governments, and researchers in order to develop effective treatments as quickly as possible. Summit Biolabs Inc. and the Colorado Center for Personalized Medicine (CCPM), for example, announced a broad strategic partnership in 2020 to conduct research, development, and commercialization of saliva liquid-biopsy tests for early cancer detection and diagnosis of COVID-19 and other viral contagions. Personalized medicine provides a strong impetus for expanding companion diagnostics tests in order to form personalized medicine for non-oncology cases. One of the key factors driving the market growth is the rising prevalence of cancer, which increases the demand for personalized cancer therapeutics and diagnostics.

Bioinformatics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, emerging markets such as India, China, Brazil, Russia, Taiwan, and South Korea present significant growth potential for large bioinformatics firms. The growing prominence of these emerging economies in terms of R&D and investments from global players is expected to provide a favorable outlook as well as opportunities for the growth of genomics, metabolomics (including chromatography, mass spectrometry, and NMR instruments), precision medicine, drug discovery, and other markets. Furthermore, because of fewer severe laws and data requirements, regulatory policies in Asia Pacific are more adaptable and business friendly. The main trend is the rising adoption of personalized medicines which is expanding the market growth. Manufacturers will be compelled to focus on emerging markets as competition in mature countries intensifies.

Report Metric Details
Market size value in 2022 USD 13.2 billion
Market size value in 2031 USD 45.6 billion
Growth Rate 16.3%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Products And Services
    • Knowledge Management Tools (Generalized Knowledge Management Tools, Specialized Knowledge Management Tools), Bioinformatics Platforms (Data Analysis Platforms, Structural & Functional Analysis Platforms, Other), Bioinformatics Services (Sequencing Services, Data Analysis Services, Drug Discovery Services, Differential Gene Expression Analysis Services, Database and Management Services, Other)
  • Application
    • Genomics, Chemoinformatics & Drug Design, Proteomics, Transcriptomics, Metabolomics, Other
  • Sector
    • Medical Biotechnology (Drug Discovery & Development, Clinical Diagnostics & Personalized Medicine, Reproductive Health), Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology, Other
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Bioinformatics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Bioinformatics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Bioinformatics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bioinformatics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bioinformatics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Bioinformatics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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. The progress in next generation sequencing technologies is anticipated as a major driver for the bioinformatics industry during the forecasted period. This will considerably impact and surge the market forward.   '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)'

The demand for computational epigenetics, a meta-analysis of microarray data, differentially expressed genes, gene networks, systems biology requirements, and gene-associating studies, among other things, have had a significant impact on the growth of the bioinformatics market. However, a lack of well-defined standards and common data formats for data integration, as well as data complexity concerns and a lack of user-friendly tools, are likely to stymie market growth during the forecast period.

Rising Adoption of Personalized Medicines: Advances in systems biology and pharmacogenomics have helped personalized medicine in transitioning from disease-centered and reductionist medicine to system-based, integrative, and human-centered care. For example, in August 2021, the Atlantic Cancer Consortium (ACC) was launched in Canada, which is a group of Canadian researchers focused on the development of precision medicine for cancer, with over USD 3.6 million in new provincial and national funding. Personalized medicine has increased collaboration among medical institutions, governments, and researchers in order to develop effective treatments as quickly as possible. Summit Biolabs Inc. and the Colorado Center for Personalized Medicine (CCPM), for example, announced a broad strategic partnership in 2020 to conduct research, development, and commercialization of saliva liquid-biopsy tests for early cancer detection and diagnosis of COVID-19 and other viral contagions. Personalized medicine provides a strong impetus for expanding companion diagnostics tests in order to form personalized medicine for non-oncology cases. One of the key factors driving the market growth is the rising prevalence of cancer, which increases the demand for personalized cancer therapeutics and diagnostics.

North America is the largest region in the market, accounting for more than 47.2% of share, and is expected to continue throughout the forecast period. This is due to increased demand for improved bioinformatics tools, which are required for drug research and development, as well as an increase in the use of sophisticated technologies. Because of advancements in genomics and proteomics, which generate massive amounts of data that must be analyzed and handled. On the other hand, Asia Pacific is the fastest growing region and is expected to grow at the fastest CAGR of 17.3% during the forecast period. The government initiatives and policies are driving the market, contributing towards research and development. Additionally, the presence of skilled officials is contributing to the growth. Due to the ongoing increasing development of the IT sector, it will help in increasing the outsourcing capabilities to the developed countries. Furthermore, the region's bioinformatics industry is still in its infancy, with research activity growing slowly.

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