Dublin, December 30, 2021 (GLOBE NEWSWIRE) – The report “Bioinformatics Market – Forecasts from 2021 to 2026” has been added to ResearchAndMarkets.com offer.
The global bioinformatics market is expected to grow at a compound annual growth rate of 19.36% during the forecast period to reach a market size of US $ 37.029 billion in 2026, from US $ 10.728 billion in 2019 .
Bioinformatics is becoming crucial as the massive volumes of data generated by techniques such as protein and nucleic acid sequencing require interpretation and data management for medical applications and future research. As a result, increasing demand is expected to propel the bioinformatics market throughout the forecast period.
However, the high prices of bioinformatics software and services, as well as a shortage of experienced specialists, are expected to hamper the expansion of the industry in the coming years.
Growth factors:Increase funding for bioinformatics by the public and private sectors
Many governments and private companies around the world are investing heavily in bioinformatics to enable high quality solutions and services using data and the latest technology. For example, with an investment of 20 million euros, the British government formed a new alliance named COVID-19 Genomics UK Consortium (COG-UK) in March 2020 to sequence the genomes of SARS-CoV-2, the virus that cause the ongoing COVID. -19 pandemic. The NHS, public health agencies, the Wellcome Sanger Institute and several academic institutions make up the COVID-19 Genomics UK Consortium (COG-UK). These factors are expected to drive the growth of the bioinformatics market.
Constraints:High equipment costs
With the introduction of sophisticated next-generation sequencing (NGS) technology, there is an increasing demand for fast, accurate and easy-to-use bioinformatics tools. The majority of experimental researchers are not bioinformaticians. Therefore, the availability of user-friendly tools is essential for the use of bioinformatics platforms. Many bioinformatics applications require advanced computer skills due to the lack of a suitable user interface.
Genomics instruments also come with advanced features and functions, and as a result, their price is higher, ranging from $ 10 million to $ 20 million. Since pharmaceutical companies and research institutes require many of these devices, the financial investment in acquiring many genomic instruments is substantial. Small and medium-sized pharmaceutical companies and research centers cannot afford to spend so much on a lot of genomics equipment.
Impact of COVID-19
COVID-19 is expected to negatively influence the growth of the bioinformatics market as the pandemic has affected supply chains and industrial operations around the world. As a result, the manufacturing capacity and supply of bioinformatics will be reduced, which is likely to stifle the growth of the market.
By biological data
Gene expression profile
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