April 24, 2024

The Global Bioinformatics Platforms Market is driven by growth in biotechnology and pharmaceutical industries

Bioinformatics platforms help integrate biological data from different sources and analyze it to gain useful insights. These platforms provide researchers analytical tools and databases for applications such as DNA and RNA sequencing, analyzing gene expression, and modeling molecular interactions. The global bioinformatics platforms market is driven by advancement in sequencing technologies and growth witnessed in the biotechnology and pharmaceutical industries.

The global bioinformatics platforms market is estimated to be valued at US$ 13.15 billion in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Integration of artificial intelligence in bioinformatics platforms is one of the key trends being observed in the market. With the ongoing advancement in artificial intelligence technologies, major players are integrating AI capabilities in their platforms to help researchers gain deeper insights from large and complex biological data. For instance, platforms from companies like Qiagen and Illumina incorporate machine learning algorithms to help analyze genomic sequences faster and identify patterns. Such integration of AI is allowing platforms to perform complex tasks like precision medicine for disease diagnostics and prediction, which was not possible earlier with traditional tools. This trend is expected to continue and drive innovation in the bioinformatics platforms market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barrier to entry in this market in terms of technical expertise and capital requirement. However, established players dominate the market with high brand awareness and strong distribution networks.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternatives. Buyers can switch between offerings of existing brands easily.

Bargaining power of suppliers: Large customers source components from multiple vendors reducing supplier power. Suppliers also have low differentiation in products increasing competition.

Threat of new substitutes: There exists moderate threat from other methods for biological data analysis and interpretation. However, substitutes do not replicate the end-to-end capabilities offered by these platforms.

Competitive rivalry: Intense competition exists among key players to increase market share through product innovation, partnerships and geographical expansion strategies.

Key Takeaways

The Global Bioinformatics Platforms Market Size is expected to witness high growth over the forecast period. The global bioinformatics platforms market is estimated to be valued at US$ 13.15 billion in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

North America currently dominates the market due to presence of majority research institutes and pharmaceutical companies. The region is expected to continue its leading position with rising genomics research expenditure in the US and Canada. Europe has emerged as the second largest market for bioinformatics platforms market. UK, Germany, France and Italy are major revenue contributors in the region. Rising initiatives by government and private organizations to promote precision medicine and improve genomics research infrastructure is fueling market growth.

Key players operating in the Bioinformatics Platforms market are Canon Inc., Zebra Technologies Corporation, Hewlett-Packard (HP) Inc., Epson America, Inc., BIXOLON. Players are focusing on development of integrated platforms and cloud-based offerings to expand their product portfolio. Partnerships with research institutes and targeted acquisitions remain key strategies adopted by market participants.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it