Report : North America Bioinformatics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Knowledge Management Tools, Bioinformatics Platforms, and Bio Informative Services), Application (Genomics, Chemo Informatics and Drug Design, Proteomics, Transcriptomics, Metabolomics, and Others), and Sector (Medical Biotechnology, Academics, Animal Biotechnology, Agricultural Biotechnology, Environmental Biotechnology, Forensic Biotechnology, and Others)
At 15.9% CAGR, the North America Bioinformatics Market is speculated to be worth US$ 15,559.78 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America bioinformatics market was valued at US$ 6,429.54 million in 2022 and is expected to reach US$ 15,559.78 million by 2028, registering an annual growth rate of 15.9% from 2022 to 2028. Increasing funding and investments in bioinformatics and increased number of genomic research activities with corresponding adoption of bioinformatics are the critical factors attributed to the market expansion.
Many private organizations and government bodies around the region 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. 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. 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 across the region.
On the contrary, lack of interoperability and multiplatform capabilities hurdles the growth of North America bioinformatics market.
- Based on product, the North America bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and bio informative services. The bioinformatics platforms segment held 49.0% market share in 2022, amassing US$ 3,149.92 million. It is projected to garner US$ 7,702.37 million by 2028 to expand at 16.1% CAGR during 2022–2028.
- Based on application, the North America bioinformatics market is segmented into genomics, chemo informatics and drug design, proteomics, transcriptomics, metabolomics, and others. The genomics segment held 28.8% market share in 2022, amassing US$ 1,849.39 million. It is projected to garner US$ 4,517.84 million by 2028 to expand at 16.1% CAGR during 2022–2028.
- Based on sector, the North America bioinformatics market is segmented into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, forensic biotechnology, and others. The medical biotechnology segment held 26.8% market share in 2022, amassing US$ 1,723.72 million. It is projected to garner US$ 4,342.00 million by 2028 to expand at 16.6% CAGR during 2022–2028.
- Based on country, the North America bioinformatics market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.5% market share in 2022. It was assessed at US$ 5,047.54 million in 2022 and is likely to hit US$ 12,309.30 million by 2028, exhibiting a CAGR of 16.0% during the forecast period.
Key players dominating the North America bioinformatics market are Agilent Technologies, Inc.; Biomax Informatics AG; Bruker Corporation; Dassault Systèmes; Eurofins Scientific; Illumina, Inc.; PerkinElmer Inc.; QIAGEN; and Thermo Fisher Scientific Inc. among others.
- In Jan 2022, Thermo Fisher completed its acquisition of PeproTech on December 30, 2021, for a total cash purchase price of approximately US$ 1.85 billion. PeproTech is a privately held provider of bioscience reagents known as recombinant proteins, including cytokines and growth factors. Recombinant proteins are used in the development and manufacturing of cell and gene therapies as well as in broader cell culture applications, especially for use in cellular research models.
- In April 2021, Agilent Technologies, Inc. announced that it has completed the acquisition of Resolution Bioscience, a leader in the development and commercialization of next-generation sequencing (NGS)-based precision oncology solutions.
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