Market Definition
Bioinformatics is biology, computer science, statistics, & mathematics associated with the acquisition, storage, analysis, & dissemination of biological data, i.e., mainly DNA & amino acid sequences. It utilizes computer programs to identify gene & protein functions, establish evolutionary relationships, predict the three-dimensional shapes of proteins, etc. Bioinformatics has acquired remarkable prominence across Asia-Pacific owing to voluminous amounts of data generated through protein & nucleic acid sequencing, which requires meticulous interpretation & management for medical purposes & research.
Market Insights
The Asia-Pacific Bioinformatics Market is projected to grow at around 17% CAGR during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the mounting requirements for integrated bioinformatics in proteomic, genomic, & clinical diagnostics, coupled with the surging demand for advanced computational tools in biological research. Furthermore, the extensive presence of organizations providing outsourcing services is also augmenting the growth of the bioinformatics market in Asia-Pacific.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 17% |
| Countries Covered | China, Japan, South Korea, Australia, India, Taiwan, South East Asia |
| Key Companies Profiled | Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Affymetrix, Applied Biological Materials Inc., Illumina, Inc., QIAGEN, Biomax Biotechnics, DNANEXUS, Water corporation, Genebio, Integromics, Inc., PerkinElmer Inc., Partek, BGI, Dassault systems, etc. |
| Unit Denominations | USD Million/Billion |
Moreover, the business-friendly regulatory policies across many countries in Asia-Pacific, owing to less stringent norms & data requirements, are other crucial aspects projected to fuel the bioinformatics market across the region over the forecast years. Many government & private sector organizations across Asia-Pacific are substantially investing in the bioinformatics sector, which has led to numerous data & technological advancements in bioinformatics services and enhanced their grade.
Some other notable aspects projecting significant growth opportunities for the Bioinformatics Market in Asia-Pacific include the soaring growth of proteomics & genomics, rigorous ongoing research on molecular biology & drug discovery, and the growing need for nucleic acid & protein sequencing. However, the lack of a skilled workforce to operate computational tools and the high costs of bioinformatics software & solutions can be notable challenges for the Asia=Pacific Bioinformatics Market over the projected years.
Impact of Covid-19 on the Asia-Pacific Bioinformatics Market
The advent of Covid-19 in 2020 proved to be highly time-testing for many industries across the Asia-Pacific. However, the bioinformatics market witnessed a positive impact of the crisis. The industry was already experiencing rapid growth opportunities before the pandemic owing to efficient bioinformatics tools, which can handle large volumes of biological data.
Since curbing the virus spread was one of the most prominent focus areas for every country, it became critical to decode the genome of the novel coronavirus & develop vaccines for which various studies were conducted through bioinformatics. In this regard, there was a significant surge in the outsourcing of bioinformatics services amidst the crisis. With enhanced bioinformatics abilities of service providers, scientists discovered numerous insights into the coronavirus, including its identification, origin, functioning, & spread, all in a short period. Hence, these aspects were proved highly beneficial for the bioinformatics market to expand during the pandemic.
Market Segmentation
Based on the Product & Services:
Amongst them all, Sequencing Platforms are projected to dominate the Asia-Pacific Bioinformatics Market through 2026. It owes to the burgeoning need for a comprehensive analysis of a large amount of data generated through sequencing due to reducing sequencing costs & technological advancements on account of massive expenditure by governments & private sectors of different countries across Asia-Pacific on next-generation sequencing-based projects. As a result, there's a rapidly surging demand for whole-genome & exome sequencing technologies, which, in turn, is promoting the market growth for sequencing platforms.
With the declining prices of sequencing services, sequencing platforms are the preferred choice among various end-users like academic & research centers, forensic laboratories, and pharmaceutical & biotechnology industries for examining a large amount of data generated through sequencing.
In addition to this, rapid technological advancements in sequencing procedures and an increasing number of genome mapping programs are other crucial aspects projecting a significant demand for sequencing platforms across Asia-Pacific and fueling the overall market growth in the coming years.
Based on the Application:
Here, the genomics application is projected to dominate the market over the forecast years. It attributes primarily to various technological advancements associated with managing a voluminous amount of genomic data, coupled with the mounting demand for pharmacogenomics in sequence screening & drug development. Moreover, rising opportunities & potential significance of genomics in clinical research are also propelling the demand for genomics application and augmenting the growth of the bioinformatics market across Asia-Pacific.
Country Landscape
Geographically, the Asia-Pacific Bioinformatics Market expands across:
Of all countries, India has a significant contribution to the Asia-Pacific Bioinformatics Market as bioinformatics is one of the fastest-growing domains in the country's biotechnology industry. A majority of this growth attributes to various collaborations between organizations involved in IT & biotechnology, the surging need for bioinformatics in drug discovery & development, coupled with the mounting government support through incentives, tax benefits, and massive R&D investments in gene sequencing for the early diagnosis of cancer mutation.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Asia-Pacific Bioinformatics Market is projected to witness around 17% CAGR during the forecast period, i.e., 2021-26.
A. The increasing number of government-aided genome projects and the reducing cost of sequencing are the key factors projected to drive the Asia-Pacific Bioinformatics Market during 2021-26.
A. Genomics is anticipated to emerge as an area of remunerative opportunities for the leading players in the Asia-Pacific Bioinformatics Market during 2021-26.
