Market Overview:

The bioinformatics platforms market is estimated to be valued at US$ 11.41 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Bioinformatics platforms refer to integrated software solutions that are used to collect, organize and analyze the biological data to gain insights into various biological processes, molecular functions and disease pathways. These platforms are used to understand genome organization, structure, function, evolution, and genetic variation using software tools. The platforms enable researchers to access genomics and proteomics data through local servers or cloud based platforms.

Market key trends:

The global bioinformatics platforms market is witnessing significant growth owing to increasing adoption of cloud based bioinformatics platforms. Cloud based platforms offer benefits such as accessibility of data from remote areas, reduced hardware and IT infrastructure cost, storage of unlimited data, and pay-per-use pricing model. For example, Seven Bridges Genomics Inc. offers cloud based genomic bioinformatics platform that provides cancer and genomic researchers tools for genome analysis, annotation, and visualization within a secure environment. The rise in applications of bioinformatics platforms for drug discovery, biomarker development, personalized medicine, and precision medicine is another major trend fueling the market growth. For instance, bioinformatics platforms are used to identify potential drug targets, predict drug-target or drug-disease association, and understand drug resistance and toxicity mechanisms.

Porter's Analysis

Threat of new entrants: Low capital requirements and existing patents/expertise constitutes barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power due presence of many players and varying needs. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute offerings. Threat of new substitutes: Moderate threat due to availability of other bioinformatic solutions. Competitive rivalry: High rivalry among existing players to gain market share.

SWOT Analysis

Strengths: Strong R&D capabilities and expertise in analytical technologies. Weaknesses: High dependency on skilled workforce and regulatory compliances. Opportunities: Growing genomics industry and focus on precision medicine. Threats: Data privacy concerns, emergence of open-source platforms.

Key Takeaways

The Global Bioinformatics Platforms Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing genomics research and clinical diagnostics. Regionally, North America dominates the market currently due to presence of major players and growing precision medicine industry in the US and Canada. Europe is the second largest market for bioinformatics platforms.

Asia Pacific region is expected to be the fastest growing market during the forecast period owing to increasing healthcare expenditure, expanding biopharma industry and rising academic research in countries like China and India.

Key players operating in the bioinformatics platforms market are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc.

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https://www.newswirestats.com/bioinformatics-platforms-market-size-share-growth-outlook-2023/