Bioinformatics Market to Be Worth $31.71 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 15, 2024 /PRNewswire/ -- According to a new market research report titled, 'Bioinformatics Market Size, Share, Forecast, & Trends Analysis by Solutions & Services (Knowledge Management, Sequence Analysis, Data Analysis) Application (Genomics, Metabolomics, Transcriptomics) Industry (Health, Agriculture) – Global Forecast to 2031,' published by Meticulous Research, the bioinformatics market is expected to grow at a CAGR of 13.4% from 2024 to reach $31.71 billion by 2031.

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Genomic data is incredibly voluminous, as it involves information about thousands of genes across multiple individuals or species. Genomes contain several elements, such as genes, regulatory regions, non-coding RNAs, and repetitive sequences. Analyzing and interpreting these components is difficult without proper tools and software. Moreover, the data generated from multi-omics fields, including transcriptomics, metabolomics, and proteomics, needs bioinformatic tools and software to collect, analyze, and interpret this data. Globally, there is an increase in research and development activities in multi-omics which leads to the adoption of bioinformatics tools and services.

The growth of the global bioinformatics market is attributed to the growth of the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. Moreover, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture offer market growth opportunities.

AI in Personalized Medicine a Prominent Trend in Bioinformatics Market

The integration of AI and bioinformatics has accelerated the development of personalized medicine, which involves tailoring medical treatments to an individual's genetic makeup and other biomarkers. AI-driven predictive models can assess a patient's risk of developing specific diseases and recommend personalized treatment plans, optimizing patient outcomes and reducing healthcare costs.

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Companies are focused on the development of personalized medicine using AI. For instance, in 2022, Sanofi S.A. (France) collaborated with Exscientia plc (U.K.), an AI-driven precision medicine company, to develop around 15 novel small molecule candidates for oncology and immunology applications. These molecule candidates are being developed using Exscientia's AI platform and actual patient samples.