InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Artificial Intelligence in Bioinformatics Market– (By Offering (Software, Services, Others), By Type (Machine Learning, Deep Learning and Others), By Products and Services (Knowledge Management Tools, Bioinformatics Platforms, Bioinformatic Services), By Application (Genomics, Microarrays, System Biology, Text Mining, Chemoinformatics & Drug Design, Proteomics, Transcriptomics, DNA Sequencing, Metabolomics, Others)), By Sector, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Artificial Intelligence in Bioinformatics Market is valued at US$ 3.97 Mn in 2023, and it is expected to reach US$ 125.3 Mn by 2031, with a CAGR of 42.1% during the forecast period of 2024-2031.
AI in bioinformatics means utilizing machine learning (AI) strategies and algorithms to examine and interpret living things’ information. AI in Bioinformatics, a fusion of biologists and IT, links physical data with communication, preservation, and processing techniques to support a range of educational domains, including biomedical. Computing techniques are utilized in handling data, registry construction, data storage, data analysis, and other zones. Conducting and deciphering the enormous genomic databases that are being produced requires the use of bioinformatics. This leads to an increase in demand for bioinformatics services and technologies. The increasing need for protein and gene sequencing, along with activities from the private and public industries, is driving up requirements for bioinformatics in the market. In addition, the domains of genetics and proteins, as well as medication delivery and molecules, are driving the industry. Developments in ecological biology and pharmaceutical genomics have enabled personalized medicine to shift from illness- and reductionist-based therapy to system-based, integrated, and creature’ care.
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List of Prominent Players in the Artificial Intelligence in Bioinformatics Market:
- JADBio
- Gnosis Data Analysis
- Fios Genomics
- SOPHiA GENETICS
- Biomax Informatics Inc.
- DNASTAR
- Ardigen (Parent Company Selvita Group)
- Source BioScience
- QIAGEN
- NeoGenomics Laboratories
- CelbridgeScience
- Eurofins Scientific
- Illumina, Inc.
- Thermo Fisher Scientific, Inc.
- Insilico Medicine
- Strand Life Sciences
- Dassault Systèmes
- iNDX.Ai
- Paige AI, Inc.
- SomaLogic Operating Co., Inc.
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Market Dynamics:
Drivers:
Increasing research investigations fuel the growing demand for artificial intelligence in the bioinformatics market. Research investigations are an organized and meticulously planned procedure for performing medical research with individuals to assess the security, performance, and usefulness of innovative healthcare therapies, medications, equipment, or medicinal methods. To improve registration productivity and accuracy in clinical research, artificial intelligence (AI) in bioinformatics analyzes medical information from digital medical records alongside additional databases to discover potential applicants who satisfy particular needs. Consequently, the rise of AI in the bioinformatics industry is being driven by an increasing quantity of clinical experiments.
Challenges:
A major obstacle to accepting and applying artificial intelligence in bioinformatics is the need for experienced workers in standard data designs. Technological progress has enabled the transition from traditional statistical approaches to contemporary analytics. As bioinformatics technology advances, addressing it will require a variety of expertise. Because bioinformatics systems are expensive, highly sophisticated machinery, mishandling them might break some of their components and make it more challenging to analyze and visualize biological information. As a result, it will adversely affect the statistical analysis outcome proportionately. Thus, the need for qualified individuals with the necessary training and experience to carry out the sequencing process inhibits the market’s expansion.
Regional Trends:
The North American artificial intelligence in the bioinformatics market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because more people are adopting try-to-cut technologies and government policies that are advantageous to market players. The US government is still funding the growth of the bioinformatics business. Enhancing research and development endeavors additionally generate prospects for the regional growth of the bioinformatics industry. Besides, Europe had a substantial share in the market due to the increased financing for medical studies, particularly in the field of genetics. The European market will likely grow more quickly as a result of the growing need for customized treatment and ongoing innovations in technology like computing technology and DNA sequencing.
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Recent Developments:
- In January 2024, Eurofins Scientific is expanding its chlor-alkali electrolysis cell rental service in a European trial run with Nobian GmbH and LOGISTEED Europe B.V. The Nobian company, headquartered in North Rhine-Westphalia, Germany, is one of the most prominent European chlor-alkali1 producers.
- In June 2024, Thermo Fisher Scientific Inc. unveiled the first entirely automated mega-scale plasmid nuclear DNA extraction structure. By offering total automation for both micro and macro expand cleaning and supplying high-purity plasmid without the need for mechanical column organizing or instruction, PlasmidPro facilitates development at growth. This is the newest tool in the Thermo Scientific KingFisher gadget lineup, which provides a variety of plasmid DNA extraction solutions to promote uniformity and productivity.
Segmentation of Artificial Intelligence in Bioinformatics Market-
Artificial Intelligence in Bioinformatics Market- By Offering
- Services
- Software
- Others
Artificial Intelligence in Bioinformatics Market- By Type
- Machine Learning
- Deep Learning
- Others
Artificial Intelligence in Bioinformatics Market- By Products and Services
- Bioinformatics Services
- Bioinformatics Platforms
- Knowledge Management Tools
Artificial Intelligence in Bioinformatics Market- By Application
- Genomics
- Chemoinformatics & Drug Design
- Proteomics
- DNA Sequencing
- System Biology
- Transcriptomics
- Text Mining
- Microarrays
- Metabolomics
- Others
Artificial Intelligence in Bioinformatics Market- By Sector
- Medical Biotechnology
- Animal Biotechnology
- Plant Biotechnology
- Environmental Biotechnology
- Forensic Biotechnology
- Others
Artificial Intelligence in Bioinformatics Market- By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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To view the original version on ABNewswire visit: AI in Bioinformatics: Key Developments and Market Insights