The MEA bioinformatics market is expected to grow from US$ 668.39 million in 2022 to US$ 1,470.48 million by 2028; it is estimated to grow at a CAGR of 14.0% from 2022 to 2028.
Rising Demand for Personalized Medicine To Provide Lucrative Opportunities
Personalized medicine is an emerging practice of medicine in which the genetic profile of an individual is used to lead decisions regarding the prevention, diagnosis, and treatment of a disease.The genetic profile of a patient assists doctors in precisely calculating a patient’s susceptibility to specific diseases and allows them to prescribe the patient a proper medication with reduced side effects.
In personalized medicine, bioinformatics can be used to explore any possible mutations or gene variants affecting a patient’s response to a particular drug/treatment by analyzing the patient’s genome sequencing or microarray gene expression.The patient-specific medication is developed through bioinformatics tools.
Bioinformatics devices may provide better conclusions at the genomic level with prior identification of infection and a better focus on treatment through improved personalized medicine. Therefore, the rising demand for personalized medicine, especially for rare diseases and cancer, is expected to provide growth opportunities for the bioinformatics market.
The MEA bioinformatics market is segmented into the UAE, Saudi Arabia, South Africa, and Rest of MEA.Saudi Arabia dominated the market in 2022.
Saudi Arabia is the largest economy in the Middle East, and it is excelling in the growth of various research and development programs.It is home to more than 200 pharmaceutical companies actively participating in various gene-based technologies as they are end-users of genotyping products and services.
Also, huge government and nongovernment investments in the R&D of biotechnology initiatives, such as the Saudi Human Genome Program, which aims to sequence 100,000 samples (normal and disease) from the Saudi population, are expected to boost the bioinformatics market in the country.For instance, in March 2019, Saudi-based biotechnology (biotech) startups incubated by Badir Biotech Incubator, under the Badir Program, raised ~$10 million in 2018 in new funding led by venture capital firms, individual investor networks, and governmental institutions.
Further, Saudi Arabia is focusing on improving healthcare services, and public organizations and the government are initiating programs to enhance the development of various research activities. In the last few years, the private sector has been playing an important role in the healthcare system in Saudi Arabia owing to the rising investment, which is helping in the timely delivery of genotyping products and services to various genetic disease patients and research institutes. Further, the government of Saudi Arabia launched the Saudi Vision 2030 program to reduce oil dependence and diversify other sectors, including healthcare, which is leading to significant development in healthcare services and a high adoption rate of advanced technologies. Moreover, medical R&D and clinical trials play an important role in improving healthcare, directly benefiting patients, and making the latest and significant pharmaceutical industry advancements that will be available and accessible to a broader pool of patients in Saudi Arabia. Thus, above discussed factors are boosting the growth of the bioinformatics market.
MEA Bioinformatics Market Revenue and Forecast to 2028 (US$ Million)
MEA Bioinformatics Market Segmentation
The MEA bioinformatics market is segmented based on product, application, sector, and country.
Based on product, the MEA bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and bio informative services.The bioinformatics platforms segment held the largest market share in 2022.
Based on application, the MEA bioinformatics market is segmented into genomics, chemo informatics and drug design, proteomics, transcriptomics, metabolomics, and others.The genomics segment held the largest market share in 2022.
Based on sector, the MEA bioinformatics market is segmented into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, forensic biotechnology, and others.The medical biotechnology segment held the largest market share in 2022.
Based on country, the MEA bioinformatics market has been categorized into the UAE, Saudi Arabia, South Africa, and Rest of MEA. Further, Saudi Arabia dominated the market in 2022. Agilent Technologies, Inc.; Bruker Corporation; Dassault Systèmes; Eurofins Scientific; Illumina, Inc.; PerkinElmer Inc.; QIAGEN; and Thermo Fisher Scientific Inc. are the leading companies operating in the MEA bioinformatics market.