by Charlotte Gurney
COVID-19 has had an impact on economies – and sectors within those economies. Some industries have struggled and others have begun to thrive. One of those where there has been a significant shift in growth is bioinformatics. As a result, this market is now forecast to grow significantly, not just during the remaining months in which COVID-19 is a dominant factor but in the post-COVID recovery period too.
Why has bioinformatics become so key?
This was already a fast growing industry even before the COVID-19 crisis hit. Bioinformatics is essentially the science of handling large volumes of biological data. It’s a term that was initially coined with the first sharing of biological sequence data and has now become a multi disciplinary area that is of acute relevance in the current time. Bioinformatics can encompass a variety of different roles, including those for molecular life scientists and those involved on the technology side of storing, retrieving and analysing the relevant data. The COVID-19 crisis has created significant challenges for healthcare systems all over the world and technology has proven crucial in responding to this. One of the major goals is understanding how the virus triggers such different results in different people and bioinformatics tools and techniques could prove central to this.
The growth of the bioinformatics market
The bioinformatics market is forecast to grow by US$12.5 Billion. Within the sector the Knowledge Management Tools segment is looking at growth of 12.5%. The need to be able to identify and embrace trends and carry out accurate analysis has become more important than ever before. COVID-19 has generated massive levels of uncertainty and knowledge of the virus advances on a daily basis. It’s essential for those who are in, and connected to, the healthcare industry to be able to stay on top of this fast evolving situation and bioinformatics – particularly knowledge management tools – are likely to have a big role to play in this.
How is the bioinformatics market going to change?
Europe has been the region worst hit by the pandemic and the bioinformatics market here is set to grow significantly, with Germany adding US$455.9+ Million to the region's size over the next 7 to 8 years.
The sector is growing all over the world – Japan’s Knowledge Management Tools segment is forecast to grow to a market size of US$349.6 Million.
Relationships between China and the rest of the world are changing and likely to influence the global bioinformatics market especially if financial and political decoupling occurs.
A ‘new world order’ could potentially emerge in the aftermath of COVID-19 and this could present both challenges and opportunities for those operating within bioinformatics and looking to benefit from the innovations of this sector.
Bioinformatics is one of the sectors that appears to be gaining the most from the impact of the COVID-19 pandemic. It is an industry that is forecast to grow significantly in both the short and the long term.
Contact Volt International today to find out how we can support your organisation with your staffing requirements: firstname.lastname@example.org
For Life Sciences: email@example.com