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Bioinformatics Market worth $23.89 billion in 2027, at CAGR of 14.5%

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Sasha Sharma
Bioinformatics Market worth $23.89 billion in 2027, at CAGR of 14.5%

The global bioinformatics market is projected to reach $23.89 billion in 2027 from $8.09 billion in 2018, at CAGR of 14.5%.

Growing demand for nucleic acid and protein sequencing, initiatives from government and private organizations, growing applications of bioinformatics, and the increasing number of collaborations between companies and research institutes are the major factors driving the growth of the market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=39

Global bioinformatics market segmentation:

  • Based on product and service
  • Based on applications
  • Based on sector

The Major Players Opearting in the Bioinformatics Market Key Players

Key players that provide bioinformatics products and services are Thermo Fisher Scientific (US), Illumina Inc (US), Agilent Technologies (US), QIAGEN (Netherlands), BGI (China), Wuxi NextCODE (China), Eurofins Scientific (Luxembourg), Waters Corporation (US), Sophia Genetics (Switzerland), Partek (US) and DNASTAR (US). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the market.

One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.

Geographical Detailed Analysis for Bioinformatics Market :

North America is expected to account for the largest share of the market. The large share of North America is attributed to the continued funding from the government and private sectors for life sciences research.

 One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.

Read More in Detailed (Bioinformatics Market):

https://www.marketsandmarkets.com/PressReleases/bioinformatics-market.asp

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It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.Accessories to Fuel the Growth of Bioinformatics MarketΒ :Bioinformatics in clinical diagnostics sector includes analysis of human genome with reference to disease diagnosis.

This involves study of various omics technologies such as proteomics, metabolomics, metagenomics, epigenetics, and transcriptomics.Data generated through different omics technologies has assisted in the development of bioinformatics methodologies for clinical research and for building human databases.

These computational approaches are then used to understand information about the origin, evolution, progression, and treatment of diseases, leading to the development of personalized medicine.Download PDF Brochure:Β https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=39By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast periodKnowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period.

In addition, the use of bioinformatics platforms is increasing in the drug discovery & development process, which is contributing to market growth.By Application, the metabolomics segment is expected to grow at the highest CAGR during the forecast periodFactors such as the availability of research funding and government support are fueling market growth.