Bioinformatics Market is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0%. according to a new report by MarketsandMarkets™. The use of computer technology to comprehend and utilise biological and biomedical data effectively is known as bioinformatics. It is the field responsible for storing, analysing, and interpreting the Big Data gathered during clinical settings or as a result of life science investigations. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure, and decreasing cost of genome sequencing. However, the high cost of equipment is hindering the growth of this market.
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Growing demand for nucleic acid and protein sequencing, increasing initiatives by private and government organizations, accelerating growth in proteomics and genomics, and increasing research in molecular biology and drug discovery. Owing to the above factors, the global bioinformatics market is expected to experience rapid growth during the forecast period.
What are the Bioinformatics Market Segments?
1. Product & Service
2. Applications
3. Sector
Based on products & services, the market is segmented into knowledge management services, bioinformatics platform, and bioinformatics services. Financial support from the government and private bodies for NGS-based projects, advancements in NGS, decreased sequencing costs, and the need for high-throughput analysis of a large amount of data generated during sequencing are the major factors driving this segment’s growth. The knowledge management tools segment is expected to account for the largest share of 39.1% of the bioinformatics market
Based on the application, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, another sector. The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market.
Regional Analysis
North America dominated the bioinformatics market in 2020 and is expected to grow at a 14.7% CAGR during the forecast period. The large share of North America in the global bioinformatics market can be attributed to factors such as government support for genomic research, presence of leading bioinformatics providers, decreased cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America.
Leading market players and strategies adopted:
Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer, Inc., Qiagen Bioinformatics, Agilent Technologies, Dnastar, Waters Corporation, Sophia Genetics, Partek, Biomax Informatics AG, Wuxi Nextcode, Beijing Genomics Institute (BGI).
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Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company primarily develops technologically advanced bioinformatics solutions to enhance its service offerings. It also focuses on strategic acquisitions to strengthen its market presence.
Frequently Asked Questions (FAQ):
· What is the market size of the bioinformatics market?
· What are some of the major drivers for this market?
· Who are the major players in the bioinformatics market?
· What is the impact of COVID-19 on the bioinformatics market?
· Which region has the highest growth potential in the bioinformatics market?
