The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%. Growing demand for nucleic acid and Protein Sequencing and the rising applications of bioinformatics in drug discovery, clinical diagnostics, and personalized medicine are key factors supporting the growth of this market. On the other hand, a lack of well-defined standards and common formats for Data Integration may limit market growth to a certain extent.
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In this report, the market has been classified based on product & service, applications, sectors, and region. Based on product and service, the market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. In 2018, the knowledge management tools segment is expected to account for the largest share of the market. The bioinformatics platforms segment is projected to grow at the highest rate during the forecast period. This high growth is attributed to an increase in the use of bioinformatics platforms in drug discovery and development.
* The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%.
* Growing demand for nucleic acid and Protein Sequencing and the rising applications of bioinformatics in drug discovery, clinical diagnostics, and personalized medicine are key factors supporting the growth of this market.
* On the other hand, a lack of well-defined standards and common formats for Data Integration may limit market growth to a certain extent.
Some of The Major Players In Bioinformatics Market:
1. Thermo Fisher Scientific
2. Illumina Inc
3. Agilent Technologies
4. QIAGEN
5. BGI
6. Wuxi NextCODE
7. Eurofins Scientific
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Objectives of the Study :
- To define, describe, and forecast the bioinformatics market on the basis of product & service, applications, sector, and region
- To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
On the basis of applications, the global market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. In 2018, the genomics segment is expected to account for the largest share of the global market due to the increasing applications of genomics in personalized and preventive medicine.
Bioinformatics market - Opening New Avenues for Growth in the market
Bioinformatics is the application of computer technology for the management and analysis of biological data.
It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.
The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018.
It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023Download PDF Brochure @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.
The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.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.
However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms.
It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.Major Growth Drivers:Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes.
With the introduction of upcoming technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions.Expected Revenue Growth:The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018.
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 Market :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: 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.
Bioinformatics is the application of computer technology for the management and analysis of biological data.
It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.
The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018.
It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023Download PDF Brochure @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.
The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.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.
However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms.
It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.Major Growth Drivers:Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes.
With the introduction of upcoming technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions.Expected Revenue Growth:The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018.
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 Market :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: 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.