Bioinformatics Market Size And Growth Rate:
The Size of the global bioinformatics market was valued at USD 6.93 billion in 2018, and is expected to reach USD 17 billion by 2024 growing at a CAGR of 13.9% from 2018 to 2024.
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Bioinformatics Market Overview:
Bioinformatics is a combination of biology and information technology, which links biological data with techniques for distribution, information storage, and analysis to support multiple areas of scientific research, including biomedicine. It handles data management, software tools for database creation, data mining, data warehousing, and others.
Bioinformatics Market Growth Drivers, Challenges, and Opportunities:
The growth of global bioinformatics market is expected to register substantial growth in the near future due to the growing demand for nucleic acid & protein sequencing, reduction in sequencing cost, rise in need for integrated data, increase in applications of proteomics & genomics. Moreover, initiatives from government & private organizations drug discovery & development and so on are projected to boost the market growth during the forecast period.
Furthermore, common data formats, lack of skilled personnel, and lack of user-friendly tools at cheaper prices are expected to hamper the market growth in the coming years. Conversely, increase in need for integrated solutions & systems, integration of machine learning & AI in healthcare, and software companies investing in the development of bioinformatics solutions are propelled to offer remunerative opportunity to bioinformatics solution developers.
Geographical Analysis of Bioinformatics Market:
Globally, the bioinformatics market is analyzed across the regions of Europe, Asia Pacific, North America, and LAMEA. North America dominated the market in 2017, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to the upsurge in the adoption of advanced technology and rise in demand for better bioinformatics tools, which are required in the drug discovery and development process. The market in LAMEA is projected to grow at the highest CAGR during the forecast period, due to advancement in the field of genomics and proteomics, generating a massive volume of data, which is to be interpreted and managed. Furthermore, the bioinformatics sector is still in its infancy stage in the region, where research activities are developing gradually. Thus, all these major factors together contribute to the growth of the market.
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Key Players of Bioinformatics Market:
The bioinformatics market is heavily competitive due to the presence of a large number of players. Some of the major organizations in the world market are Thermo Fisher Scientific, Illumina Inc, Agilent Technologies, QIAGEN, BGI, Wuxi NextCODE, Eurofins Scientific, Waters Corporation, Sophia Genetics, Partek, and DNASTAR.
Bioinformatics Market Segmentation:
By Product and Services:
· Knowledge Management Tool
· Bioinformatics Platform
· Interventional/Surgical Simulators
· Sequence Analysis Platform
· Sequence Alignment Platform
· Microbial Genome
· Gene Engineering
· Drug Development
· Personalized Medicine
By End User:
· Animal Study
· Forensic science
· North America
· South America
· Asia Pacific
· Middle East and Africa
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