Bioinformatics Market | Key Trends and Forecast to 2024

Bioinformatics Market Size, Share, Growth

The global bioinformatics market generated USD 11.1 billion in 2019 and is estimated to reach USD 26.9 billion by 2024, growing at a CAGR of 19.29% from 2019 to 2024.

Bioinformatics Market Overview:

The global bioinformatics market generated USD 11.1 billion in 2019 and is estimated to reach USD 26.9 billion by 2024, growing at a CAGR of 19.29% from 2019 to 2024. Bioinformatics is a mixture of biology and information technology that links biological data with techniques for data storage, distribution, and analysis to support multiple areas of scientific research, involving biomedicine. It utilizes software tools for information creation, data management, data warehousing, data mining, and others. Mining this information leads to scientific discoveries, which is employed in the study of genetics & genomes.

Bioinformatics Market drivers and restraints:

The global bioinformatics market is estimated to register substantial growth within the coming future, due to rise in requirement for integrated data, increasing demand for nucleic acid & protein sequencing because of the reduction in sequencing price, and rise in applications of proteomics & genomics. In addition to that, drug invention & development and initiatives from government & non-public organizations are estimated to fuel the market expansion throughout the forecast period. Nevertheless, the lack of versatile personnel, standard data formats, and lack of easy operating tools at cheaper costs are expected to hamper the market growth throughout the forecast period.

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