According to a new market research report “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 2023“, published by MarketsandMarkets™, the global 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, 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.
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Based on product and service, the bioinformatics platforms segment is projected to grow at the highest CAGR in the market during the forecast period
On the basis of product & service, the market is broadly segmented into knowledge management tools, bioinformatics platforms, and services. The bioinformatics platform segment is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the increasing usage of different bioinformatics platforms in various genomic and proteomics applications. Additionally, there is an increase in the use of bioinformatics platforms in drug discovery and development, which also contributes to the growth of the market.
Based on applications, the genomics segment is estimated to account for the largest share of the market in 2018
On the basis of applications, the global Bioinformatics 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 Bioinformatics Market. The rising application of genomics in personalized and preventive medicine is positively affecting market growth.
Based on sector, the medical biotechnology segment is estimated to account for the largest share of the market in 2018
On the basis of sector, the global Bioinformatics Market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology is again subdivided into drug discovery & development, clinical diagnostics & precision medicine, reproductive health. In 2018, the medical biotechnology segment is estimated to account for the largest share of the Bioinformatics Market. The rising adoption of bioinformatics tools in pharmaceutical and clinical applications is driving market growth.
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North America is expected to dominate the market in 2018
Among the four geographic regions, North America is expected to account for the largest share of the Bioinformatics Market in 2018, followed by Europe, APAC, and the RoW. The large share of North America is attributed to the steady funding from the government and private sector for life sciences research and bioinformatics.
The Bioinformatics Market is highly competitive due to the presence of a large number of players. Few of the major companies in Bioinformatics Market 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).