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According to the 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 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.
Browse in-depth TOC on “Bioinformatics Market”
189 – Tables
27 – Figures
195 – Pages
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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
By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period :
Knowledge 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 period :
Factors 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. Hence, the annotation of unknown metabolic signals is the main hindrance to growth of the metabolomics segment
By Sector, medical biotechnology segment is expected to grow at the highest CAGR during the forecast period :
Various pharmaceutical companies are increasingly adopting bioinformatics tools to decrease the cost and time involved in drug discovery. Bioinformatics approaches for target discovery and validation are proving more efficient than traditional methods.
Pharma companies are also using AI along with bioinformatics tools to identify drug targets. Merck entered the AI space by collaborating with Numerate, Celgene partnered with GNS Healthcare, GSK collaborated with Exscientia, while Pfizer entered into a collaboration with IBM Watson for drug discovery research.
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The APAC market is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels. This has led to increased healthcare spending by a larger population base, healthcare infrastructure modernization, and rising penetration of cutting-edge research and clinical laboratory technologies, including bioinformatics, in Asia Pacific countries.
Prominent players in the Bioinformatics Market are Alere (US), Thermo Fisher (US), Drägerwerk (Germany), OraSure (US), Alfa Scientific Designs (US), Lifeloc (US), MPD, Inc. (US), Premier Biotech (US), Shimadzu (Japan), Siemens Healthineers (US). While, LabCorp (US), Quest Diagnostics (US), Omega Laboratories (US), Psychemedics (US), CRL (US), SureHire (Canada), and CannAmm (Canada) are some of key players offering Bioinformatics Market.