Bioinformatics Market Overview
Bioinformatics refers to the usage of
information technology in the field of biotechnology for data storage, data
warehousing, and analysis of DNA sequences. In bioinformatics, knowledge from
various branches of study including biology, mathematics, laws of physics &
chemistry, and computer science are required, along with a sound understanding
of information technology. The global bioinformatics market is expected to grow
at CAGR of 14.50% to reach USD 26.7 billion during the forecast period 2023-2030.
Factors promoting an upsurge in the global
Bioinformatics Market Insights include the development observed in the information
technology sector and the volume of biological research that is being conducted
across the globe. The affluence related to the generation of large data sets
aided by bioinformatics has led to fast-paced research in several fields and
has, in turn, upscaled the demand for bioinformatics during the forecast
period. Further, a wide scope of application of bioinformatics is also
contributing to the growth of the global market.
The
market is poised to grow at a sound pace during the review period. The major
drivers will be the growing biotechnology sector, increasing the global burden
of the diseases, and increasing research and development expenses. Moreover, growing initiatives
from government and private organizations, followed by enhanced collaborative
ties between companies and research institutes, fuel market growth.
Nevertheless, lack of well-defined standards, and common data formats for the integration
of data, shortage of skilled bioinformatics experts, along with the lack of
adequate user-friendly tools, may restrain the market growth during the review
period.
Market Segmentation
The global bioinformatics
market Outlook has been studied by Market Research Future (MRFR) for
various segments based on application, services & technology, sector, and
region. On the basis of application, the market is segmented into
chemoinformatics, genomics, transcriptomics, proteomics, drug design,
metabolomics, DNA sequences, and molecular phylogenetics.
On the basis of
services & technology, the market is segmented into data warehousing,
sequence analysis, and sequence manipulation. On the basis of sector, the
market is segmented into animal bioinformatics, medical bioinformatics, and
agriculture bioinformatics.
Regional Analysis
The global
bioinformatics market is geographically segmented into North America, Latin
America, Europe, Asia Pacific, and the Middle East & Africa. North America
and Latin America, together, account for the largest share in the market during
the assessment period. Presence of developed countries likes the US and Canada
in the region has played a significant role in the development of the Market Growth in the
region.
Europe is estimated
to be the second in the lead for bioinformatics during the review period.
Europe is also anticipated to garner substantial growth in the forthcoming
years. Asia Pacific is estimated to grow at the fastest pace for bioinformatics
among all other regional segments.
Key Players
bioinformatics
market players include Agilent
Technologies, Illumina, Inc., QIAGEN N. V, and Thermo Fisher Scientific Inc.,
Dassault Systèmes, and QIAGEN.
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