Bioinformatics Market Soars to New Heights

The bioinformatics market has witnessed remarkable growth, surging from $14.86 billion in 2023 to an estimated $16.9 billion in 2024. The projected Compound Annual Growth Rate (CAGR) of 13.7% signifies its robust momentum, with expectations to reach an impressive $28.27 billion by 2028.

Protein Sequencing Driving Market Growth:
The market experiences a surge propelled by the escalating demand for protein sequencing. This process, determining the sequence of amino acids in proteins, aids in understanding their functions, structures, and developmental history. Advancements in clinical mass spectrometry, analytical techniques, and increased adoption of target-based drug development contribute to the growing demand for protein sequencing, a significant driver for the bioinformatics market.

Pharmaceutical Industry Catalyst for Growth:
The burgeoning pharmaceutical industry plays a pivotal role in propelling the bioinformatics market forward. With its extensive use in accelerating drug discovery and development, reducing costs, and enhancing the efficacy and safety of drug therapies, bioinformatics is integral to pharmaceutical advancements. The projected expenditure on pharmaceuticals in the US is set to reach between $380 and $400 billion by 2025, fostering the continued growth of the bioinformatics market.

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Investments in Nanopore Sequencing Technology:
Companies in the bioinformatics market are increasingly investing in the research and development of nanopore sequencing technology. This single-molecule DNA sequencing technology, eliminating the need for Polymerase Chain Reaction or chemical labeling, offers high throughput, low cost, and longer reads. Investments in nanopore sequencing technology, exemplified by Oxford Nanopore Technologies' $705.56 million IPO in 2021, contribute significantly to the bioinformatics market's expansion.

Bioinformatics Platforms for Big Biotech Data:
Major companies in the bioinformatics market are expanding platforms to handle big biotech data, fostering scientific discovery. End-to-end bioinformatics platforms, exemplified by LatchBio's launch in June 2022, provide a comprehensive solution for managing and analyzing biological data. These platforms facilitate collaboration among biologists, bioinformaticians, and computational biologists, accelerating scientific discovery.

Regional Dynamics and Market Segmentation:
North America leads the bioinformatics market in 2023, with Western Europe following closely.

The bioinformatics market covered in this report is segmented -
1) By Products and Services: Knowledge Management Tools, Data Analysis Platforms, Services
2) By Application: Metabolomics, Molecular Phylogenetics, Transcriptomics, Proteomics, Chemoinformatics, Genomics, Other Applications
3) By End Users: Pharmaceutics, Animal Study, Agriculture, Forensic Science, Other End Users

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Bioinformatics Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Bioinformatics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on template market size, template market drivers and trends, template market major players, competitors' revenues, bioinformatics market positioning, and bioinformatics market growth across geographies. The template market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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