Bioinformatics Market was worth USD 9.36 billion in 2018

Market Overview:
Bioinformatics market is valued around USD 9.36 billion in 2018 and predicted to be developing at a CAGR of 19.1%, to attain USD 22.43 billion by 2023. Bioinformatics involves the development and storage technique that helps in organizing, analyzing, and retrieving biological information. The development in bioinformatics would assist with numerous applications consisting of drug discovery and improvement, gene therapy, molecular medicine, preventive medicines, personalized drug treatments, and so on. Bioinformatics covers the ensemble of organic studies which are executed by the use of laptop programming as the method.

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Rising focus in genomics & proteomics is to boost the market growth
Factors affecting market growth:
• Mounting need for protein and nucleic acid sequencing (+)
• Developing applications of bioinformatics in drug discovery (+)
• Rising focus in genomics & proteomics (+)
• Growing need for integrated bioinformatics systems (+)
• Favorable government initiatives (+)
• Lack of interoperability among various data formats (-)
• Lack of professional and trained expert (-)

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Genomics accounts for the largest market percentage in the market
Market Segmentation

The Global Bioinformatics market is segmented on the basis of
Sector
• Animal Biotechnology
• Environmental Biotechnology
o Alternative Energy Sources
o Waste Clean-Up/Bioremediation
o Climate Change Studies
• Agricultural Biotechnology
o Crop Yield Improvement
o Pest Resistance
o Improvement of Plant Resistance
o Biodiversity Informatics
o Nutritional Quality Improvement
• Forensic Biotechnology
• Medical Biotechnology
o Drug Development
o Clinical Diagnostics
o Molecular Medicine
 Personalized Medicine
 Preventive Medicine
o Gene Therapy
o Reproductive Biotechnology
• Academics
• Other sectors
Products and Services
• Bioinformatics Platforms
o Sequence Analysis Platforms
o Sequence Alignment Platforms
o Sequence Manipulation Platforms
o Structural and Functional Analysis Platforms
o Other Bioinformatics Platforms
• Knowledge Management Tools
o Generalized Knowledge Management Tools
o Specialized Knowledge Management Tools
• Bioinformatics Services
o Data Analysis
o Sequencing Services
o Other Bioinformatics Services
o Database and Management Services

Application
• Proteomics
• Transcriptomics
• Molecular Phylogenetics
• Chemo informatics
• Drug Design and Genomics

Genomics accounts for the largest market percentage within the applications section.

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Key players:
The major share holders of the market include Agilent Technologies, Affymetrix Inc., Applied Biological Materials (ABM), 3rd Millenium Inc., Illumina Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Biomax Informatics Ag, DNAnexus, Inc. and Waters Corporation among others.

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This release was published on openPR.