Bioinformatics Market | Ongoing Trends and Recent Developments | Major Key Players like Thermo Fisher Scientific (US), Illumina Inc (US), Agilent Technologies (US), QIAGEN (Netherlands), BGI (China), Wuxi NextCODE (China)

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.

What the Looks Like?

The Global Bioinformatics Market is projected to reach USD 13.50 billion in 2023, at CAGR of 14.5%. In 2018, North America is expected to account for the largest share of the market.

On the basis of product & service, the Bioinformatics 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.

On the basis of applications, the global 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 global Bioinformatics Market due to the increasing applications of genomics in personalized and preventive medicine.

On the basis of sector, the global market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. In 2018, the medical biotechnology segment is expected to account for the largest share of the global market. The rising adoption of bioinformatics tools in pharma and clinical applications is driving market growth.

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What Drives the Bioinformatics Market?

The growth of the global market for bioinformatics is primarily influenced by the following factors:

• Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
• Initiatives from Government and Private Organizations
• Proteomics and Drug Discovery
• Clinical Diagnostics and Personalized Medicine
• Number of Collaborations Between Companies and Research Institutes

Geographical growth scenario of global Bioinformatics Market:

Among the four geographic regions, North America is expected to account for the largest share of the global market, 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.

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Leading market players and strategies adopted:

The Bioinformatics Market is highly competitive due to the presence of many players. Few of the major companies in 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).

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