The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 6.17 billion in 2017, at CAGR of 14.5%. The base year considered for the study is 2017, and the forecast for the market size is provided for the period between 2018 and 2023.
Growing demand for nucleic acid and protein sequencing and the rising applications of bioinformatics in drug discovery, clinical diagnostics, and personalized medicine are key factors supporting the growth of this market. On the other hand, a lack of well-defined standards and common formats for data integration may limit market growth to a certain extent.
On the basis of applications, the global bioinformatics 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.
One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.
Get Free Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=39
Key players that provide bioinformatics products and services 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). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the bioinformatics market.
In this report, the market has been classified based on product & service, applications, sectors, and region. Based on product and service, the bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. In 2018, the knowledge management tools segment is expected to account for the largest share of the market. The bioinformatics platforms segment is projected to grow at the highest rate during the forecast period. This high growth is attributed to an increase in the use of bioinformatics platforms in drug discovery and development.
Biotechnology Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]