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.
The bioinformatics market has been classified based on product & service, applications, sectors, and region. Based on product and service, the market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services.
The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%. 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.
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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.
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 market due to the increasing applications of genomics in personalized and preventive medicine.
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Geographical Region :
In 2018, North America is expected to account for the largest share of the market. The large share of North America is attributed to the continued funding from the government and private sectors for life sciences research.
Leading Companies :
Prominent players in the bioinformatics market include SEC Filings, press releases, investor presentations, Oxford Journals, National Human Genome Research Institute (NHGRI), EMBL-European Bioinformatics Institute (EMBL-EBI), National Center for Biotechnology Information (NCBI), Genome Canada.
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