Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software. The globalbioinformatics marketis expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.
Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023
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By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period
Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.
By Application, the metabolomics segment is expected to grow at the highest CAGR during the forecast period
Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms. Hence, the annotation of unknown metabolic signals is the main hindrance to growth of the metabolomics segment.
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In 2018, The APAC market is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels. This has led to increasedhealthcarespending by a larger population base, healthcare infrastructure modernization, and rising penetration of cutting-edge research and clinical laboratory technologies, including bioinformatics, in Asia Pacific countries.
Key Market Players
Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer, Inc., Qiagen Bioinformatics, Agilent Technologies, Dnastar, Waters Corporation, Sophia Genetics, Partek, Biomax Informatics AG, Wuxi Nextcode, Beijing Genomics Institute (BGI).
Critical questions the report answers:
⏩ Who are the major market players in the bioinformatics market?
⏩ What are the growth trends and the largest revenue-generating region for bioinformatics?
⏩ How are bioinformatics products and services sold to customers?
⏩ What are the major segments in bioinformatics market?
⏩ What are the driving, restraining, opportunistic, and challenging factors for this market?
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