Bioinformatics Market | Size, Share, Trends, Growth and Forecast
According to research report the 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, 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.
Based on product and service, the bioinformatics platforms segment is projected to grow at the highest CAGR in the market during the forecast period
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Based on applications, the genomics segment is estimated to account for the largest share of the market in 2018
Based on sector, the medical biotechnology segment is estimated to account for the largest share of the market in 2018
On the basis of sector, the global bioinformatics market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology is again subdivided into drug discovery & development, clinical diagnostics & precision medicine, reproductive health. In 2018, the medical biotechnology segment is estimated to account for the largest share of the bioinformatics market. The rising adoption of bioinformatics tools in pharmaceutical and clinical applications is driving market growth.
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The bioinformatics market is highly competitive due to the presence of a large number of players. Few of the major companies in bioinformatics 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).