Bioinformatics refers to the usage of information technology in the field of biotechnology for data storage, data warehousing, and analysis of DNA sequences. In bioinformatics, knowledge from various branches of study including biology, mathematics, laws of physics & chemistry, and computer science are required, along with a sound understanding of information technology. The global bioinformatics market is expected to grow at CAGR of 14.50% to reach USD 26.7 billion during the forecast period 2023-2030.
Factors promoting an upsurge in the global Bioinformatics Market Competitive Landscape include the development observed in the information technology sector and the volume of biological research that is being conducted across the globe. The affluence related to the generation of large data sets aided by bioinformatics has led to fast-paced research in several fields and has, in turn, upscaled the demand for bioinformatics during the forecast period. Further, a wide scope of application of bioinformatics is also contributing to the growth of the global market.
The market is poised to grow at a sound pace during the review period. The major drivers will be the growing biotechnology sector, increasing the global burden of the diseases, and increasing research and development expenses. Moreover, growing initiatives from government and private organizations, followed by enhanced collaborative ties between companies and research institutes, fuel market growth. Nevertheless, lack of well-defined standards, and common data formats for the integration of data, shortage of skilled bioinformatics experts, along with the lack of adequate user-friendly tools, may restrain the market growth during the review period.
Market Segmentation
The global bioinformatics market has been studied by Market Research Future (MRFR) for various segments based on application, services & technology, sector, and region. On the basis of application, the market is segmented into chemoinformatics, genomics, transcriptomics, proteomics, drug design, metabolomics, DNA sequences, and molecular phylogenetics.
On the basis of services & technology, the market is segmented into data warehousing, sequence analysis, and sequence manipulation. On the basis of sector, the market is segmented into animal bioinformatics, medical bioinformatics, and agriculture bioinformatics.
Regional Analysis
The global bioinformatics market is geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America and Latin America, together, account for the largest share in the market during the assessment period. Presence of developed countries likes the US and Canada in the region has played a significant role in the development of the Market Growth in the region.
Europe is estimated to be the second in the lead for bioinformatics during the review period. Europe is also anticipated to garner substantial growth in the forthcoming years. Asia Pacific is estimated to grow at the fastest pace for bioinformatics among all other regional segments.
Key Players
bioinformatics market players include Agilent Technologies, Illumina, Inc., QIAGEN N. V, and Thermo Fisher Scientific Inc., Dassault Systèmes, and QIAGEN.
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