Bioinformatics Market, By Products and Services, 2018 vs 2023

According to the new market research report Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) – ****** Forecast to 2023, published by MarketsandMarkets™, 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.

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Genomics Is Expected to be the Fastest-growing Application Segment in the Bioinformatics Market During the Forecast Period

The growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and rising use of bioinformatics in drug discovery and biomarker development processes. With the introduction and adoption of upcoming technologies such as nanopore sequencing and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions. Factors such as dearth of skilled personnel to ensure proper use of bioinformatics tools and lack of integration of a wide variety of data generated through various bioinformatics platforms are restraining the growth of the market.

The bioinformatics market is segmented on the basis of sector, products and services, application, and region. Based on sector, the market is segmented into medical biotechnology, academics, animal biotechnology, environmental biotechnology, forensic biotechnology, and other sectors (homeland security & defense, law enforcement groups, bioweapon creation, and evolutionary biotechnology). The academics segment is estimated to witness the highest growth during the forecast period. Growth of this segment can be attributed to the initiation of various academic research programs and the need to address the dearth of trained bioinformatics professionals.

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Based on products and services, the market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. Among these segments, the bioinformatics platforms segment is expected to witness the highest growth during the forecast period primarily due to their growing usage in various genomic applications.

North America is expected to account for the largest share of the bioinformatics market in 2018, followed by Europe. The APAC market, however, is projected to register the highest growth rate during the forecast period. Rising foreign investments and the growing penetration of cutting-edge research and clinical laboratory technologies are factors contributing to the growth of the APAC market. China is a major market in the Asia Pacific, whereas the markets in India and Japan are still in the growth phase.

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