Northbrook, IL -- (SBWire) -- 01/04/2021 --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) - Global Forecast" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The global bioinformatics market is expected to reach USD 13.50 billion by 2023, at a CAGR of 14.5% during the forecast period.
Growth Boosting Factors:
- Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
- Initiatives From Government and Private Organizations
- Growing Applications of Bioinformatics
- Number of Collaborations Between Companies and Research Institutes
Growth Opportunities: IT giants investing in the development of bioinformatics solutions;
IT giants have started focusing on bioinformatics for healthcare applications. Investments are being made for more advanced tests and techniques in battling diseases such as cancer and Parkinson's. Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos have invested millions of dollars in Grail, a start-up by gene sequencing firm Illumina that a former Google executive leads. Grail is developing a cancer-screening blood test for people, even if they show no symptoms. The test's development is expected to require many samples to be sequenced and analyzed by using more comprehensive bioinformatics tools and databases.
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Market Segmentation in Depth:
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. In addition, the use of bioinformatics platforms is increasing in the drug discovery & development process, which is contributing to market growth. However, the lack of standardization in bioinformatics platforms across the industry is restraining growth of the bioinformatics platforms market, owing to which bioinformatics professionals have to work with varying standards and platforms that give no reproducible results
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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Leading Key Players in the Worldwide Industry:
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).
Geographical Regions Mapped in Report:
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 increased healthcare spending 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. These factors are expected to provide significant growth opportunities to bioinformatics companies operating in this region.
Bioinformatics Market Worth $13.50 Billion - Global Industry Leaders & Growth Divers Adopted
In 2018, The APAC market is expected to grow at the highest CAGR during the forecast period