Northrook, IL -- (SBWIRE) -- 07/08/2020 -- 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 Global Bioinformatics Market is expected reach USD 13,901.5 billion, at a CAGR of 14.5% during the forecast period.

Market Dynamics:

Driver: Growing demand for nucleic acid and protein sequencing due to reductions in sequencing costs and technological advancements;

Bioinformatics is increasingly being used to identify genes in DNA sequences. The information collected is used to understand the molecular mechanisms of diseases. This assists in developing better treatments and diagnostic tests. Recently, due to significant reductions in costs of sequencing, many scientific research institutes and biotech companies have undertaken initiatives to perform sequencing studies at their own facilities. Similarly, sequencing and data analysis and interpretation can now be completed within days after the development of faster and sophisticated bioinformatics tools. With advancements in technology, there has been an increase in the speed of decoding genetic sequences, which has decreased the overall cost of sequencing and analysis per sample. The reasons behind this decrease in cost include the development of innovative DNA sequencing platforms and various bioinformatics tools.

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Market Segmentation in Detailed:

On the basis of product & service, the market is broadly segmented into knowledge management tools, bioinformatics platforms, and services. The bioinformatics platform segment is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the increasing usage of different bioinformatics platforms in various genomic and proteomics applications. Additionally, there is an increase in the use of bioinformatics platforms in drug discovery and development, which also contributes to the growth of the market.

On the basis of applications, the global market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. The genomics segment is expected to account for the largest share of the overall market. The rising application of genomics in personalized and preventive medicine is positively affecting market growth.

Geographical Regions Mapped in Report:

North America is expected to dominate the bioinformatics market.

Among the four geographic regions, North America is expected to account for the largest share of the global market, followed by Europe, APAC, and the RoW. The large share of North America is attributed to the steady funding from the government and private sector for life sciences research and bioinformatics.

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Major Key Players Mapped in Research Report:

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).