Global Bioinformatics Market is expected to reach USD 22.78 billion by 2024
According to Data Bridge Market Research new market report “Global Bioinformatics Market By Industry (Molecular Medicine, Drug Development, Clinical Diagnostics, Agriculture, Forensic, Animal, Academics & Research, Environmental, Gene Therapy), By Product Type (Sequencing Platforms, Knowledge Management Tools, Bioinformatics Software), By Application (Preventive Medicine, Molecular Medicine, Genomics, Drug Development, Transcriptomics, Others), By Services (Data Analysis, Sequencing, Database integration, Others), By Geography (North America, Europe, Asia-Pacific, South America, Rest of the World) – Trend and Forecast to 2024”, has accounted for USD 22.78 billion by 2024 from USD 6.54 billion in 2016, at a CAGR of 16.8% in the forecast period 2017 to 2024
The global bioinformatics market is expected to experience a surging growth in the near future. The driving factors for this market are increasing government initiatives and funding, and growing use of bioinformatics in drug discovery and bio-markers development processes. However, shortage of trained research personnel required for proper use of bioinformatics tools, and non-availability of platforms to integrate large datasets produced by bioinformatics is expected to offset the growth of this market.
Bioinformatics Market – Market Segmentation:
The global bioinformatics market is segmented based on industry, product type, service and application.
Based on industry, the bioinformatics market is segmented into molecular medicine, drug development, clinical diagnostics, agriculture, forensic, animal, academics and research, environmental and gene therapy.
Based on product type, the bioinformatics market is segmented into sequencing platforms, knowledge management tools and bioinformatics software.
Based on applications, the bioinformatics market is segmented into preventive medicine, molecular medicine, genomics, drug development, transcriptomics and, other biotechnological applications.
Based on services, the bioinformatics market is segmented into data analysis, sequencing, data integration among others.
Bioinformatics Market – Geographical Segmentation:
Based on geography the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to large investments in public and private research for drug developments and gene therapy. China and, India among some other developing nations is expected to grow at the highest CAGR due to large private multinationals investing in healthcare development in these countries.
Bioinformatics Market – Competitive Landscape:
The global bioinformatics market report contains an in-depth profiling of the key market players, along with the recent developments (New product launches, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their positions in the market. Some of the major players operating in this market are Illumina, Inc., DNAnexus, Inc., Qiagen, Thermo Fisher Scientific, Inc., Agilent Technologies, DassaultSystemes, Geneva Bioinformatics (Genebio) SA, Integromics S.L., Perkinelmer, Inc., Applied Biological Materials (ABM) among others.
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