Growing bioinformatics applications in drug research and development, as well as increased bioinformatics support in the creation of tailored medicines and clinical diagnostics are driving up demand for bioinformatics market
Luton, Bedfordshire, United Kingdom, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Bioinformatics Market.
Bioinformatics Market size was valued at USD 10.4 billion in 2020 and is projected to reach USD 37.74 billion by 2029, growing at a CAGR of 15.4% from 2022 to 2029.
Bioinformatics deals with the recording, annotation, storage, analysis and retrieval of nucleic acid sequences, protein sequences and structural information. Molecular medicine, preventive medicine, gene therapy, drug development, biotechnology, and microbiological forensics are just a few of the applications in health and biology. It is also used in genetics and genomics research.
Pharmaceutical research and development and government and private sector initiatives will drive the bioinformatics business of the future. Moreover, increased spending on bioinformatics research and development by global players is expected to create a profitable outlook for the market throughout the expected period. During pandemics, data sequencing and analysis may become important tools for identifying and detecting environmental, animal, and human viruses. Knowledge of viral diversity may aid in the development of vaccines and inexpensive diagnostic methods, but information on transmission routes is critical for public health management and containment strategies.
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Bioinformatics Market: Recent Developments
Agilent Technologies, Inc. is an American analytical instrumentation development and manufacturing company that offers its products and services to markets worldwide.
Biomax facilitates digital transformation within biotech, pharma, agriculture, food and chemical industries as well as research institutes. Biomax offers a range of standard products addressing digitalization needs, like semantic search, brain imaging or clinical integration.
Increased demand for integrated solutions and systems, as well as the integration of machine learning and AI in healthcare and software businesses investing in the development of bioinformatics solutions, are projected to provide bioinformatics solution developers with lucrative market prospects. In addition, many governments are investing in national population sequencing studies in order to better understand the relationship between genetics and disease. Millions of people’s genomes are being sequenced by government agencies in order to promote research and discover better ways to diagnose and cure cancer, uncommon disorders, and other ailments. Bioinformatics products and services are projected to be in high demand as a result of these huge sequencing efforts.
These key players include Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. The other players in the value chain include Geneva Bioinformatics (Genebio), Dassault Systems, Eurofins Scientific, Bruker Daltonics Inc., Accelrys, Inc., Affymetrix, Inc., SA Nonlinear Dynamics, and Quest Diagnostics, and others.
Bioinformatics Market Scope: Discount on report
Report Coverage of Bioinformatics Market
10.4 billion In 2020.
Forecast Period 2022 to 2029 CAGR:
Market Size in 2029:
US$ 37.74 billion
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Technology and Services
The market is broadly segmented into technology & services, application, sector and region.
The bioinformatics market is divided into three categories based on technology and services: knowledge management tools, bioinformatics platforms, and bioinformatics services. Due to an increase in platform applications and the demand for better tools in drug development, the bioinformatics platforms segment was the leading revenue generator. This trend is expected to continue during the projected period.
Regional Share Analysis->
With a market share of 43% in 2021, North America dominated the bioinformatics industry, followed by Europe and Asia Pacific. Government support for genomics research, the presence of major bioinformatics vendors, reduced sequencing costs, increased visibility of bioinformatics services, and increased regional genomics research activity (and corresponding adoption of bioinformatics) has contributed to the growth of North America. Are driving the growth of the bioinformatics market. The funding situation for research activities in North America is good. This geographic market is characterized by increased government commitment to genomic testing and favorable funding scenarios for research activities involving bioinformatics technologies.
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Frequently Asked Questions Section
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What are Bioinformatics Sales, Revenue, and Price Analysis by Type and Industry Application?
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