The global bioinformatics market was valued at USD 10.1 billion in 2022 and is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0% during the forecast period. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure, and decreasing cost of genome sequencing.
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Bioinformatics plays a crucial role in various areas of life sciences, including genomics, proteomics, transcriptomics, and metabolomics. It enables researchers to organize, analyze, and interpret large volumes of biological data, such as DNA sequences, protein structures, and gene expression profiles. By applying computational techniques, bioinformaticians can extract meaningful information from these datasets and gain insights into biological processes, disease mechanisms, drug discovery, and personalized medicine.
The bioinformatics market has been growing rapidly due to advancements in high-throughput sequencing technologies, which have generated vast amounts of genomic data. The increasing availability of biological data, coupled with the need for efficient analysis tools, has created a significant demand for bioinformatics solutions.
“The genomics segment accounted for the largest share of the bioinformatics market”
Based on application, The genomics segment accounted for the largest share of 36.9% of the bioinformatics market. The increasing use of genomic research for the development of precision medicine and drug development, the rise in the funding opportunities for genomic research, and growth strategies between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services are the major factors that contribute to the rising values of the bioinformatics market for genomics.
North American bioinformatics market to dominate the market during the forecast period”
North America dominated the bioinformatics market and is expected to grow at an 12.7% CAGR during the forecast period. The North America holds large share in the global bioinformatics market owing to factors such as government support for genomic research, presence of top key players in the region, reduced cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America.
Key Market Players
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
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