Bioinformatics Market to Worth USD 13.50 Billion in 2023

The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5 percent. Growing demand for nucleic acid and protein sequencing, initiatives from government and private organizations, growing applications of bioinformatics, and the increasing number of collaborations between companies and research institutes are the major factors driving the growth of the market. On the basis of product & service, the bioinformatics platform segment is projected to grow at the highest CAGR. 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, in 2018, the genomics segment is expected to account for the largest share of the bioinformatics market. The rising application of genomics in personalized and preventive medicine is positively affecting market growth. On the basis of sector, in 2018, the medical biotechnology segment is estimated to account for the largest share of the bioinformatics market. The rising adoption of bioinformatics tools in pharmaceutical and clinical applications is driving market growth. Among the four geographic regions, North America is expected to account for the largest share of the bioinformatics market in 2018, 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.

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). – MarketsandMarkets