Bioinformatics Market Worth $34.74 Billion, Globally, by 2028 - Exclusive Report by The Insight Partners
The global bioinformatics market is growing at a CAGR of 15.7% from 2022 to 2028.
Pune, India, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Bioinformatics, as associated with genetics and genomics, is a scientific subdiscipline that involves using computer technology to collect, store, analyze and disseminate biological data and information, such as DNA and amino acid sequences or observations about those sequences. Bioinformatics is essential for the management of data in modern biology and medicine. Scientists and clinicians use databases that organize and guide biological information to increase the understanding of health and disease and, in certain cases, as part of medical care.
According to our new research study on “Bioinformatics Market Forecast To 2028 - Geography Analysis by Product, Application, Sector, and Geography,” the bioinformatics market size is expected to reach US$ 34,749.78 million by 2028 from US$ 14,471.79 million in 2022; it is estimated to grow at a CAGR of 15.7% from 2022 to 2028. The report highlights trends prevailing in the market and the factors driving and hindering the bioinformatics market growth. The growth of the bioinformatics market is attributed to the increasing funding and investments in bioinformatics, and increased number of genomic research activities with corresponding adoption of bioinformatics. However, the factors restraining the market growth is lack of interoperability and multiplatform capabilities.
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Global Bioinformatics Market: Competitive Landscape and Key Developments
Agilent Technologies, Inc, Biomax Informatics Ag, Bruker Corporation, Dassault Systems, Eurofins Scientific, Geneva Bioinformatics, Illumina, PerkinElmer, Qiagen, ThermoFisher Scientific, Inc. are among the leading companies operating in the bioinformatics market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the bioinformatics market. Many market players are launching innovative products with advanced features in the bioinformatics market. For instance, in January 2021, Illumina, Inc. has transforming genomic data bottlenecks into catalysts with the launch of Illumina Connected Analytics (ICA). The new and integrated bioinformatics solution provides a comprehensive, private, cloud-based data platform that empowers customers to manage, analyze, and explore large volumes of multi-omic data in a secure, scalable, and flexible environment.
In December 2020, Eurofins Genomics launches an optimised, cost-effective, SARS-CoV-2, next-generation sequencing service providing full length viral genome sequences. The NGS service and ARTIC NGS oligo kit are Eurofins’ latest additions to a comprehensive product portfolio to support researchers globally in the development of vaccines and in their fight against the COVID-19 pandemic.
Increasing Funding and Investments in Bioinformatics is Boosting the Demand for Global Bioinformatics Market Growth:
Many private organizations and government bodies around the globe are progressively investing in the field of bioinformatics. These investments have largely resulted in data and technological advancements in bioinformatics services, which have developed the quality of bioinformatics services. For instance, in 2016, the European Molecular Biology Laboratory (EMBL), an intergovernmental organization and pioneer in bioinformatics research, received funds from various organizations such as British Heart Foundation, Biotechnology and Biological Sciences Research Council, European Molecular Biology Organization, Cancer Research UK, the European Research Council, the European Commission, the Foundation of the National Institutes of Health, Bill & Melinda Gates Foundation, the Human Frontier Science Program, International Policy Governance Organization, the Medical Research Council, the National Institutes of Health, National Science Foundation, Parkinson's UK, Research Councils UK, and Wellcome, for R&D in the field of bioinformatics.
In 2021, the US government announced an investment worth US$ 1.7 billion to enhance monitoring, detection, and mitigation of SARS-CoV-2 variants and infrastructure development for future genomic sequencing needs. Also, in 2021, LifeArc (London) announced US$ 6.91 million in funding to support the Gen OMICC COVID-19 study, which will also support the bioinformatics analysis of patients, costs of patient enrolment, sample acquisition, and sample processing. Moreover, many countries are investing in their national population sequencing programs to identify the link between genetics and diseases. Government organizations are sequencing the genomes of millions of citizens to advance research and help develop better techniques to diagnose and treat cancer, rare diseases, and other conditions. Thus, the funding and investment in bioinformatics are boosting the market growth.
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Global Bioinformatics Market: Segmental Overview
The “Global Bioinformatics Market” is segmented based on product, application, sector, and geography. Based on product, the bioinformatics market is segmented into bioinformatics platforms, knowledge management tools, and bioinformative services. Based on application, the bioinformatics market is segmented into genomics, proteomics, chemoinformatics & drug design, transcriptomics, metabolomics, and others. Based on sector, the bioinformatics market is divided into medical biotechnology, animal biotechnology, agricultural biotechnology, academics, environmental biotechnology, forensic biotechnology, and others.
Go through further research published by The Insight Partners:
Bioinformatics Platforms Market - Global Analysis and Forecast to 2030
Bioinformatics Services Market - Global Analysis and Forecast to 2030
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