According to research report the Bioinformatics Market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%. 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.
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The growing demand for nucleic acid and protein sequencing due to a reduction in sequencing costs, increasing research initiatives from government and private organizations, and the growing applications of bioinformatics are the major factors driving the growth of the market.
In this report, the market has been classified based on product & service, applications, sectors, and region. Based on product and service, the market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. In 2018, the knowledge management tools segment is expected to account for the largest share of the market. The bioinformatics platforms segment is projected to grow at the highest rate during the forecast period. This high growth is attributed to an increase in the use of bioinformatics platforms in drug discovery and development.
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On the basis of applications, the global market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. In 2018, the genomics segment is expected to account for the largest share of the global market due to the increasing applications of genomics in personalized and preventive medicine.
North America is expected to account for the largest share of the bioinformatics market in 2018, followed by Europe. The APAC market, however, is projected to register the highest growth rate during the forecast period. Rising foreign investments and the growing penetration of cutting-edge research and clinical laboratory technologies are factors contributing to the growth of the APAC market. China is a major market in the Asia Pacific, whereas the markets in India and Japan are still in the growth phase.
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