Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.
What the Market Looks Like?
[195 Pages Report]The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.
Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes. With the introduction of upcoming technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions.
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What Drives the Market?
The growth of the Bioinformatics Market is primarily influenced by the following factors:
- Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
- Initiatives From Government and Private Organizations
- Growing Applications of Bioinformatics
- Number of Collaborations Between Companies and Research Institutes
Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications. In addition, the use of bioinformatics platforms is increasing in the drug discovery & development process, which is contributing to market growth.
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