Bioinformatics Market, By Products and Services and Bioinformatics Platforms (2018) and Global forecast 2023

According to the new market research report Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) – Global Forecast to 2023, published by MarketsandMarkets™, 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%. 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 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%. Growing demand for nucleic acid and protein sequencing and the rising applications of bioinformatics in drug discovery, clinical diagnostics, and personalized medicine are key factors supporting the growth of this market. On the other hand, a lack of well-defined standards and common formats for data integration may limit market growth to a certain extent.

In this report, the market has been classified based on product & service, applications, sectors, and region. Based on product and service, the bioinformatics 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.

On the basis of applications, the global bioinformatics 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 bioinformatics market due to the increasing applications of genomics in personalized and preventive medicine.

On the basis of sector, the global bioinformatics market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. In 2018, the medical biotechnology segment is expected to account for the largest share of the global bioinformatics market. The rising adoption of bioinformatics tools in pharma and clinical applications is driving market growth.

In 2018, North America is expected to account for the largest share of the bioinformatics market. The large share of North America is attributed to the continued funding from the government and private sectors for life sciences research.

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One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.

Key players that provide bioinformatics products and services 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). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the bioinform

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