Bioinformatics Market overview:
In a recent research report by Reports Insight Consulting Pvt. Ltd, the Bioinformatics Market is expected to surpass USD 26.84 Billion by the year 2028, from USD 11.90 Billion in 2021.
The use of computer technology to understand and utilize biological and biomedical data effectively is known as bioinformatics. It is the field responsible for storing, analyzing, and interpreting the Big Data gathered during clinical settings or as a result of life science investigations. Experts from a range of disciplines, including biologists, computer scientists, mathematicians, statisticians, and physicists, are driving this multidisciplinary field.
The sector segment is divided into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and other sectors. The medical biotechnology segment is estimated to lead the bioinformatics market. Medical biotechnology is an important pillar in the global pharmaceutical industry to bring innovative treatments to the market. A surge in the development of effective vaccines, drugs, and diagnostic tools for the treatment of various diseases is estimated to boost the growth of the market.
The North American market is driven by increased government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities involving the use of bioinformatics technologies. Further, advanced medical facilities and high investment in Research and Development are estimated to boost the growth of the market.
The market is projected to grow at a significant pace reaching a CAGR of approximately 10.7%, over the forecast period of 2022–2028, despite a considerable fall in Service Operator sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
The study is consolidated into major segments and further into sub-segments, such as by Product & Service (Knowledge Management Tools, Bioinformatics Platforms, Bioinformatics Services), Applications (Genomics, Chemoinformatics & Drug Design, Proteomics, Transcriptomics, Metabolomics, Other Applications), & Sector (Medical Biotechnology, Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology, Other Sectors) to forecast the Bioinformatics market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Thermo Fisher Scientific, Inc., Eurofins Scientific, QIAGEN N.V., Agilent Technologies, Inc, Illumina, Inc., Waters Corporation, DNASTAR, NeoGenomics Laboratories, Perkin Elmer, Inc., DNASTAR, NeoGenomics Laboratories, Perkin Elmer, Inc., GENEWIZ and BGI Group, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source BioScience, and Biomax Informatics AG among others.