surge in demand for clinical diagnostics and personalized medicines play a major role in the growth of the bioinformatics market. Furthermore, rise in need for drug discovery & development, due to increase in prevalence of chronic diseases is expected to boost the market growth in the coming years.
A recent report published by Allied Market Research states that the global bioinformatics market generated $6.39 billion in 2017 and is expected to attain $18.23 billion by 2025, registering a CAGR of 13.8% during the forecast period, 2018-2025.
The growth of the global bioinformatics market is driven by the surge in need for integrated data, rise in growth in proteomics & genomics, and rapid drug discovery & development. However, dearth of skilled personnel’s and common data formats impede market growth. Nonetheless, surge in need for integrated solutions & systems is set to provide lucrative opportunities to emerging market players in the near future.
The report segments the global bioinformatics market by technology & services, application, sector, and geography. Based on technology & services, the report sub-segments the market into knowledge management tools, bioinformatics platforms, and bioinformatics services. The bioinformatics services segment is expected to experience rapid growth in the market, registering a CAGR of 25.1% from 2018 to 2025.
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Based on application, the market is categorized into metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics, and others. The genomics segment is expected to continue dominating the market through 2025, owing to wide applications and usage of genomics in sequencing of biomolecules. However, the transcriptomics segment is expected to exhibit the highest CAGR during the forecast period.
Based on sector, the report divides the market into medical bioinformatics, animal bioinformatics, agriculture bioinformatics, academics, and others. In 2017, the medical bioinformatics segment was the major revenue contributor and is anticipated to continue bioinformatics market trends during the forecast period.
North America dominated the market in 2017, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to upsurge in adoption of advanced technology and increase in demand for advanced bioinformatics tools, which are required in the drug discovery and development process.
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The report also profiles key players involved in the global bioinformatics market, such as Agilent Technologies, Inc., Geneva Bioinformatics (Genebio), Dassault Systems, Eurofins Scientific, Illumina Inc., Bruker Daltonics Inc., Biomax Informatics AG, Perkinelmer Inc., Qiagen N.V, and Thermo Fisher Scientific, Inc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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