Bioinformatics Market is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0%. according to a new report by MarketsandMarkets™. The use of computer technology to comprehend and utilise biological and biomedical data effectively is known as bioinformatics. It is the field responsible for storing, analysing, and interpreting the Big Data gathered during clinical settings or as a result of life science investigations. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure, and decreasing cost of genome sequencing. However, the high cost of equipment is hindering the growth of this market.
Bioinformatics is an ever-growing field that has become increasingly important in recent years. With the rapid growth of data and technology, the bioinformatics market is set to expand significantly.
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Bioinformatics is the use of computer science and data analysis to better understand biological processes. This data can be used to develop new drugs, identify potential new treatments and discover new genetic mutations.
The bioinformatics market can be divided into four main segments: software, hardware, services, and data.
Software: Software is the most important segment of the bioinformatics market. This includes the various algorithms, software tools, and applications that are used to analyze and interpret biological data.
Hardware: Hardware is the second largest segment of the bioinformatics market. This includes the hardware systems that are used to store and process large amounts of data and enable faster analysis.
Services: Services are the third largest segment of the bioinformatics market. This includes professional services such as consulting, training, and research.
Data: The last segment of the bioinformatics market is data. This includes the various databases, software libraries, and other sources of biological data.
The bioinformatics market is set to grow significantly in the coming years as more organizations start to utilize the power of this technology. Companies are investing heavily in this field and the number of bioinformatics jobs is expected to double by 2026. With the right strategies and investments, this could be a lucrative market for any organization.
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By Product & Services
- Knowledge Manageemnt Tools
- Bioinformatics Platforms
- Bioinformatics Services
By Application
- Genomics
- Chemoinformatics & Drug Design
- Proteomics
- Transcriptomics
- Metabolomics
- Other Applications
By Sector
- Medical Biotechnology
- Animal Biotechnology
- Plant Biotechnology
- Environmental Biotechnology
- Forensic Biotechnology
- Other Sectors
By Region
- North America
- Europe
- Asia
- Rest of the World
Recent Developments
- In October 2022, Illumina, Inc. and AstraZeneca formed a strategic research collaboration to expedite the discovery of therapeutic targets by combining their strengths in AI-based genome interpretation and genomic analysis tools with industry knowledge. The cooperation would assess if a framework made of both these technologies can boost target discovery yield and confidence in order to identify prospective therapeutics based on human omics insights.
- In September 2022, Thermo Fisher Scientific joined the Pennsylvania Biotechnology Center (PABC) as a founding sponsor of both the Philadelphia-based B+Labs incubator and the PABC site in Doylestown, Pennsylvania, where emerging life science enterprises can accelerate their progress to commercialization.
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