What is the market for global Bioinformatics?

 

Bioinformatics has always had huge potential when it comes to providing essential support to many areas of scientific research.

Global bioinformatics market is projected to reach USD 21.8 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 15.2%. The high cost of bioinformatics software and services and the shortage of skilled professionals will challenge future market growth.

Recent Developments

• Agilent Technology, Inc. launched SureSelect for human exome analysis.
• BGI and the Ministry of Health of Brunei expanded their partnership to carry out extensive cooperation in public health emergency response and public health testing screening and diagnostic services, including reproductive health, personalized drug guidance, early cancer screening, and detection of unknown pathogens by using BGI’s cutting-edge sequencing technology.

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Bioinformatics services to register the highest growth in the type market

The knowledge management tools segment is expected to account for the largest share of 39.1% of the bioinformatics market . Knowledge management tools are used by researchers to handle large volumes of heterogeneous information. This information includes the data from experiments and the data retrieved from available repositories.

Medical biotechnology to hold the largest segment of the market

The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market. The development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and the increased funding for the development of bioinformatics solutions for clinical diagnostics are primarily driving the use of bioinformatics in clinical diagnostics and contributing to the growth of the medical biotechnology segment in the market.

North American bioinformatics market to dominate the market during the forecast period

North America dominated the bioinformatics market and is expected to grow at a 14.7% CAGR during the forecast period. The large share of North America in the global bioinformatics market can be attributed to factors such as government support for genomic research, presence of leading bioinformatics providers, decreased cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities.

Key Market Players:

Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China) Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US)

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Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company primarily develops technologically advanced bioinformatics solutions to enhance its service offerings.