Bioinformatics market Worth $13,901.5 billion by 2023 to Reflect Impressive Growth in healthcare IT Industry

(IT-NEWSWIRE.COM, June 01, 2020 ) 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 expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.

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Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes.

By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period

Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.

Some of The Major Players In Bioinformatics Market:
1. Thermo Fisher Scientific
2. Illumina Inc
3. Agilent Technologies
4. QIAGEN
5. BGI
6. Wuxi NextCODE
7. Eurofins Scientific

By Application, the metabolomics segment is expected to grow at the highest CAGR during the forecast period

Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms.

Objectives of the Study :
– To define, describe, and forecast the bioinformatics market on the basis of product & service, applications, sector, and region
– To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
– To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
– To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players

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MarketsandMarkets™

Mr. Aashish Mehra

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raviraj.tak@marketsandmarkets.com

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Bioinformatics market Worth $13,901.5 billion by 2023 to Reflect Impressive Growth in healthcare IT Industry