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Bioinformatics Market Overview
Bioinformatics refers to the usage of information technology in the field of biotechnology for data storage, data warehousing, and analysis of DNA sequences. In bioinformatics, knowledge from various branches of study including biology, mathematics, laws of physics & chemistry, and computer science are required, along with a sound understanding of information technology. The global bioinformatics market is anticipated to expand at a staggering CAGR of 19.8% during the forecast period.
Factors promoting an upsurge in the global bioinformatics market include the development observed in the information technology sector and the volume of biological research that is being conducted across the globe. The affluence related to the generation of large data sets aided by bioinformatics has led to fast-paced research in several fields and has, in turn, upscaled the demand for bioinformatics during the forecast period. Further, a wide scope of application of bioinformatics is also contributing to the growth of the global market.
Bioinformatics Market Segmentation
The global bioinformatics market has been studied by Market Research Future (MRFR) for various segments based on application, services & technology, sector, and region. On the basis of application, the global bioinformatics market is segmented into chemoinformatics, genomics, transcriptomics, proteomics, drug design, metabolomics, DNA sequences, and molecular phylogenetics.
On the basis of services & technology, the global bioinformatics market is segmented into data warehousing, sequence analysis, and sequence manipulation. On the basis of sector, the global bioinformatics market is segmented into animal bioinformatics, medical bioinformatics, and agriculture bioinformatics.
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Bioinformatics Market Regional Analysis
The global bioinformatics market is geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America and Latin America, together, account for the largest share in the global bioinformatics market during the assessment period. Presence of developed countries likes the US and Canada in the region has played a significant role in the development of the bioinformatics market in the region.
Europe is estimated to be the second in the lead for bioinformatics during the review period. Europe is also anticipated to garner substantial growth in the forthcoming years. Asia Pacific is estimated to grow at the fastest pace for bioinformatics among all other regional segments.
Bioinformatics Market Competitive Analysis
A fresh implementation of strategies is anticipated to boost the market in the upcoming years. The development of a stable value chain is observed to ascend the bioinformatics market to a great extent. The product tactics and vertical additions of the market are seen enhancing the growth opportunities of many market vendors.
Substantial cutbacks in the administrative budgets are further promoting growth in the bioinformatics market in the forthcoming years. Further, the augmented conformity of the market vendors towards new clientele is causing an upsurge in the bioinformatics market through the forecast period. Beneficial product differentiation supported by market players is fuelling ascension in the global bioinformatics market. The development of the bioinformatics market is showcasing favorable growth owing to original product introductions coupled with an escalating gross revenue of the market giants for bioinformatics.
Bioinformatics Market Key Players
Some of the crucial players in the global bioinformatics market include Agilent Technologies, Illumina, Inc., QIAGEN N. V, and Thermo Fisher Scientific Inc., Dassault Systèmes, and QIAGEN.
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Bioinformatics Industry Update
December 2019: Crown Bioscience expanded its translational oncology research facility by launching a new site in Suzhou, China. The large amounts of data obtainable from preclinical and clinical research entail dedicated expertise in bioinformatics, private storage facilities, and big data analysis.