Bioinformatics Market is Prospering Owing to the Rising Prevalence of Chronic Diseases Across the Globe
- Vikas Kumar
- November 12, 2021
- HEALTHCARE, NEWS
- Bioinformatics Market, Bioinformatics Market Growth, Bioinformatics Market News, Bioinformatics Market share, Bioinformatics Market size, Bioinformatics Market trend
- 0 Comments
The Bioinformatics Market was valued ~US$ 13 billion in 2020 and is expected to grow at an elevated CAGR of ~14.5% over the forecast period (2021-2027). The demand for Bioinformatics is increasing on account of the rising aging population, which in turn is increasing the number of patients suffering from chronic or infectious diseases. In addition, the integration of Artificial Intelligence (AI) and machine learning in software and healthcare companies and the rise in need for integrated systems & solutions are projected to offer growth opportunities to the Bioinformatics market.
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Based on Product & Services, the market is fragmented into Knowledge Management Tools, Bioinformatics Platforms, and Bioinformatics Services. Knowledge management tools are mainly exploited by researchers for the handling of large volumes of heterogeneous information. This information comprises the data from biological experiments and the data recovered from existing repositories. The several functions of knowledge management tools consist of data management, data mining, data warehousing, and information retrieval. These types of functions assist in the understanding of the genes and proteins’ structure along with the effects of mutations by comparing them with available databases.
Based on the Sector, the market is bifurcated into Medical Biotechnology, Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology, and Other Sectors. The Medical Biotechnology segment dominated the market in 2020 and is expected to grow at a lucrative growth during the forecast period owing to the high exploitation of bioinformatics in clinical diagnostics, production of new databases for drug discovery, and rising funding for the development of bioinformatics solutions.
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For a better understanding of the market adoption of Bioinformatics, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Bioinformatics market on account of the increasing incidence of chronic and lifestyle disorders coupled with the rising geriatric population, and the presence of large market players in the region. According to the World Population Ageing 2019 report, in United States population aged above 65 years or over is expected to reach 53.340 million (16.2%) by 2030 from 70.842 million (20.3%) in 2019. Some of the major players operating in the market include Thermo Fisher Scientific, Inc, Eurofins Scientific, QIAGEN N.V, Agilent Technologies, Inc, Illumina, Inc, Waters Corporation, DNASTAR, NeoGenomics Laboratories, Perkin Elmer, Inc, and GENEWIZ. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Bioinformatics Market Segmentation
Market Insight, by Product & Services
Market Insight, by Application
Market Insight, by Sector
- Medical Biotechnology
- Animal Biotechnology
- Plant Biotechnology
- Environmental Biotechnology
- Forensic Biotechnology
- Other Sectors
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Thermo Fisher Scientific, Inc.
- Eurofins Scientific
- QIAGEN N.V.
- Agilent Technologies, Inc.
- Illumina, Inc.
- Waters Corporation
- DNASTAR
- NeoGenomics Laboratories
- Perkin Elmer, Inc.
- GENEWIZ
