(MENAFN- iCrowdNewsWire) iCrowdNewswire - Feb 19, 2019
According to a 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 market is projected to reachUSD 13.50 billionin 2023 fromUSD 7.73 billionin 2018, at CAGR of 14.5%.
Growing demand for nucleic acid and protein sequencing, initiatives from government and private organizations, growing applications of bioinformatics, and the increasing number of collaborations between companies and research institutes are the major factors driving the growth of the market.
Based on product and service, the bioinformatics platforms segment is projected to grow at the highest CAGR in the market during the forecast period
On the basis of product & service, the market is broadly segmented into knowledge management tools, bioinformatics platforms, and services. The bioinformatics platform segment is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the increasing usage of different bioinformatics platforms in various genomic and proteomics applications. Additionally, there is an increase in the use of bioinformatics platforms in drug discovery and development, which also contributes to the growth of the market.
Browsein-depth TOC on"Bioinformatics Market"
189-Tables
27-Figures
195-Pages
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Based on applications, the genomics segment is estimated to account for the largest share of the market in 2018
On the basis of applications, the global Bioinformatics Market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. In 2018, the genomics segment is expected to account for the largest share of the Bioinformatics Market. The rising application of genomics in personalized and preventive medicine is positively affecting market growth.
North Americais expected to dominate the market in 2018
Among the four geographic regions,North Americais expected to account for the largest share of the Bioinformatics Market in 2018, followed byEurope, APAC, and the RoW. The large share ofNorth Americais attributed to the steady funding from the government and private sector for life sciences research and bioinformatics.
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Market Players
The Bioinformatics Market is highly competitive due to the presence of a large number of players. Few of the major companies inBioinformatics Marketare Thermo Fisher Scientific (US), Illumina Inc (US), Agilent Technologies (US), QIAGEN (Netherlands), BGI (China), Wuxi NextCODE (China), Eurofins Scientific (Luxembourg), Waters Corporation (US), Sophia Genetics (Switzerland), Partek (US), and DNASTAR (US).
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