DALLAS, TX / ACCESSWIRE / February 16, 2021 / According to new report added in Report Banana offerings, there are significant money making opportunities available in the bioinformatics market. Companies planning to enter this market need to prepare and differentiate to maximize their return on investment.
In terms of opportunities, the bioinformatics market is expected to grow from $7.73 billion in 2018 to USD 13.50 billion in 2023; it is expected to grow at a CAGR of 14.5% during the forecast period. Market for the metabolomics application segment is expected to grow at the highest CAGR and by sector, medical biotechnology segment is expected to grow at the highest rate during the forecast period.
Growing demand for nucleic acid and protein sequencing, applications of bioinformatics in proteomics and drug discovery, clinical diagnostics and personalized medicine are the major factors driving the growth of the bioinformatics market. On the other hand, lack of well-defined standards and common formats for data integration are the major factor restraining market growth.
On the basis of applications, the global bioinformatics market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. The metabolomics segment is expected to account for the highest growth rate in the bioinformatics market during the forecast period. The rising application of metabolomics in various disease-related projects and support from the government in the form of funding is positively affecting market growth. And on the basis of sector, the global bioinformatics market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology is subsegmented into drug discovery & development, clinical diagnostics & precision medicine, reproductive health. In 2023, the medical biotechnology segment is expected to account for the highest growth of the bioinformatics market. The rising adoption of bioinformatics tools in pharma and clinical applications is driving market growth.
Prominent players profiled in this report include 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), DNASTAR (US), etc.
Significant Aspects of the Report and Main Highlights:
- Changing business trends in the bioinformatics market
- Market segment analysis at different level such as product & service, applications, sectors, and region
- Historical and forecast size of the bioinformatics market in terms of revenue
- Major drivers and opportunities pertaining to the bioinformatics market
- Competitive landscape and player positioning analysis for the market
- Key product offerings by major players and business strategies adopted
- Key challenges faced by operating players in the market space
- Analysis of major risks associated with the market operations
The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
To read more about this market please click on https://www.reportbanana.com/bioinformatics-market-by-product-aand-service-knowled-rpt15968.aspx. Get more details by contacting Report Banana at +1 469 638 2694 (US), +31-6-82270883 (Europe), +91-771-4288410 (Asia) or click on info@reportbanana.com.
About Report Banana
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Roy Almaguer
Director of Client Engagement
Report Banana
Dallas, Texas, USA
Email: roy.almaguer@reportbanana.com
Tel: +1 210-878-7693
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SOURCE: Report Banana
View source version on accesswire.com:
https://www.accesswire.com/629893/The-Bioinformatics-Market-is-Expected-to-Reach-1350-Billion-in-2023-with-CAGR-of-145
