Bioinformatics Market worth $23.89 billion in 2027, at CAGR of 14.5%

The global bioinformatics market is projected to reach $23.89 billion in 2027 from $8.09 billion in 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.

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Global bioinformatics market segmentation:

·         Based on product and service

·         Based on applications

·         Based on sector

The Major Players Opearting in the Bioinformatics Market Key Players

Key players that provide bioinformatics products and services are 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). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the market.

One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.

Geographical Detailed Analysis for Bioinformatics Market :

North America is expected to account for the largest share of the market. The large share of North America is attributed to the continued funding from the government and private sectors for life sciences research.

 One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.

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