Bioinformatics Market worth $21.8 billion by 2026 – Exclusive Report by MarketsandMarkets™
Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms, Structural Analysis, Functional Analysis, Services), Applications (Genomics, Proteomics), & Sector (Medical, Animal, Agricultural) – Global Forecast to 2026, published by MarketsandMarkets™, the global Bioinformatics Market is projected to reach USD 21.8 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 15.2%. Bioinformatics uses computer programs for a variety of applications, including determining gene and protein function, establishing evolutionary relationships, and predicting the three-dimensional shape of proteins.
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Browse in-depth TOC on “Bioinformatics Market”
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Bioinformatics services to register the highest growth in the type market
Based on products & services, the Bioinformatics platforms market is segmented into knowledge management services, bioinformatics platform, and bioinformatics services. Financial support from the government and private bodies for NGS-based projects, advancements in NGS, decreased sequencing costs, and the need for high-throughput analysis of a large amount of data generated during sequencing are the major factors driving this segment’s growth. The knowledge management tools segment is expected to account for the largest share of 39.1% of the bioinformatics market
Medical biotechnology to hold the largest segment of the Bioinformatics platforms market
Based on the application, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, another sector. The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market
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North American bioinformatics market to dominate the market during the forecast period
North America dominated the Bioinformatics platforms market in 2020 and is expected to grow at a 14.7% CAGR during the forecast period. The large share of North America in the global bioinformatics market can be attributed to factors such as government support for genomic research, presence of leading bioinformatics providers, decreased cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities.
Key Market Players
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China) Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Fios Genomics (UK), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
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