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Market Overview By MarketsandMarkets:
The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%. Growing demand for nucleic acid and protein sequencing and the rising applications of bioinformatics in drug discovery, clinical diagnostics, and personalized medicine are key factors supporting the growth of this market. On the other hand, a lack of well-defined standards and common formats for data integration may limit market growth to a certain extent.
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 global bioinformatics market due to the increasing applications of genomics in personalized and preventive medicine.
On the basis of sector, the global bioinformatics market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. In 2018, the medical biotechnology segment is expected to account for the largest share of the global bioinformatics market. The rising adoption of bioinformatics tools in pharma and clinical applications is driving market growth.
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 bioinformatics market.
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