Global bioinformatics market to garner $24.73 billion by 2027: Allied Market Research

The bioinformatics market growth include increase in the need for integrated data, rise in growth in proteomics & genomics, drug discovery and development

PORTLAND, OREGON, US, November 18, 2021 / — As per the report published by Allied Market Research, the global bioinformatics market generated $8.61 billion in 2019, and is projected to reach $24.73 billion by 2027, exhibiting a CAGR of 13.4% from 2020 to 2027. The report offers a comprehensive analysis of key market segments, changing market dynamics, top players, and key winning strategies.

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Onkar Sumant, Manager, Healthcare, Allied Market Research, stated, "Increase in demand for clinical diagnostics and tailor-made medicines play an important part in the growth of the bioinformatics market. Moreover, surge in need for drug research & development due to rise in the prevalence of chronic diseases is anticipated to propel the market growth in the coming years."

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Covid-19 pandemic impact on the global bioinformatics market:
• The demand for bioinformatics tools raised during the pandemic as they have the ability to oversee large volumes of biological data.
• Scientists and experts around the world are using bioinformatics technology and solutions to create a vaccine for the coronavirus.
• Bioinformatics tools play an important part in learning the role of viruses in different bodies and its demand has increased.

Rise in need of integrated data, advancements in proteomics & genomics research activities, and increase in drug discovery and development projects across the world drive the growth of the global bioinformatics market. On the other hand, common data formats and lack of skilled workers limit the market growth. However, increase in requirement for integrated solutions offers new opportunities to the market in the market.

The report offers an in-depth segmentation of the global bioinformatics market based on application, technology & services, sector, and region.

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Based on technology & services, the bioinformatics platforms segment contributed to the highest share in 2019, holding more than two-fifths of the global bioinformatics market share, and is expected to maintain its lead during the forecast period. On the other hand, the bioinformatics services segment is anticipated to manifest the highest CAGR of 22.9% from 2020 to 2027.

Based on end user, the genomics segment was accounted for the highest share in 2019, holding nearly one-fourth of the global bioinformatics market. The same segment is expected to lead during the forecast period. However, the transcriptomics segment is proposed to exhibit the fastest CAGR of 18.5% from 2020 to 2027.

Based on region, North America held the highest market share in 2019, contributing to nearly two-fifths of the total share. The region will maintain its lead throughout the forecast period. On the other hand, LAMEA is anticipated to witness the highest CAGR of 16.8% from 2020 to 2027.

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Key market players of the global bioinformatics market that are analyzed in the research include Biomax Informatics AG, Qiagen N.V., DNAnexus, Inc., Intrexon Bioinformatics Germany GmbH, Illumina Inc., Agilent Technologies, Inc., Perkinelmer Inc., Seven Bridges Genomics Inc., Genedata AG, and Thermo Fisher Scientific, Inc.

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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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Source: EIN Presswire