(EMAILWIRE.COM, February 08, 2020 ) 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.

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In this report, the market has been classified based on product & service, applications, sectors, and region. Based on product and service, the market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. In 2018, the knowledge management tools segment is expected to account for the largest share of the market. The bioinformatics platforms segment is projected to grow at the highest rate during the forecast period. This high growth is attributed to an increase in the use of bioinformatics platforms in drug discovery and development.

* 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.

Some of The Major Players In Bioinformatics Market:
1. Thermo Fisher Scientific
2. Illumina Inc
3. Agilent Technologies
4. QIAGEN
5. BGI
6. Wuxi NextCODE
7. Eurofins Scientific

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Objectives of the Study :

- To define, describe, and forecast the bioinformatics market on the basis of product & service, applications, sector, and region
- To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players

On the basis of applications, the global 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 market due to the increasing applications of genomics in personalized and preventive medicine.