(EMAILWIRE.COM, December 08, 2018 ) According to the new market research report “Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023", published 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, 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.

On the basis of product & service, the market is broadly segmented into knowledge management tools, bioinformatics platforms, and services. The bioinformatics platform segment is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the increasing usage of different bioinformatics platforms in various genomic and proteomics applications. Additionally, there is an increase in the use of bioinformatics platforms in drug discovery and development, which also contributes to the growth of the market.

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Market Players

The bioinformatics market is highly competitive due to the presence of a large number of players. Few of the major companies in bioinformatics market 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).

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