(PharmaNewsWire.Com, September 04, 2021 ) 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 expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.
Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes. With the introduction of upcoming technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions.
The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
Various pharmaceutical companies are increasingly adopting bioinformatics tools to decrease the cost and time involved in drug discovery. Bioinformatics approaches for target discovery and validation are proving more efficient than traditional methods. With the help of bioinformatics tools, much of the information regarding drug candidates is validated at a molecular level, which tends to reduce drug attrition rate in the later stages of drug development.
By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period
Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications. In addition, the use of bioinformatics platforms is increasing in the drug discovery & development process, which is contributing to market growth.
By Application, the metabolomics segment is expected to grow at the highest CAGR during the forecast period
Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms. Hence, the annotation of unknown metabolic signals is the main hindrance to growth of the metabolomics segment.
The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels. This has led to increased healthcare spending by a larger population base, healthcare infrastructure modernization, and rising penetration of cutting-edge research and clinical laboratory technologies, including bioinformatics, in Asia Pacific countries. These factors are expected to provide significant growth opportunities to bioinformatics companies operating in this region.
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