Global Bioinformatics Market is projected to grow at a lucrative CAGR of 13 to 14% by 2027

Bioinformatics is an interdisciplinary vertical of healthcare which connects computer technology, mathematics, physics, and biology. It is a vertical of healthcare and science that develops advanced and efficient software tools to manage and analyze data for modern biology and medicine. It helps the researchers to examine & extract crucial data from vast chunks of medical data and identify connections between various studies.

Rapid Technological Advancements are Triggering the Growth of the Bioinformatics Market   

The global bioinformatics market is a rapidly growing market. Technological and latest advancements in genomic and proteomic research have led to the generation of a higher volume of data which needs many advanced bioinformatics tools and software for analysis and interpretation of data. Global adoption of cloud-based solutions and Artificial Intelligence in drug discovery and development has created ample growth opportunities for bioinformatics in the worldwide market.

Rising Demand for Bioinformatics in the Segment of Genomics

With a growing demand for personalized medicine and precision healthcare across the world, there is a significant rise in the demand for nucleic acid and protein sequencing which is triggering the growth of the bioinformatics market. Rising funds from private and public organizations, and positive government initiatives for enhancing genomics research are driving the adoption of advanced bioinformatics tools and services in the worldwide bioinformatics market. Key market players are also making heavy investments in genome and information technology projects for conducting their R&D activities and are launching new products which is driving the growth of the bioinformatics market.   

Upcoming Challenges which can Impact the growth of the Bioinformatics Market

Global lack of skilled and experienced staff with professionals in biology and computer science, growing costs of bioinformatics tools and software, and the need to integrate high volume of data from various market sources are some of the major challenges which might hamper the growth of the worldwide bioinformatics market.

North America Accounts for the Largest Market Share in the Bioinformatics Market

From a geographic analysis, North America is estimated to dominate the global bioinformatics market in the coming years. This can be primarily attributed due to a rapid growth in genomic research studies, increasing awareness and adoption of bioinformatic services, advanced healthcare system and the presence of top market players in North America. However, the Asia-Pacific region is also poised to witness the the highest CAGR during the forecast time period.

Competitive Landscape Analysis: Global Bioinformatics Market

Some of the leading and emerging players operating in the global bioinformatics market are Agilent, Biomax Informatics, QIAGEN, Thermo Fisher, PerkinElmer, Illumina, Eurofins Scientific, DNASTAR, NeoGenomics Laboratories, Fios Genomics, Source BioScience, SOPHiA GENETICS, etc. 

Growth Strategies Followed by the Market Players to Establish Their Dominance in the Worldwide Bioinformatics Market

All the leading players operating in the global bioinformatics market are following organic and inorganic growth strategies such as collaborations, advancements, acquisitions and new product launches to gain a higher market share in the global market.

For instance,

• In April 2022, IPA (IMMUNOPRECISE ANTIBODIES LTD.) acquired BioStrand. This collaboration will enrich its antibody discovery capabilities by further adding BioStrand's Artificial Intelligence driven healthcare technologies.

The global bioinformatics market is a promising and a growing market and is set to gain momentum in the coming few years due to a strong focus on developing new medical drugs and medical therapies, increasing investments in R&D to introduce advanced products, and aggressive growth strategies followed by the top market players.

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