Rising need for integrated bioinformatics system in genomics and proteomics is fueling the growth of the market.
Market Size – USD 6.41 Billion in 2018, Market Growth - CAGR of 13.2%, Market Trends – Increasing application of bioinformatics in personalized medicine.
NEW YORK, May 14, 2019 (GLOBE NEWSWIRE) -- The Global Bioinformatics Market is forecast to reach USD 18.96 Billion by 2026, according to a new report by Reports and Data. Bioinformatics is a field that develops software tools and methods for the understanding of biological data. It combines the study of various fields such as mathematics, statistics, computer science, information engineering, biology, and statistics for the comprehension of data. Recently, a high level of investment in research and development and extensive studies into this field has broadened its scope considerably.
Increase in collaborations between research institutes and companies and rise in popularity of personalized medicines will provide new opportunities for the growth of the market. Lack of skilled professionals, high cost of research and development and lack of awareness is hindering the growth of the market.
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Increasing R&D in drugs activity and molecular biology, growing initiatives by the private and public organizations, increase in applications of bioinformatics, increase in requirement for integrated bioinformatics structure and increase in clinical diagnostic and personalized medicines are driving the demand for the market.
North America dominates the market for Bioinformatics. Major contribution is from the US owing to the consistent funding from private and government organization, the rise in the implementation of personalized medicine, early adoption of the latest technologies and the presence of state-of-the-art healthcare facilities.
In April 2018, Texas A&M AgriLife Research and their internationally recognized Genomics and Bioinformatics Service were expected to change the scenario of agriculture, with the help of life science genome platform. They are creating a facility in Texas that will develop food that is healthy, good to taste and are sustainable and high yielding.
Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Bioinformatics Market on the basis of Technology and Services, Application, End User, and Region:
Technology and Services Outlook (Revenue, USD Billion; 2016-2026)
Application Outlook (Revenue, USD Billion; 2016-2026)
End User Outlook (Revenue, USD Billion; 2016-2026)
Regional Outlook (Revenue, USD Million; 2016-2026)
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