PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1349853
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1349853
The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 21.0% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 22.1 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 21.00% | 2030 Value Projection: | US$ 83.9 Bn |
Bioinformatics software and tools are being used as integrated solutions that provide algorithms and statistical procedures for data analysis and integration. Bioinformatics is used in data warehousing, data mining, and communication networking along with the management of biological information in the field of medical research and development of drugs. Major advantages associated with the use of bioinformatics in the healthcare industry comprises of convenient and accurate verification of biological data, and storage and access to a large amount of data. Increasing adoption of bioinformatics in the pharmaceutical industry along with increasing investment in research and development is anticipated to propel the market growth during the forecasted period.
Key market players are focusing on inorganic strategies such as agreements is expected to drive the growth of the global bioinformatics market. For Instance, in April 2022, ATCC American Type Culture Collection is a nonprofit organization which collects, stores, and distributes standard reference microorganisms, cell lines and other materials for research and development, announced an agreement with Qiagen to provide them with sequencing data from its collection of animal and human cell lines and biological materials. Qiagen is expected to establish a database from the information to develop and deliver high-value digital biology content for the biotechnology and pharmaceutical industries, enabling the use of authenticated biological data sets to uncover new disease pathways and discover novel therapeutic targets. Such developments in the U.S. is adding to the growth of the studied market. Moreover, key market players are focusing on organic strategies such as launch of bioinformatics is expected to drive the growth of the global bioinformatics market. For Instance, in June 2022, California's biotechnology research startup LatchBio launched an end-to-end bioinformatics platform for handling big biotech data to accelerate scientific discovery.