The global bioinformatics market is estimated to gain a valuation of US$ 44.9 Bn by 2028, states a report by Transparency Market Research (TMR). This aside, the TMR assessment notes that the market is expected to show growth at a CAGR of 5.9% during the forecast period, from 2021 to 2028.
The global bioinformatics market outlook provides in-depth analysis of major factors impacting the market growth. Hence, this study covers thorough assessment on the growth drivers, R&Ds, growth restraints, regional analysis, demand-supply ratio, competition landscape, and emerging trends of the global bioinformatics market. This aside, it sheds light on the scope of bioinformatics in different industry verticals.
Rise in Need for Management of Huge Data Generated during Drug Development Boosts Market Growth
Bioinformatics refers to a key technique used in the management of huge data generated throughout the drug discovery procedures including pre-clinical trials, screening, and target identification, notes a TMR study on the global bioinformatics market. Some of the key bioinformatics applications include molecular medicine, preventive medicine, drug development, and gene therapy. Hence, a rise in the application of bioinformatics for varied purposes is leading to profitable prospects for the market players.
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The demand for bioinformatics data management tools is being increasing in the recent years owing to their ability to store all the important data at one place, states a TMR report on the bioinformatics market. Moreover, the use of this technology allows for efficient study data whenever needed. Hence, companies are increasing the use of bioinformatics data management in order to advance their R&D productivity and recognizing drug targets. In the recent years, the demand for different bioinformatics services including sequencing services, database & management, and data analysis is being rising across the globe. This, in turn, is boosting the bioinformatics market growth.
Bioinformatics Technology Saves Time and Money during Drug Development Process
Drug development can be a time-consuming process and might need years to complete. Hence, the costs related to the drug development activities are very high. The implementation of bioinformatics is increasing the drug development activities as they can slash down the drug development costs by almost 33-38%. In addition, the technology helps enterprises to address the issues pertaining to the storage of important and huge data generated during the drug development process, notes a TMR study on the bioinformatics market.
Bioinformatics technologies are gaining immense popularity owing to their different advantages including their cost-effectiveness and ability to save time. The technique combines data into varied interactive models in order to support drug discovery and highlight disease pathway, according to analysts of a TMR report on the bioinformatics market.
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Companies Engage in Collaborations, Mergers, and Acquisitions to Stay Competitive in Market
Some of the leading players in the bioinformatics market include ID Business Solutions, Ltd., Accelrys, Inc., CLC bio A/S, Affymetrix, Inc., GenoLogics Life Sciences Software, Inc., Agilent Technologies, Inc., Illumina, Inc., and Life Technologies Corporation.
Companies are utilizing numerous strategic moves such as research collaborations, mergers, and acquisitions in order to stay ahead of the competition. Moreover, companies are investing heavily in order to develop next-gen products. Such initiatives are likely to help in the overall growth of the global bioinformatics market in the forthcoming years.
North America: Prominent Region for Market Players
Latin America, North America, Latin America, Europe, and Middle East & Africa are some of the key regions of the global bioinformatics market. Among all, North America is one of the prominent markets for bioinformatics service providers. The growth of the North America bioinformatics market can be ascribed to many factors including the early adoption of technological advancements and rise in the R&D activities in the region.