The growth factors for the bioinformatics market include the rising demand for nucleic acid and protein sequencing, rising initiatives from private and government organizations, accelerating growth of proteomics and genomics, and rising research on molecular biology and drug discovery. Owing to the above factors, the global bioinformatics market is expected to experience rapid growth during the forecast period.

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The global bioinformatics market is projected to reach USD 21.8 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 15.2% 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.

Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms, Structural Analysis, Functional Analysis, Services), Applications (Genomics, Proteomics), & Sector (Medical, Animal, Agricultural) — Global Forecast to 2026

The Bioinformatics Market is Segmented on:

1. Product & Service

2. Applications

3. Sectors

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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.

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.

By Sector, medical biotechnology segment is expected to grow at the highest CAGR during the forecast period

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.

What Drives the Market?

The growth of the Drug Screening Market is primarily influenced by the following factors:

Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
Initiatives From Government and Private Organizations
Growing Applications of Bioinformatics
Number of Collaborations Between Companies and Research Institutes
Key Questions Addressed in The Report:

Who are the major market players in the bioinformatics market?
What are the growth trends and the largest revenue-generating region for bioinformatics?
How are bioinformatics products and services sold to customers?
What are the major segments in bioinformatics market?
What are the driving, restraining, opportunistic, and challenging factors for this market?
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