What Is The Key Product & Technology Defining The Bioinformatics Market?

Posted by Steve Sharma on April 12th, 2021

The global bioinformatics market is exhibiting a 20.40% CAGR from 2014 to 2020, according to a new market study recently released by Persistence Market Research. The market was calculated to be worth US.1 bn in 2014 and is estimated to reach US.5 bn by 2020, says PMR’s report, titled ‘Global Market Study on Bioinformatics - Asia to Witness Fastest Growth by 2020’.

The bioinformatics market is driven primarily by the demand for better medical data storage, retrieval, and management systems. Bioinformatics represents a combination of biology and information technology, which is helpful in several medical sectors.

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Drug discovery and development is a particularly promising area of application of bioinformatics. Bioinformatics methodologies help clinical researchers keep track of previous results much more efficiently and precisely than with conventional methods. This helps drug discovery and development in the long term, by eliminating manual errors in recordkeeping.