Bioinformatics Market is Expected to Expand at an Impressive Rate by 2025
Posted by sanjayhande on November 11th, 2019
According to the report, the global bioinformatics market garnered .38 billion in 2017 and is expected to reach .23 billion by 2025, growing at a CAGR of 13.8% from 2018 to 2025.
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Increase in need for integrated data, applications in drug discovery & development, and supportive government initiatives drive the growth of the market. However, scarcity of skilled personnel, saturation in pharmaceutical sector, and availability of common data formats restrain the market growth. On the other hand, data overload, standardization, and requirement for integrated solutions & systems create new pathways in the industry.
Bioinformatics platforms segment to continue its leadership status by 2025
Genomics application to maintain its lead throughout the forecast period
North America to maintain its dominating position by 2025
North America accounted for more than two-fifths of the total market share in 2017 and is expected to maintain its dominating position by 2025. This is due to increase in adoption of advanced technology solutions and surge in demand for better bioinformatics tools for drug discovery and development processes. However, LAMEA is expected to register the highest growth rate, with a CAGR of 15.7% from 2018 to 2025, owing to advancements in the field of genomics and proteomics that generates huge amount of data, which needs to be managed and interpreted.
Leading market players analyzed in the research include
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About the Authorsanjayhande
Joined: October 17th, 2019
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