Bioinformatics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON , UK, August 22, 2024 /EINPresswire.com/ -- The bioinformatics market has experienced significant growth, expanding from $14.86 billion in 2023 to $16.9 billion in 2024, with a compound annual growth rate (CAGR) of 13.7%. The market is anticipated to continue its upward trajectory, reaching $28.27 billion by 2028, driven by advancements in omics technologies, artificial intelligence (AI), machine learning, and data integration.
Pharmaceutical Industry Growth Fuels the Bioinformatics Market
The expansion of the pharmaceutical industry is significantly impacting the bioinformatics market. Bioinformatics plays a crucial role in accelerating drug discovery and development, reducing costs, and enhancing drug efficacy and safety. According to IQVIA Inc., pharmaceutical expenditures in the US are projected to reach between $380 and $400 billion by 2025, highlighting the increasing reliance on bioinformatics in drug development processes.
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Bioinformatics Market Major Players and Market TrendsLeading companies in the bioinformatics market include Agilent Technologies Inc., Illumina Inc., QIAGEN NV, and Thermo Fisher Scientific Inc., among others. These companies are at the forefront of innovation, driving advancements in genomics and proteomics technologiesKey trends in the market include the explosion of genomic data, the rise of personalized medicine, and the integration of AI and machine learning in drug discovery.
Bioinformatics Market Segments:•Product and Service Types: Knowledge Management Tools, Data Analysis Platforms, Services•Application: Metabolomics, Molecular Phylogenetics, Transcriptomics, Proteomics, Chemoinformatics, Genomics, Other Applications•End Users: Pharmaceutics, Animal Study, Agriculture, Forensic Science, Other End Users
Geographical Insights: North America and Western Europe Leading the MarketNorth America was the largest region in the bioinformatics market in 2023, followed by Western Europe. The market report provides detailed insights into regional dynamics and growth opportunities.
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Bioinformatics Global Market Report 2024 from The Business Research Company covers the following information:•Market size data for the forecast period: Historical and Future•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Bioinformatics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on bioinformatics market size, bioinformatics market drivers and trends, bioinformatics competitors' revenues, and bioinformatics market growth across geographies. The bioinformatics market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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August 22, 2024, 14:54 GMT
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