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(Medical-NewsWire.com, February 15, 2019 ) According to the new market research report “Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023", published by MarketsandMarkets™, The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%. Growing demand for nucleic acid and protein sequencing, initiatives from government and private organizations, growing applications of bioinformatics, and the increasing number of collaborations between companies and research institutes are the major factors driving the growth of the market.
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North America is expected to account for the largest share of the bioinformatics market in 2016. The increasing demand for bioinformatics across genomics and proteomics research, technological advancements, increasing research funding, and presence of a large number of market players and research institutes are driving the growth of the bioinformatics market in this region. However, the Asia-Pacific region is estimated to witness the highest growth during the forecast period.
Based on products and services, the market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. Among these segments, the bioinformatics platforms segment is expected to witness the highest growth during the forecast period primarily due to their growing usage in various genomic applications.
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Factors such as lack of well–defined standards and common data formats for integration of data and lack of user-friendly tools are restraining the growth of the bioinformatics market. Major players operating in the bioinformatics market include Illumina Inc. (U.S.), Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), and QIAGEN N.V (Netherlands).
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