What the Market Looks Like?

MarketsandMarkets forecasts 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. North America dominated the Bioinformatics Market, with a share of 45.0% in 2020, followed by Europe and Asia Pacific. 

COVID-19 Impact on the Bioinformatics Market

Bioinformatics has always had huge potential when it comes to providing essential support to many areas of scientific research. The COVID-19 pandemic was a real-life test for bioinformatics. One of the major focus areas for every country during the COVID-19 pandemic has been to study and understand how to halt the progress of the virus. Next-generation sequencing is the fundamental method for investigating SARS-CoV-2 genomes, which offers basic information about the virus. Bioinformatics pipelines and biological & host-virus interaction databases are the critical tools for calculating such data and furthering comprehension of SARS-CoV-2.

Many government bodies and private organizations across the globe are increasingly investing in the field of bioinformatics. These investments have largely resulted in data and technological advancements in bioinformatics services, which, in turn, have improved the quality of these services. 

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What are Key Trends in the Market?

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

Increasing public-private sector funding for bioinformatics Increasing demand for personalized medicine Increasing pharmaceutical and biotechnology R&D expenditure Decreasing costs of genome sequencing

The rapid advancements in next-generation sequencing (NGS) technologies have generated a large volume of biological data, and the growth of this data volume is increasing with the growing adoption of NGS. Data analysis is necessary, as a lot of information is still unexplored in genome analysis. Hence, data that remains after bioinformatics analysis carries huge importance and can be reused. The current solutions do not adequately solve the challenges of data management in bioinformatics.

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