How big is the bioinformatics market?

The global bioinformatics market size was estimated at USD 10.1 billion in 2022 and is expected to reach USD 11.6 billion in 2023.

What is the bioinformatics market growth?

The global bioinformatics market is expected to grow at a compound annual growth rate of 13.7% from 2023 to 2030 to reach USD 28.5 billion by 2030.

Which segment accounted for the largest bioinformatics market share?

North America dominated the bioinformatics market with a share of 43.56% in 2022. This is attributable to the rising healthcare awareness and increasing research and development activities in the region.

Who are the key players in bioinformatics market?

Some key players operating in the bioinformatics market include BIOVIA, IBM Life Sciences, Life Technologies Corporation, Illumina Inc., 3rd Millennium Inc., Agilent Technologies, Affymetrix, Celera Corporation, Rosetta Biosoftware, and BioWisdom Ltd.

What are the factors driving the bioinformatics market?

Key factors that are driving the market growth include rise in demand of time & cost-effective tools and techniques for drug discovery, increased adoption of bioinformatics in clinical diagnostics & personalized medicine, rapid development in computing & integrated web services, rise in the number of collaborations among bioinformatics companies, research institutes, and healthcare providers, presence of favorable government initiatives & external funding for R&D exercises.