In 2023, the bioinformatics market had a total size of USD 10,989 million, and it is projected to hit USD 24,871.4 million by 2030, advancing at a rate of 12.4%, during the projection period.
The major reasons responsible for the development of the market are the growing need for nucleic acid and protein sequencing, surging count of initiatives by private and government establishments to make DNA data repositories, thriving expenditure in proteomics and genomics, and wide research for medication discovery and molecular biology. In July 2021, NIT-R introduced its Centre for Bioinformatics and Computational Biology, where big data analysis is utilized to grow biomarkers and healing methods.
The North American region is dominating the bioinformatics market, and this dominance can be credited to the surge in studies on hereditary engineering and nucleic acid alteration, the surge in the expenditure for the finding of new medications with proteomic and metagenomic methods, and the rise in the understanding of what biological information can reveal regarding the historical and current populaces.
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The genomics category is leading the application section. The acceptance of bioinformatics solutions in genomics is on the surge due to the adoption of new tech. They are extensively utilized in pharmacogenomics for handling huge data sizes in safe, simply available, and accessible repositories.
In 2023, Biomatrice platforms will account for the biggest revenue share in this offering sector and that trend is to be maintained over the coming decade. This is due to the increase in the utilization of such platforms and the surge in the need for improved tools in the growth of medications. In order to prevent or treat diseases, bioinformatics plays a key role in helping biotechnology, pharmaceutical, and research companies to identify the structure of genes and DNA and to modify it.
Hence, the growing need for nucleic acid and protein sequencing, surging count of initiatives by private and government establishments to make DNA data repositories, thriving expenditure in proteomics and genomics, and wide research for medication discovery are the major reasons propelling the industry.