Bioinformatics Market to See 21.7% Annual Growth Through 2023

WELLESLEY, Mass., December 13, 2019 (Newswire.com) - Growth in the bioinformatics market has been driven by the uptake of Next Generation Sequencing (NGS) and cloud computing solutions. Companies are looking for suppliers that can offer total integration of the data infrastructure, according to a report by BCC Research, "Bioinformatics: Markets and Technologies.”

The market expects to see a compound annual growth rate (CAGR) of 21.7% through 2023, when it could be worth $20 billion. 

Major players in the market include: DNASTAR Inc., Illumina Inc. and Qlucore.

Research Highlights    

· The North American regional bioinformatics market should grow to $11.4 billion by 2023, with a CAGR of 22.7%.

· The bioinformatics tool and database service segment is the strongest growing segment, with a CAGR of 24.9% through 2023.

· The majority of bioinformatics revenues are generated from data analysis software and analytical services, which account for 45.4% of revenue.

Read the full report here: https://www.bccresearch.com/market-research/biotechnology/bioinformatics-technologies-and-global-markets.html

“Bioinformatics plays an essential role in the drug development process, from the concept of designing drugs to the analysis of clinical data to support drug files,” according to BCC Research analyst Vijay Laxmi. “High-throughput technologies are now being adopted and used to improve efficiency and to optimize drug selection and clinical evaluation.” 

Mobile and Wearable Technology to Transform Healthcare Services Thanks to Bioinformatics

Mobile and wearable technology is expected to transform healthcare services through telehealth, remote patient monitoring and analytics. The use of clinical mobility, which includes the use of mobile devices such as tablets, mobile computers and wearable sensors by healthcare professionals, can expand the use of mobile devices in healthcare to elevate patient care and to assure that healthcare has more a personalized approach. This is expected to result in an explosion of biological data supplementing the market of bioinformatics.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at [email protected].    ​

Source: BCC Research