Bioinformatics Market In Data Analysis Are Also Expected To Promote Market Growth In The Coming Years
Summary
- What the Market Looks Like?
- What Drives the Market?
Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.
What the Market Looks Like?
[195 Pages Report] The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period. The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets.
Factors such as a dearth of skilled personnel to ensure proper use of bioinformatics tools and lack of integration of a wide variety of data generated through various bioinformatics platforms are hindering market growth.
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What Drives the Market?
The growth of the Drug Screening Market is primarily influenced by the following factors:
- Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
- Initiatives From Government and Private Organizations
- Growing Applications of Bioinformatics
- Number of Collaborations Between Companies and Research Institutes
Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms.
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