The Asia Pacific Bioinformatics Market would witness market growth of 13.7% CAGR during the forecast period (2022-2028).
The increasing government funding for genomics projects, the rising incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups into the genomics market, and the growing application areas of genomics are the major factors driving the market's growth.
Moreover, the ongoing trends of the market are expanding government support and the increasing number of genomics studies, reducing sequencing costs, and more genomics applications. The genomics industry is expected to increase at an exponential rate due to important genetic advances and their applications in a variety of fields, including intragenomic phenomena such as epistasis, heterosis, pleiotropy, and other correlations between alleles and locations inside the genome. Bioengineering and synthetic biology applications are expected to play a key role in boosting the growth of genomics.
Technological improvements and a surge in research grants from various institutes are two reasons that are expected to propel the transcriptomics market during the forecasting period. Moreover, the potential for RNAs to be used as diagnostic biomarkers and predictors of treatment response is the key industry trend. Previously, transcriptomics applications were limited to basic gene expression profiling and other research applications like determining the amount of RNA in a biological sample and studying gene expression.
Asia Pacific would see increasing demand for genomics as a result of rising demand for testing in China and genetic sequencing and advancements in bioinformatics. Additionally, there is a growing need for the creation of drugs to treat rare illnesses, and technological developments such as the use of companion diagnostics and next-generation sequencing in this field are driving the industry ahead.
The China market dominated the Asia Pacific Bioinformatics Market by Country in 2021; thereby, achieving a market value of $1.3 Billion by 2028. The Japan market is estimated to grow at a CAGR of 13.1% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 14.4% during (2022 - 2028).
Based on Product & Services, the market is segmented into Knowledge Management Tools, Bioinformatics Platforms and Bioinformatics Services. Based on Sector, the market is segmented into Medical Biotechnology, Plant Biotechnology, Environmental Biotechnology, Animal Biotechnology, Forensic Biotechnology and Others. Based on Application, the market is segmented into Genomics, Chemoinformatics & Drug Design, Transcriptomics, Metabolomics, Proteomics and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Bioinformatics Market is Projected to reach USD 19.9 Billion by 2028, at a CAGR of 12.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Eurofins Scientific SE, Qiagen N.V., Agilent Technologies, Inc., Illumina, Inc., Waters Corporation, PerkinElmer Inc., Genedata AG, Neogenomics laboratories, BGI Group
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