The North America Bioinformatics Market would witness market growth of 11.4% CAGR during the forecast period (2022-2028).
Increased demand for protein and nucleic acid sequencing, increased government and commercial sector activities, the rapid advancement of proteomics and genomics, and increased study of molecular biology and drug development are all contributing reasons to the growth of the bioinformatics industry. The field of bioinformatics is expanding in significance as massive volumes of data generated by methods such as protein and nucleic acid sequencing need to be interpreted and managed for use in medicine and future research.
The introduction of technologically advanced bioinformatics software like BALL, Bioclipse, RasMol, and AUTODOCK, as well as rising market adoption of such tools for accurate and effective analysis of biomarkers discovery programs that support in toxicity detection throughout the initial stage of the drug development process, are also anticipated to boost industry growth over the next few years. For instance, My Intelligent Machines (MIMs) introduced potent software for cancer medication development in June 2022.
The need for meta-analysis of microarray data, computational epigenetics, differentially expressed genes, gene networks, systems biology needs, and gene-associating research, among other things, have also significantly impacted the expansion of the bioinformatics market.
The US contributes the largest revenue share in the North America market. The market expansion is linked to rising pharmaceutical and biopharmaceutical firms, rising healthcare and research spending, and rising government support for advancing academic and research institutions. The US Centers for Medicare & Medicaid Services estimate that national healthcare spending in the US will exceed US$ 4.1 trillion in 2020, up 9.7% from 2019.
The US market dominated the North America Bioinformatics Market by Country in 2021; thereby, achieving a market value of $6.0 Billion by 2028. The Canada market is poised to grow at a CAGR of 14% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 12.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Bioinformatics Market is Predict to reach $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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