The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%.

The growing demand for nucleic acid and protein sequencing due to a reduction in sequencing costs, increasing research initiatives from government and private organizations, and the growing applications of bioinformatics are the major factors driving the growth of the market.

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In this report, the bioinformatics market has been segmented by product & service, applications, sectors, and regions.

On the basis of type, the bioinformatics products market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. The bioinformatics platforms segment is expected to grow at the highest CAGR during the forecast period. This high growth rate of this segment can be attributed to the increasing usage of different bioinformatics platforms in various genomic and proteomics applications.

Based on applications, the global bioinformatics market is categorized into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. The metabolomics segment is expected to grow at the highest CAGR during the forecast period due to the rising usage of metabolomics in various disease-related projects.

Based on the sectors, the global bioinformatics market is segmented into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of bioinformatics in pharmaceutical and clinical applications, such as personalized medicine and reproductive health.

North America is expected to account for the largest share of the bioinformatics market in 2018, followed by Europe. The APAC market, however, is projected to register the highest growth rate during the forecast period. Rising foreign investments and the growing penetration of cutting-edge research and clinical laboratory technologies are factors contributing to the growth of the APAC market. China is a major market in the Asia Pacific, whereas the markets in India and Japan are still in the growth phase.