Bioinformatics Platform Market Set to Witness Robust Growth, Projected to reach US$ 14.0 billion by 2029, Growing at a CAGR of 14.7% from 2019 to 2029

According to Prophecy Market Insights "Bioinformatics Platform Market accounted for US$ 3.6 billion in 2019 and is estimated to be US$ 14.0 billion by 2029 and is anticipated to register a CAGR of 14.7%"

COVINA, Calif., May 10, 2023 /PRNewswire/ -- What is a Bioinformatics Platform?

Bioinformatics is the effective use of biological data and application of computer technology. Large volumes of big data are developed in post-genomics era from full genomic sequencing, proteomics, structural genomics, and micro-array.

Growing demand for personalized medicine and rising biotechnology and research & development expenditure has become major contribution in market growth. New product launch and growing strategic partnerships has further, facilitated Bioinformatics Platform market growth.

What is Prophecy's Analyst View on Bioinformatics Platform Market?

Growing funding for bioinformatics from public and private sector has become a key factor in target market growth. Technological advancement, decreased cost in sequencing, presence of major key players and growing number of genomic research activities is expected to fuel the demand for Bioinformatics Platform market growth in coming years.

Who are the Top Key players operating in the Bioinformatics Platform Market?

• Illumina Inc.
• Sophia Genetics
• Qiagen
• Dassault Systems
• ID Business Solutions
• Agilent Technologies
• Genologics Life Sciences Software Inc.
• DNASTAR
• Wuxi NextCODE
• BGI

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Report Scope:

What are the Recent News of Bioinformatics Platform Market?

• In February 2023, BioSkryb launched new commercial platform at Advances in Genome Biology and Technology (AGBT) 2023 General Meeting. New launched platform was "ResolveOME" Whole Genome and Transcriptome Amplification System and "BaseJumper" Bioinformatics Platform which offers dynamic and simple visualization of multiomic findings.
• In March 2022, ARUP launched new bioinformatics platform "Rio" for faster and better next-generation sequencing test results. New launched "Rio" platform is the world-class bioinformatics and analytics platform which provides rock-solid foundation.

What are the Drivers of the Bioinformatics Platform Market?

• Rising demand for personalized medicine
• Emergence of Next-Generation Sequencing (NGS) technology
• Increasing use of big data analytics in life sciences
• Growing applications in drug discovery and development
• Advancements in artificial intelligence (AI) and machine learning (ML)
• Increasing application in agricultural research

What are the Restrains of the Bioinformatics Platform Market?

• Complexity of biological data
• Lack of standardization in data formats and protocols
• High cost of bioinformatics platforms
• Data security and privacy concerns
• Lack of skilled professionals

What are the Opportunities in the Bioinformatics Platform Market?

• Cloud-based platforms
• Blockchain technology
• Advancements in AI and ML
• Precision medicine
• Genomics research
• Agricultural research

What are the Covid-19 Scenario on Bioinformatics Platform Market?

• Increased Demand for COVID-19 Testing: The COVID-19 pandemic has led to an increased demand for COVID-19 testing, which has resulted in the development and adoption of bioinformatics platforms for analyzing and interpreting COVID-19 related data.
• Accelerated Drug Development: The COVID-19 pandemic has accelerated the development of drugs and vaccines, which has led to an increased demand for bioinformatics platforms for drug discovery and development
• Increased Use of Telemedicine: The COVID-19 pandemic has led to an increased use of telemedicine, which has resulted in the adoption of bioinformatics platforms for remote patient monitoring, data analysis, and interpretation.
• Disrupted Supply Chain: The COVID-19 pandemic has disrupted the supply chain of bioinformatics platforms, leading to delays in product development and distribution.
• Increased Focus on Genomic Sequencing: The COVID-19 pandemic has increased the focus on genomic sequencing, which has led to the development and adoption of bioinformatics platforms for analyzing and interpreting genomic data related to COVID-19.

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Conclusion:

In conclusion, the Bioinformatics Platform Market is a rapidly growing industry that is driven by factors such as increasing demand for personalized medicine, advancements in genomics research, and the growing availability of biological data. The market is also facing challenges related to data complexity, lack of standardization, and a shortage of skilled professionals.

However, the adoption of cloud-based platforms, advancements in AI and ML, and the integration of blockchain technology offer significant growth opportunities for the industry. The COVID-19 pandemic has also impacted the market, accelerating the demand for bioinformatics platforms for COVID-19 related data analysis and drug development.

Overall, the Bioinformatics Platform Market is expected to continue to grow in the coming years, driven by advancements in technology, increasing demand for genomic data analysis, and the growing need for personalized medicine.

Key questions answered in this report:

• What are the current and future trends in the Bioinformatics Platform Market?
• What are the major drivers and restraints affecting the growth of the Bioinformatics Platform Market?
• What are the opportunities and challenges in the Bioinformatics Platform Market?
• What is the market size and growth rate of the Bioinformatics Platform Market, and what factors are driving this growth?
• Which bioinformatics platforms are currently dominating the market, and what is their competitive landscape?
• What are the different applications of bioinformatics platforms, and how are they being used in various industries such as healthcare, agriculture, and biotechnology?
• What are the key factors that are driving the adoption of cloud-based bioinformatics platforms, and what are the benefits of using such platforms?
• How is the COVID-19 pandemic impacting the Bioinformatics Platform Market, and what are the future implications of this impact?

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