Bioinformatics Market Estimated to Expand at a Robust CAGR by 2028
                     Bioinformatics Market Outlook 2031
 The global bioinformatics market was valued at US$ 24.7 Bn in 2020
 It is estimated to expand at a CAGR of 5.9% from 2021 to 2028
 The global bioinformatics market is expected to reach the value of US$ 44.9 Bn by
the end of 2028
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Analysts’ Viewpoint on Bioinformatics Market Scenario
In  order  to  accelerate  pharma R&D across  targets  and disease areas  amid  the  ongoing
COVID-19 pandemic, stakeholders in the bioinformatics market are capitalizing on this trend
to increase the availability of life-saving drugs. Bioinformatics is catering to the demand for
advanced treatment of several diseases and effective preventive solutions. However, there
is a need for integrated software platforms that cater to complex medical requirements of
patients.  Hence,  market  stakeholders  should  partner  with  tech  providers  to  develop
integrated software platforms. As such, a surge in R&D activities has led to a rise in data
generation, which increases the demand for efficient technology for data management in
the healthcare sector.
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Bioinformatics Holds Potentials to Cut Down Costs for Drug Development
Bioinformatics is an important tool for managing the large data generated during the drug
discovery  process,  starting  from pre-clinical  trials  to  target  identification  and screening.
Bioinformatics  data  management  stores  data  at  one  place,  thereby  enabling  effective
analysis of information whenever required. This helps in increasing R&D productivity of a
company by recognizing drug targets.
Bioinformatics technologies can save time and money, as it combines data into different
interactive models to highlight disease pathway and aid drug discovery. Drug development
can take years to complete and the cost associated could exceed millions of dollars. The use
of bioinformatics has the potential to cut down these costs significantly. It can also help the
companies overcome challenges of storing valuable and extensive processing data.
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Need for Life-saving Therapeutics Boosts Demand for Bioinformatics Use during COVID-19
Pandemic
The ongoing COVID-19 pandemic has placed a high priority on identifying drugs to prevent
or lessen clinical infection of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2)
caused  by  the  coronavirus  disease-2019  (COVID-19).  Stakeholders  in  the  bioinformatics
market are taking advantage of this opportunity to increase R&D in different computational
approaches to identify potential therapeutics. They are investigating existing FDA approved
drugs that could block coronavirus from entering cells. Since coronavirus and its variants
share  a  large  genome,  there  is  a  need  for  bioinformatics  to  rapidly  discover  existing
therapeutic agents that can be effective in reducing morbidity and mortality in patients.
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Proliferation of IT Translating into Revenue Opportunities for Software Developers
Diverse solutions of currently available bioinformatics platforms hamper the growth of the
bioinformatics market. The need of combining the available software to build a composite
application for current single task tools is increasing. The tools should be compatible with
each other to use the data.  Current bioinformatics platforms do not offer a well-defined
data  format,  which,  in  turn,  restrains  growth  of  the  bioinformatics  market.  Hence,
stakeholders should team up with tech providers to innovate in bioinformatics platforms.
Bioinformatics is used to manage the data gathered from research & development projects
in the biopharmaceutical,  life  sciences,  and biotechnology industries.  The growth of  the
bioinformatics market is driven by rise in applications of IT in the healthcare sector, along
with robust technological  advancements.  The usage of  information technology or  IT has
enabled easy storage, processing, access, and retrieval of data.
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