Global bioinformatics to grow by $13.2b through 2028

Its expansion is attributed to a cost reduction in genetic sequencing.

The global bioinformatics market is projected to rise by $13.2b until 2028 at a compound annual growth rate of 16.59%, said Technavio.

The sector’s expansion is attributed to a reduction in the cost of genetic sequencing, with a trend towards developing sophisticated tools for next-generation sequencing (NGS).

The market is also driven by developments in precision medicine, genome sequencing, and NGS technologies.

Meanwhile, gene therapy and drug development are advancing with the integration of proteomics and genomics, supported by big data analysis and protein sequencing technologies.

“Virus variability and transmission chains are ongoing concerns. Big data analysis and database development are essential for understanding and combating these challenges,” the report said.