The market is driven by strong government support through initiatives aimed at the modernization of the regulatory framework, improvements in approval processes & reimbursement policies, as well as standardization of clinical studies. The rise in adoption of tissue culture technology for the production of novel rice variants and disease- & pest-free banana varieties in regions of South Asia and Africa, and the use of the technology for cloning of disease-free and nutritious plant varieties have propelled the agricultural applications for biotechnology. The market is also driven by the presence of a strong clinical trial pipeline and funding opportunities available in tissue engineering and regeneration technologies.
Market Size and Key Findings
The Global Bioinformatics Market size is at around US $ xx Bn in 2021 and is projected to reach US $ xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period.
Global Bioinformatics Market Size (In USD Bn)
(2021-2030F)
Market Dynamics
Market Growth Drivers Analysis
Rising demand for biotechnology tools for agricultural applications including micropropagation, molecular breeding, tissue culturing, conventional plant breeding & development of genetically modified crops, among others, have also boosted the market growth.
Market Restraints
The clinical success of leading gene therapy players such as promising results from an in vivo CRISPR treatment for transthyretin amyloidosis, developed by Intellia Therapeutics and Regeneron, are significantly affecting the market growth.
