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Its expansion has been attributed to the falling cost of gene sequencing.
Technavio said that by 2028, the global bioinformatics market is expected to grow by US$13.2b, with a compound annual growth rate of 16.59%.
The industry’s expansion has been attributed to the decreasing cost of genetic sequencing and the trend toward developing sophisticated tools for next-generation sequencing (NGS).
The market is also driven by developments in precision medicine, genome sequencing and NGS technologies.
At the same time, with the support of big data analysis and protein sequencing technology, gene therapy and drug development are constantly advancing with the integration of proteomics and genomics.
“Virus variability and transmission chains are ongoing concerns. Big data analytics and database development are critical to understanding and addressing these challenges,” the report said.
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