Bioinformatics is the combination of biology and information technology. The global bioinformatics market is a field of study stately including computer sciences, molecular biology, biotechnology, statistics, and engineering. It is particularly used to manage and to analyze large sets of data. The global bioinformatics market size is expected to witness a hike of xx.x% by the end of 2025. After the completion of Human Genome Project and the Human Proteome Project, there were changes in the profiling of proteomic and genomic analysis, this has given a new dimension to the growth of global bioinformatics market. Other factors like government spending on R&D initiatives, growing demand for tools and platform for data management are also affecting and implementing growth in the market.
The largest share in the global bioinformatics market is medical biotechnology. This large share has been attributed to increasing in drug discovery and development process for development of new safe and effective drugs at a low cost in the bioinformatics industry. The global bioinformatics market is further segmented into proteomics, genomics, drug design, chemo informatics, molecular phylogenetic, transcriptomics, metabolomics in that genomics is going to be the leading market in the next five years.
Biotechnology with technological and process advancements primarily tends to create job opportunities in various countries, resulting, the government is mainly focusing on the growth of the biotechnology industry. Prominent players in the global bioinformatics market are more focused on maintaining their position, they are investing in research and development projects.
Key Development in the global bioinformatics market
- In January 2018, Thermo Fisher Scientific introduced Ion GeneStudio S5 Series (next generation sequencers)
- In November 2017, Biomillenia collaborated with QIAGEN for the use of Microbial Genomics Pro Suite
- In August 2017, Agilent Technologies and Eurofins Genomics collaborated for the expansion of SureVector
Some of the major players are Qiagen, Affymetrics, Geneva Bioinformatics SA Illumina, Agilent technologies, and Perkinelmer. The top three market players in the global bioinformatics market are Accelrys Inc, Affymetrix Inc, CLC bio A/S, All these together hold approximately 34.6% of the bioinformatics market share in the market.
Geographically, the global bioinformatics market is segmented into North America, South America, Asia-Pacific, Europe, Middle East, and Africa. Due to the increasing demand of bioinformatics for genomics and proteomics research, increases in research funding, technological advancement, and a large number of count of market players in the region, North America dominates the global bioinformatics market. Whereas Asia-Pacific is expected to grow by 20% by end of 2020. Factors which are responsible for the growth is increasing research on drug discovery and increasing use of bioinformatics in academia.
Large amount of data generated is complex to understand, this complexity might give wrong assumptions or unwanted information. Data dissemination is a major challenge for the growth of the global bioinformatics market. The generated data is also posing a challenge regarding data storage and data annotation. Reimbursement hurdles for the manufacturer and high-capital investment are another challenges for the market right now.
Major players in the bioinformatics industry are helping in elevating the demand and working on a higher growth application of bioinformatics in drug discovery. Increasing bioinformatics supports in clinical diagnostics and development. The crucial need for integrated bioinformatics systems in genomics and proteomics is also into improvising the operational process and revealing the scope to grow in a specific area of the market.
Key segments of global bioinformatics market
Bioinformatics Market, by Product & Service
- Knowledge Management Tools
- Bioinformatics Platforms
- Bioinformatics Services
Bioinformatics Market, by Applications
- Chemoinformatics & Drug design
- Other Applications
Bioinformatics Market, by Sectors
- Medical Biotechnology
- Animal Biotechnology
- Agricultural Biotechnology
- Environmental Biotechnology
- Forensic Biotechnology
- Other Sectors
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
What to expect from the upcoming report on ‘global bioinformatics market’:
- Future prospects and current trends of the global bioinformatics market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing economies
- Supportive initiatives by government likely to influence the market dynamics
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
- In-depth analysis of different market segmentations including regional segmentations, and product types
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies