surge in demand for clinical diagnostics and personalized medicines play a major role in the growth of the bioinformatics market. Furthermore, rise in need for drug discovery & development, due to increase in prevalence of chronic diseases is expected to boost the market growth in the coming years.
According to a new report published by Allied Market Research, titled,“Bioinformatics Market by Technology & Services, Application, and Sector: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global bioinformatics market size is $6,389 million in 2017, and is projected to reach $18,233 million by 2025, growing at a CAGR of 13.8% from 2018 to 2025. The bioinformatics platforms segment accounted for nearly half of the total bioinformatics market share in 2017.
Bioinformatics is the conceptualization of biology, in terms of molecules, along with application of information technology to organize and understand the data associated with these molecules on a large scale. Bioinformatics utilizes computer to collect, analyze, integrate, and store the molecular and biological data, which is subsequently utilized in applications, such as drug development and discovery. Technology and services are the two important segments of this market.
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The global bioinformatics market is expected to register substantial growth in the near future, owing to rise in need for integrated data, growing demand for nucleic acid & protein sequencing due to reduction in sequencing cost, and increase in applications of proteomics & genomics. In addition, drug discovery & development and initiatives from government & private organizations are expected to boost the market growth during the forecast period. However, lack of skilled personnel, common data formats, and lack of user-friendly tools at cheaper prices are projected to hamper the market growth during the forecast period. Conversely, increase in need for integrated solutions & systems, integration of machine learning & AI in healthcare, and software companies are investing in the development of bioinformatics solutions are expected to offer remunerative bioinformatics market opportunity to bioinformatics solution developers.
Technology and services segment review
Based on technology and services, the bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. The bioinformatics platforms segment was the major revenue contributor in 2017, and is anticipated to continue this trend during the forecast period, owing to increase in platform applications and need for better tools in drug development. Increase in platform application is attributed to surge in need from the life science firm for the identification and modification of structures. This in-turn would help in the drug designing process and evaluation of their therapeutic effects. Furthermore, efficiency and safety in drug development and discovery leads to increased need for better tools in drug development. Thus, helps in increasing the bioinformatics market size in the near future.
Application segment review
Depending on application, the bioinformatics market is categorized into metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics, and others. The transcriptomics segment is projected to exhibit the highest growth during the forecast period, owing to increased preference in companion diagnostics and personalized medicines. Moreover, novel gene sequencing, continuous discovery of biomarkers, and worldwide acceptance of transcriptomics technology are expected to drive the bioinformatics market growth.
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Region segment review
Region wise, the bioinformatics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2017, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to upsurge in adoption of advanced technology and increase in demand for better bioinformatics tools, which are required in the drug discovery and development process. The market in LAMEA is expected to grow at the highest CAGR during the forecast period, due to advancement in the field of genomics and proteomics, generating massive volume of data, which is to be interpreted and managed. In addition, the bioinformatics sector is still in its infancy stage in the region where research activities are developing gradually. Thus, all these factors together contribute toward the growth of the market.
Leading market players:-
The report provides a comprehensive analysis of the key players operating in the global bioinformatics industry, namely, Agilent Technologies, Inc., Geneva Bioinformatics (Genebio), Dassault Systems, Eurofins Scientific, Illumina Inc., Bruker Daltonics Inc., Biomax Informatics AG, Perkinelmer Inc., Qiagen N.V, and Thermo Fisher Scientific, Inc. The other players in the value chain include Accelrys, Inc., Affymetrix, Inc., SA Nonlinear Dynamics, Quest Diagnostics, Inc., and others.
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