Bioinformatics Market Overview
According to Market Research Future (MRFR), the global bioinformatics market is projected to register CAGR of 19.8% from 2016 to 2022 (forecast period).
Bioinformatics is a combination of biology and information technology that combines biological data with information storage, distribution, and analysis techniques to support multiple areas of scientific research, including biomedicine. It uses software tools for data storage, database creation, data management, data mining, etc. The mining of these data contributes to scientific findings that are used in the study of genetics and genomes. Several bioinformatics tools are available on the market. They are categorized as functional protein & analysis tools, homology & similarity tools, sequence analysis tools, and various tools. The field encompasses a number of advanced and specialized areas of life, such as structural genomics, DNA microarrays, functional genomics, comparative genomics, medical information, and others. Such factors, therefore, help to increase the global market share of bioinformatics.
Bioinformatics Market Dynamics
The growth of bioinformatics market is accelerated by the growing use of information technology in the healthcare sector, along with robust technological advances. The use of information technology has made it easier to store, process, access, and retrieve data. In addition, the need for innovative treatment for many diseases and successful preventive approaches continues to increase. With an increasing demand for innovation in technologies used to treat a variety of diseases, many healthcare practitioners tend to concentrate on research and development projects. In addition, the rise in R&D activities has led to an increase in the generation of data, increasing the need for effective data management technology in the healthcare sector.
However, the lack of qualified personnel, common data formats, and lack of user-friendly tools at lower prices are estimated to hinder the market growth during the forecast period.
Bioinformatics Market Segmentation
The global bioinformatics market has been segmented into application, services and technology, and sector.
Based on the application, the global market for bioinformatics has been segmented into genomics, chemo-informatics, drug design, transcriptomics, molecular phylogenetics, proteomics, metabolomics, DNA sequences, and others. Genomics was the leading technology in 2013. Growing demand for pharmacogenomics in the drug development and sequence screening and implementation of technical developments aimed at handling vast sets of genomic data are key factors that account for the market share. Chemo-informatics is projected to rise steadily over the forecast period. Growing demand for biomarker discovery and production is the primary reason for projected growth over the forecast period. The transcriptomics segment is estimated to have the highest growth during the forecast period due to increased preference for companion diagnostics and personalized medicines.
Based on services and technology, the global market for bioinformatics has been segmented into data warehousing, sequence analysis, sequence manipulation, and others.
Based on sector, the global market for bioinformatics has been segmented into medical bioinformatics, animal bioinformatics, agriculture bioinformatics, and others.
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Bioinformatics Market Regional Analysis
The global bioinformatics market has been segmented into the Americas, Asia Pacific, Europe, and the rest of the world.
The Americas is the largest bioinformatics market in the world. Heavy investment in research and development, high adoption of new and advanced technology, well-structured regulatory outlines, and the prevalence of advanced technology are factors driving market growth in the regions.
Europe is projected to be the second-largest market over the forecast period.
The Asian Pacific market is anticipated to be the fastest-growing market for bioinformatics.
Bioinformatics Market Key Players
Some of the significant participants in the global bioinformatics market are Agilent Technologies, QIAGEN N. V, and Thermo Fisher Scientific Inc., Illumina, Inc., Dassault Systèmes, QIAGEN, and others.