The latest market report published by Credence Research, Inc. “Global Bioinformatics Market By Product And Services (Biocontent Management Tools, Bioinformatics Platforms, Bioinformatics Services), By Applications (Genomics, Molecular Phylogenetics, Metabolomics, Transcriptomics, Proteomics, Chemoinformatics & Drug Designing) – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2024,” The bioinformatics market was valued at USD 8.580.0 million in 2015 and is projected to reach USD 38.614.0 million by 2024, expanding to CAGR by 20.3 per cent from 2016 to 2024.
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Key applications of bioinformatics include gene sequence assessment, gene and protein expression analysis, gene regulation analysis, genome annotation, and mutation analysis. Bioinformatics plays a key role in the optimization of research via effective data management during and after clinical trials. Extensive public financing and the rapid implementation of technological advancements in genomics and proteomics have been a factor contributing to its market growth throughout the forecast period. Market specialists proposed that the development of the bioinformatics market was also driven by businesses expressing the need to embrace more cost-effective and prolific techniques for commercializing proprietary data. Suppliers working in this industry are anticipated to provide products or services such as full inclusion of data infrastructure, including information sharing facilities, data security, information search, suggested customization and data analysis.
Bioinformatics applications include genomics, molecular phylogenetics, proteomics, transcriptomics, metabolomics, chemoinformatics & drug design and others. In 2015, genomics dominated the general industry in terms of market share owing to its increasing application to the knowledge of mutation diseases and identification procedures linked to the investigation of better pathways for gene-based drug development. Biocontent management was identified as the biggest market in 2015 owing to the increasing level of bioinformatics instruments and software application in database management, which is one of the main factors for its big share.
North America dominated the general market in 2015 and is anticipated to remain dominant in the market throughout the forecast period. The main variables supporting the North American bioinformatics industry are the U.S., which is based on a big amount of pharmaceutical and biopharmaceutical businesses, and has the largest amount of clinical trials and surveys conducted annually. Bioinformatics services and products available in North America are sophisticated, combined with modern healthcare facilities. Asia-Pacific is anticipated to develop at the highest CAGR during the forecast period owing to an growing amount of outsourcing tasks linked to healthcare IT and clinical trials, the development of healthcare infrastructure and an growing number of pharmaceutical and biopharmaceutical businesses. Asia-Pacific is regarded to be a hub of information technology businesses, providing bioinformatics products and services to businesses based in North America and Europe.
Market Competition Assessment:
The bioinformatics market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are BIOVIA (Accelrys Inc.), IBM Life Sciences, 3rd Millennium Inc., Life Technologies Corporation, Rosetta Biosoftware, Agilent Technologies, Affymetrix, Inc., Celera Corporation, and others.
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Key Market Movements:
- Bioinformatics market will retain its significant growth due to presence of huge government funding and technological advancements upcoming in the fields of genomics and proteomics
- Rising usage of biological systems modeling is becoming a trend in clinical research field which is assisting the growth of bioinformatics
- In the field of drug discovery and development demand is increasing for the use of integrated data
- Market experts have also suggested that, bioinformatics has huge application in wide number of sectors, many government and non-government organizations are investing in the R&D of the sector which is acting as a strong reason for the growth of the market
By Product Type
- Biocontent Management Tools
- Bioinformatics Platforms
- Bioinformatics Services
By Application Type
- Molecular Phylogenetics
- Chemoinformatics & Drug Designing
By Geography Segment
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America