Bioinformatics Market - Segmented by Technology, Application, End user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Bioinformatics is the application of computational technology to gather, store, analyze, and integrate biological data. This data is used to procure information that can be applied to gene-based drug discovery and development, protein structure studies, and in order to determine the therapeutic efficacy of drugs. The global bioinformatics market is expected to register a CAGR of 19.8% during 2018-2023 (the forecast period).
Growth in Proteomics and Genomics
With the completion of the Human Genome Project (in 2001) and the Human Proteome Project, a vast amount of data has generated, which has given a new dimension to the
profiling of proteomic and genomic analyses. The data generated, out of these projects, has driven the growth of the global bioinformatics market, due to the growing demand for tools and platforms for data management, data retrieval, sequence alignment, structure prediction, and other bioinformatics applications.Other factors driving the market include increasing government spending and rise in R&D initiatives.
Rising Data Complexity Concerns
A large amount of genomic and proteomic data, generated through various sequencing and structure prediction methods, are highly complex. The complexity of the generated data ranges from missing values to excess unwanted information. Data dissemination has been a major challenge for the growth of the bioinformatics market.
Reimbursement hurdles for the manufacturer and high-capital investment are also restraining the market growth.
North America to Dominate the Market
The bioinformatics market has been segmented on the basis of technology, application, end user, and geography. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.Owing to the factors, like the growing demand for bioinformatics across genomics and proteomics research, technological advancements, increasing research funding, and the presence of a large number of market players and research institutes in the region, North America dominates the global bioinformatics market.
Key Developments in the Market
- January 2018- Thermo Fisher Scientific introduced Ion GeneStudio S5 Series, a line of highly versatile next generation sequencers.
- November 2017- Biomillenia collaborated with QIAGEN for the use of QIAGEN's Microbial Genomics Pro Suite, in order to generate next-generation sequence data on microbes identified using Biomillenia's proprietary microbiome-on-a-chip technology.
- August 2016- Agilent Technologies and Eurofins Genomics collaborated to expand SureVector cloning system
- January 2016- PerkinElmer had a strategic collaboration with Attivio to launch a new solution in the PerkinElmer Signals™ data discovery platform.
Major Players -AGILENT TECHNOLOGIES, AFFYMETRIX, ILLUMINA, QIAGEN, PERKINELMER, ACCELRYS, INC., and GENEVA BIOINFORMATICS SA, among others.
Reasons to Purchase the Report
- Market analysis for the Global Bioinformatics Market, with region-specific assessments and competition analysis on the global and regional scale
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- The treatment type that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
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