Bioinformatics in IVD Testing Market - Industry Trends and Forecast upto 2019
Albany, NY -- (SBWIRE) -- 11/18/2016 -- Research efforts in last two decades have provided us huge amount of genomic information for almost each and every form of life. Bioinformatics is a multidisciplinary research field that combines computer science, biology, statistics and mathematics for the management of biological information. The software and applications used in bioinformatics is used to gather, analyze, store and integrate genetic and biological information which can later be applied to gene based drug developments. Computer diagnostics offers wide opportunities to clinicians and pathologists in detecting difficult to culture pathogenic bacteria and viruses to reveal epidemiology and disease prevalence. Bioinformatics based testing have made a major impact and contribution in uplifting cancer diagnostics and therapeutic management.
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Traditionally in-vitro diagnostic tests earlier were generally performed and interpreted by clinical and lab technicians but with the growing prevalence of rare and life threatening diseases such as HIV, cancer among others have created a huge market for DNA sequencing, mass spectroscopy, genomics and proteomics based technology and devices. Many IT giants such as IBM and others are collaborating with laboratory testing vendors and manufacturers for developing specialized algorithms and software pertaining to specific disease or conditions which in near future would complement the skills of human based test interpretations and diagnosis.
One of the novel technological innovation in this field comprises IBM's Watson supercomputer which uses specific algorithms and previously stored patient databases in analyzing and recommending the best suitable treatment and therapy on a case to case basis. Such technological up gradations have not only let researchers and scientists in disease analysis but also divulged insight to questions as to why a person gets affected by certain diseases such as cancers or tumors and difference in therapeutic responses from one person to other.
In June 2013, EMBL and EMBL-EBI have joined Global Alliance, an organization that partners with different healthcare providers and research institutes which will share their findings, databases and product description among other Global Alliance partners for further comments and refinement. Such collaboration and alliances enable various research organizations and institutes for developing interoperable information-technology platforms for biomedicine for novel and low cost drug developments and detecting the root cause for some of the incurable diseases such as Alzheimer's disease and other similar diseases. Major drivers that are compelling the growth for this market include collaboration of bioinformatics and in-vitro diagnostic companies with information technology companies for designing and developing specific software and algorithms which can be practically implemented in detecting and diagnosing specific un-curable or inherited diseases.
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The reduced cost of genome sequencing in past few years is fueling the flow of information with respect to genetic basis of health and diseases. Lack of norms and government interventions for sharing and protecting data of patients are one of the prominent reasons for slow uptake of genomic medicines in clinical setting. Lack of awareness about biobanks and other similar depositories which stores and protect patient history and records also a major restraint for bioinformatics based IVD testing market. The global market for bioinformatics in IVD testing can be segmented on the basis of test types such as blood based tests and tissue based tests. Apart from this they can also be further segmented on the basis of disease type and recent trends with respect to bioinformatics based test such as mass spectroscopy based test, genome sequencing tests as well as prominent software types.
Some of the prominent IT and IVD players in the market encompasses Aperio Technologies, Inc., Chronix Biomedical Inc., Medtronic Inc., Everist Genomics, Inc., Signal Genetics, Silicon Valley Biosystems, Biodiscovery, Inc., IBM Corporation and others.