Pune, India -- (SBWIRE) -- 04/01/2018 -- Global bioinformatics market is expected to reach USD 22.78 billion by 2024 from USD 6.54 billion in 2016, at a CAGR of 16.8% in the forecast period 2017 to 2024. The new market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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The global bioinformatics market is expected to experience a surging growth in the near future. The driving factors for this market are increasing government initiatives and funding, and growing use of bioinformatics in drug discovery and bio-markers development processes. However, shortage of trained research personnel required for proper use of bioinformatics tools, and non-availability of platforms to integrate large data sets produced by bioinformatics is expected to offset the growth of this market.

Market Segmentation: Global Bioinformatics Market

- The global bioinformatics market is segmented based on industry, product type, service and application. Sequencing platforms are broadly used, and is expected to grow at the highest CAGR among its peer segments. The growth of this product is owing to the increasing usage of gene sequencing in diagnosis of cancerous mutation. Scientists searching for the genetic mutation that affects plant or animal characteristics requires sorting of massive amounts of data, previously scientists used to look at one gene at a time but now thousands of genes can be analyzed at once using sequencing platforms.
- Based on industry, the bioinformatics market is segmented into molecular medicine, drug development, clinical diagnostics, agriculture, forensic, animal, academics and research, environmental and gene therapy.
- Based on product type, the bioinformatics market is segmented into sequencing platforms, knowledge management tools and bioinformatics software.
- Based on applications, the bioinformatics market is segmented into preventive medicine, molecular medicine, genomics, drug development, transcriptomics and, other biotechnological applications. Genomics and drug development in proteomics is expected to drive the bioinformatics market in the forecasted period. Large investments in the field of genomics and proteomics is surging the growth of bioinformatics market and its usage in this applications.
- Based on services, the bioinformatics market is segmented into data analysis, sequencing, data integration among others.
- Based on geography the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to large investments in public and private research for drug developments and gene therapy. China and, India among some other developing nations is expected to grow at the highest CAGR due to large private multinationals investing in healthcare development in these countries.

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Competitive Analysis: Global Bioinformatics Market

The Global bioinformatics market is highly fragmented with various companies operating in local regions. The major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Some of the examples for these strategies are: In March 2017, Agilent Technologies Inc. introduced its first comparative genomic hybridization (CGH) assay which will be used for diagnostic purposes: the GenetiSureDx Postnatal Assay. This will help the clinical geneticists to detect genetic anomalies early with more accuracy as compared to than traditional methods.

Major Market Competitors: Global Bioinformatics Market

The global bioinformatics market report contains an in-depth profiling of the key market players, along with the recent developments (New product launches, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their positions in the market. Some of the major players operating in this market are Illumina, Inc., DNAnexus, Inc., Qiagen, Thermo Fisher Scientific, Inc., Agilent Technologies, DassaultSystemes, Geneva Bioinformatics (Genebio) SA, Integromics S.L., Perkinelmer, Inc., Applied Biological Materials (ABM) among others.

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