The bioinformatics market analyzed in this report includes sectors, technology & services, applications as major segments
Portland, OR -- (SBWIRE) -- 11/09/2017 -- Bioinformatics Market was valued at $3.4 billion, and is expected to reach $12.8 billion by 2020, supported by a CAGR of 21.2%. Bioinformatics is defined as conceptualize biology in terms of molecules and then the application of information technology to organize and understand the data which is associated with these molecules on large scale bases. Bioinformatics utilizes computer to collect data, analyze, integrate and store the molecular ad biological data, which is then utilized in application such as drug development and discovery.
Bioinformatics involves the development and storage methods that help in the organizing, analyzing, and retrieving of biological information. The development in the field of bioinformatics would help with various applications such as drug discovery and development, gene therapy, molecular medicine, preventive medicines, personalized medicines, etc. The factors driving the market are the need for integrated data, rising demand for drug development and discovery, the increasing focus in genomics & proteomics and favorable government initiatives.
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The bioinformatics technology and services market is segmented into knowledge management tools, bioinformatics platforms and bioinformatics services. Bioinformatics platforms segment was estimated to be the highest revenue generating segment in 2013. This was due to the increasing popularity of bioinformatics tools in various genomic studies. However, by 2020, knowledge management tools are expected to take over platform market and would emerge as the highest revenue generating segment in the overall bioinformatics technology and service market.
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The bioinformatics market is segmented based on applications, namely metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics and others. The genomic application segment was estimated to be the major revenue generating segment in 2013; however, by 2020, chemoinformatics would supersede genomic.
BY TECHNOLOGY AND SERVICES
-Knowledge Management Tools