Increasing bioinformatics support in the development of personalized medicines and clinical diagnostics also supports the growth of the bioinformatics market.
New York, NY -- (SBWIRE) -- 01/19/2017 -- According to a new market report published by Persistence Market Research "Global Market Study on Bioinformatics - Asia to Witness Fastest Growth by 2020," the global bioinformatics market was valued at USD 4,110.6 million in 2014 and is expected to grow at a CAGR of 20.4% from 2014 to 2020, to reach an estimated value of USD 12,542.4 million in 2020.
Globally, rising R&D expenditures and rising number of research activities has increased the demand for bioinformatics in the market. As a result, the market is expected to grow at a CAGR of about 20.4% from 2014 - 2020.
Some of the major drivers which help in increasing demand for bioinformatics are growing applications of bioinformatics in drug discovery and development, growing information technology applications in bioinformatics and rising need for integrated bioinformatics systems in proteomics and genomics. Increasing bioinformatics support in the development of personalized medicines and clinical diagnostics also supports the growth of the bioinformatics market. However, lack of skilled and trained professionals and lack of interoperability among data formats are restraining the growth of the bioinformatics market. Rising number of merger and acquisition and new product innovation are some of the latest trends in the bioinformatics market.
North America is the largest market for the global bioinformatics due to rising number of R&D centers and advanced IT infrastructure. Some of the fastest growing markets for bioinformatics in North America are the U.S. Medical biotechnology is the largest sector-based market and is expected to grow at a CAGR of about 21.6% from 2014 to 2020. Genomics is the largest application based market and is expected to grow at a CAGR of 22.5% from 2014 to 2020.
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The bioinformatics market in Europe is expected to witness moderate growth attributed to rising government initiatives, advanced IT infrastructure, and rising number of research bases activities. However, Asia is the fastest growing bioinformatics market. Rising R&D investments and improvement in IT infrastructure are some factors driving the growth of the bioinformatics in the Asia market.
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Life Technologies is one of the leading players in the bioinformatics market. Other major players in the bioinformatics market include Affymetrix, Inc., Illumina, Inc and Agilent Technologies, QIAGEN and Bio-Rad Laboratories.
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