Albany, NY -- (SBWIRE) -- 09/07/2017 -- Bioinformatics is employed for the purpose of managing the data gathered from the research and development projects in biopharmaceutical, life science, and biotechnology industries. The growth of the bioinformatics is being augmented by the rising application of IT in the healthcare sector along with robust technological advancements. The employment of information technology or IT has enabled easy storage, processing, access, retrieval of data.

The adoption of bioinformatics is extensively increasing in the field of biosciences owing to advancement in IT and demand for enhanced and better prevention options and treatment. The growing application of bioinformatics across the healthcare sector is expected to aid the growth of the global bioinformatics market in the near future.

The global bioinformatics market is projected to grow at a significant CAGR during the forecast period and is likely to touch a valuation of US$9.1 bn by 2018.

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The global bioinformatics market has been segmented into services, content management tools, and platforms. These are commercially available for the purpose of processing the data gained from various research and development projects effectively employing bioinformatics. In terms of consumption, the bioinformatics platform emerged dominant in 2013 accounting for the leading share in the global market for bioinformatics.

The growth can be attributed to the rising employment in bioinformatics in the process of drug discovery and rising research and development activities. However, the bioinformatics services sector is likely to dominate the market in terms of growth until 2020. In terms of application, the market is expected to be led by the segment for molecular medicine.

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At present, the global bioinformatics market is dominated by North America closely trailed by Europe. The factors driving the growth of the market in these regions is the heavy research and development investment, high adoption of new and advanced technology, well-structured regulatory outline, and prevalence of developed technology. Nevertheless, Asia Pacific is expected to emerge as a lucrative region for the growth of the bioinformatics market.

The market is likely to grow in the region owing to factors such as growing literacy rate, increasing awareness regarding bioinformatics among consumers, increase in funding, and rising government funding and initiative for R&D. As compared to the African countries, Latin America is likely to exhibit strong growth rate between 2014 and 2020.

Some of the leading companies in the global bioinformatics market are Accelrys Inc., ID Business Solutions, Ltd., Affymetrix Inc., CLC bio A/S, Agilent Technologies Inc., GenoLogics Life Sciences Software, Inc., Life Technologies Corporation, and Illumina, Inc.