Global Bioinformatics Market (By Platforms, Tools and Services and By Applications: Preventive Medicine, Molecular Medicine, Gene Therapy Drug Development and Others) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020
Albany, NY -- (SBWIRE) -- 11/20/2014 -- According to a new market report published by Transparency Market Research “Bioinformatics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, the global bioinformatics market was valued at USD 10.0 billion in 2013 and is expected to grow at a CAGR of 15.5% from 2014 to 2020, to reach an estimated value of USD 30.8 billion in 2020.
Information technology has experienced tremendous growth in the last decade. Perpetually advancing information technology coupled with rising demand for improved healthcare solutions is driving the growth of the global bioinformatics market. Bioinformatics provide benefits namely, increased accuracy, reduced errors, automation of data processing, and reduced turnaround time (TAT). In addition, due to increasing research and development activities in biotechnology, bioscience, pharmaceutical, and life sciences field, adoption of bioinformatics has grown tremendously since last decade. Lack of skilled labor for effective operation of bioinformatics platforms and tools is one of the major factors limiting the growth of the global bioinformatics market. As a result, demand for bioinformatics services is expected to rise during the forecast period.
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The global bioinformatics market is segmented on the basis of type of platforms, tools and services. Platforms market is further segmented into sequence manipulation platforms, sequence alignment platforms, structural analysis platforms and sequence analysis platforms. Of these, sequence alignment platform segment accounted for the largest share i.e. over 30% in 2013. The dominance of this market segment was mainly due to reduction in overall time for processing data, motif finding, phylogenetic analysis and identification of sequence similarity. Focusing on lack of skilled personnel to operate platforms and tools, market players are now offering services to process data.
Further, global bioinformatics market is segmented as applications namely, preventive medicine, molecular medicine, gene therapy, drug development and others. Molecular medicines include application of bioinformatics in pharamcogenomics, metabolomics, and pharmacoprotemics. Major companies are investing on research involving pharamcogenomics, metabolomics, and pharmacoprotemics. Thus, molecular medicine application segment is currently leading the overall bioinformatics market. Whereas, increasing investments on drug discovery and development, and rising application of bioinformatics propels the growth of drug development application segment. Thus, owing to the mentioned factors the drug development application segment is expected to grow at highest CAGR (%) during the forecast period from 2014 to 2020.
In 2013, North America accounted for the largest market share of over 35% in the global bioinformatics market. Availability of advanced technology and skilled personnel coupled with high adoption rate of bioinformatics in practice are some of the factors that are driving the growth of bioinformatics market in North America. The Asia-Pacific region is expected to grow at the highest CAGR owing to rapidly developing biotechnology industry on the grounds of swiftly rising biotechnology research and development activities coupled with government support to boost biotechnology sector in the region. Some of the key market players contributing to bioinformatics industry include Affymetrix, Inc., Accelrys, Inc., Agilent Technologies, Inc., and GenoLogics Life Sciences Software.
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The global bioinformatics market is segmented as follows:
Bioinformatics Market, by Platforms, Tools, and Services
Sequence Manipulation Platforms
Sequence Alignment Platforms
Structural Analysis Platforms
Sequence Analysis Platforms
General Knowledge Management Tools
Specialized Knowledge Management Tools
Database & management
Bioinformatics Market, by Applications
Bioinformatics Market, by Geography
Rest of the World
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