San Francisco, CA -- (SBWIRE) -- 04/17/2014 -- The global market for bioinformatics is expected to reach USD 12.48 billion by 2020, according to a new study by Grand View Research, Inc. Rapidly declining prices of DNA sequencing, growing adoption rates of bioinformatics as a cost effective tool for database management during clinical trials, increasing government initiatives encouraging the use of bioinformatics in drug discovery and the use of bioinformatics tools in emerging fields such as chemogenomics are some of the factors expected to drive market growth over the next six years. In addition, the introduction of advance technologies such as nanopore and cloud computing are expected to serve this market as future growth opportunities.
Bioinformatics platform products are expected to dominate the market, along with being the fastest growing segment, at an estimated CAGR of 22.8% from 2014 to 2020. The increasing demand for these platforms in technologically advanced processes such as high throughput screening for combination therapies namely pharmacogenomics and pharmacoproteomics is expected to serve this market as drivers during the forecast period. Global biocontent product demand is expected to reach USD 4.30 billion by 2020, growing at a CAGR of 16.9% from 2014 to 2020.
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Further key findings from the study suggest:
- Bioinformatics based metabolomics applications are expected to grow at the highest CAGR of over 23.0% from 2014 to 2020 owing to the introduction of new analytical instruments proving vital for high throughput and accuracy enabled metabolite profiling.
- North America was the largest regional market in 2013, accounting for over 42% of global revenue. The presence of sophisticated healthcare infrastructure enabling advance R&D exercises, high availability of government funding and the high volume of pre-clinical studies conducted in this region are some of the factors expected to drive market growth.
- Asia Pacific bioinformatics market is expected to grow at the highest CAGR of 25.9% from 2014 to 2020 on account of rising demand for CRO (Contract Research Outsourcing) initiatives as a result of high cheap labor availability and rapidly improving healthcare infrastructure in emerging markets such as India and China.
- Key industry participants include IBM Life Sciences, Agilent Technologies, Affymetrix, Life Technologies Corporation, 3rd Millennium Inc., Celera Corporation, Accelrys Inc. and others.
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For the purpose of this study, Grand View Research has segmented the global bioinformatics market on the basis of product, application and region:
Bioinformatics Product Outlook
- Sequence Analysis Platforms
- Sequence Manipulation Platforms
- Sequence Alignment Platforms
- Structural and Functional Analysis Platforms
- Database Management
- Data Analysis
- Generalized Biocontent
- Specialized Biocontent
Bioinformatics Application Outlook
- Molecular Phylogenetics
- Chemoinformatics and Drug Designing
Bioinformatics Regional Outlook
- North America
- Asia Pacific
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