Global Bioinformatics Market Expected CAGR 20.75% By 2023

Global Bioinformatics Market

Global Bioinformatics Market Overview:

The Bioinformatics market was valued at USD 7305.82 million in 2017 and is anticipated to record a CAGR of about 20.75% during the forecast period 2018-2023. Bioinformatics is computing technology to collect, store, evaluate and integrate biological data. This data is used to obtain information that can be applied to gene-based drug discovery and growth, protein structure research, and drug therapy efficacy determination.

Increasing demand for nucleic acid and protein sequencing, growing government and private projects, accelerating proteomics and genomics development, and increasing studies on molecular biology and drug discovery are key factors leading to market growth. However, lack of well-defined norms and prevalent information formats for data integration and information complexity issues and absence of user-friendly tools hinder market growth.

Accelerating growth in proteomics and genomics propels the growth of the bioinformatics market:

The completion of the Human Genome Project 2001 and the Human Proteome Project, a large volume of information has been produced which has given a fresh dimension to proteomic and genomic analysis profiling. The information produced from these initiatives has fueled worldwide bioinformatics market growth owing to increasing demand for data management instruments and platforms, data retrieval, sequence alignment, structure prediction, and other bioinformatics applications. In recent years, this information has become the fresh face of drug discovery and biological study. Proteomics and genomics have made the maximum contribution to recombinant protein production process development, genome-wide profiling tools, disease-vulnerable population identification, and drug design. Other market drivers include growing government spending and rising R&D projects.

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Data Complexity Concerns and Lack of User-Friendly Tools Hinders Bioinformatics Market Growth:

A large amount of genomic and proteomic data generated by various sequencing and structure prediction methods are highly complex. The complexity of data produced ranges from missing values to surplus unwanted information. Data dissemination was a major challenge for bioinformatics market growth. Immense studies of protein-protein interactions, multi-resolution structure prediction, and molecular dynamics simulation with quantum chemical forces have encouraged the development of probabilistic models and algorithms needed to analyze these studies. However, the methods and instruments being created do not match the bulk of the information produced through multiple sequencing initiatives. This factor restricts bioinformatics market growth. Reimbursement hurdles for manufacturer and high-capital investment also hamper market growth.

Market Segmentation Insights for the Bioinformatics Market:

The global bioinformatics market is segmented on the grounds of products & services, implementation, end-user and geography.

The product segmentation includes knowledge management tool, bioinformatics platform, bioinformatics services. Bioinformatics platform includes sequence analysis platform, sequence alignment platform, sequence manipulation platform, platform for structural and functional analysis, and other bioinformatics platforms. Bioinformatics also includes sequencing services, database and management services, data analysis, and other bioinformatics services. The information management instrument retained 40% market share in 2017.

The market is segmented into microbial genome, gene engineering, drug development, personalized medicine, omics, etc. The drug development segment held 2017 s largest market share.

The end-user segment involves pharmaceutical, animal, agriculture, forensic, and others.

North America to Dominate the Bioinformatics Market:

Technology, implementation, end-user, and geography have segmented the bioinformatics market. By geography, North America, Europe, Asia-Pacific, Middle East & Africa, and South America segmented the market.

Due to factors such as growing demand for bioinformatics across genomics and proteomics research, technological advances, increased research funding, and a large number of market players and research institutes in the region, North America dominates the global bioinformatics market.

Global Bioinformatics Market Key Developments:

January 2018: Thermo Fisher Scientific introduced Ion GeneStudio S5 Series, a line of extremely flexible next-generation sequencers.

November 2017: Biomillenia worked with QIAGEN to use QIAGEN s Microbial Genomics Pro Suite to generate next-generation sequence data on microbes identified using proprietary microbiome-on – a-chip technology.

August 2016: In January 2016, Agilent Technologies and Eurofins Genomics collaborated to expand the SureVector cloning scheme: PerkinElmer had strategic cooperation with Attivio to launch a fresh solution on the PerkinElmer Signals information discovery platform.

Global Bioinformatics Market Key Players:

AGILENT TECHNOLOGIES, AFFYMETRIX, ILLUMINA, QIAGEN, PERKINELMER, ACCELRYS, INC., AND GENEVA BIOINFORMATICS SA, among others.

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