Bioinformatics Market is Expected to Be the Fastest Growing By 2020
Prominent participants in the global market for bioinformatics include ID Business Solutions, Ltd., Illumina, Inc., GenoLogics Life Sciences Software, Inc., Affymetrix, Inc., Life Technologies Corporation, Agilent Technologies, Inc., CLC bio A/S, and Accelrys, Inc. In order to march ahead, they are seen investing heavily in research and development of more cutting-edge products.
A report by Transparency Market Research projects the global bioinformatics market’s worth to be around US$9.1 bn by 2018-end.
The global market for bioinformatics has been segmented broadly into platforms, content management, and services by the report. They are all commercially available for sorting the data accumulating form research and development projects by leveraging bioinformatics. Among them, the bioinformatics platform comprising of sequence alignment platforms, sequence manipulation platforms, structural analysis platforms, and sequence analysis platforms is leading vis-à-vis consumption. This is because of their growing application in the process of research and development for drug discovery. Geographically, North America leads the market on account of the huge allocations towards cutting-edge research and development, swift uptake of latest technologies, and a well etched out regulatory framework in place.
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Pressing Need to Cure a Range of Ailments Boosts Adoption of Bioinformatics
Bioinformatics finds application in managing the data emanating from research and development in the domain of life science, biopharmaceutical, and biotechnology. Its market has been seeing a steady upswing owing to the increasing usage of IT applications in the domain of healthcare sector to store, process, access, and retrieve data. Besides, the pressing need to treat several diseases effectively alongside the demand for preventive solutions are also having a positive impact on the market. Growing thrust on research and development has been a major catalyst too.
Study of Molecular Medicine and Genetics Augurs Well for Market
Bioinformatics finds usage in preventive medicine, molecular medicine, drug development, and gene therapy. Currently, the molecular medicine is stoking their demand majorly. They also find usage in genetic research for antibiotic resistance, veterinary science, and microbes. All these are decidedly impacting their market positively.
Elaborates the lead analyst of our report, “The growth in the worldwide market for bioinformatics market is being propped up by the solid progress in the study of genetics. As per estimates, the volume of genetic data entries would rise twofold every 15 years. And with the total amount of generated data being too large to be supported by the present data entry programs, savvy companies are seen resorting to more advanced models of bioinformatics.”
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Key Players Train Sights on Asia Pacific
At present, developed geographies of Europe and North America are where most of the development in the bioinformatics has occurred. This is because of the huge amounts allocated for research and development and swifter deployment of newest technologies. However, key players have also set their gaze upon Asia Pacific with its fast developing infrastructure in scientific fields, the improvements in government and private funding, and the rising literacy and awareness rates.
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