Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Bioinformatics Market and demographic challenges, showed how it could move forward in the coming years.
Bioinformatics Market Landscape
Market Research Future published a Half-Cooked research report on “Global Bioinformatics Market Research Report - Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022. Globally the market for bioinformatics is growing steadily and has a bright future, Bioinformatics Market expected to grow at the rate of about 19.8% till 2022
Bioinformatics Market Drivers and Restraints
The bioinformatics market is poised to grow at a sound pace during the review period. The major drivers will be the growing biotechnology sector, increasing the global burden of the diseases, and increasing research and development expenses. Moreover, growing initiatives from government and private organizations, followed by enhanced collaborative ties between companies and research institutes, fuel bioinformatics market growth. Nevertheless, lack of well-defined standards, and common data formats for the integration of data, shortage of skilled bioinformatics experts, along with the lack of adequate user-friendly tools, may restrain the market growth during the review period. Standardization is crucial to ensure consistent and accurate results of samples for studies in healthcare. Globally, there is a considerable demand for bioinformatics experts among companies operating in various sectors such as drug development, agriculture, and IT.
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Due to developments in data generation techniques, a large amount of data is being generated per second, which is accumulating and is poised to become redundant. The amount of skilled bioinformaticians is required to analyze data to reduce the gap. Considering these factors, there is a requirement for standard bioinformatics infrastructure that can reduce increase data processing performance, data storage, and integrate diverse information. IT giants have begun focusing on bioinformatics for applications in healthcare. Investments are being made for more advanced tests and techniques in battling diseases including cancer and Parkinson’s.
Bioinformatics Market Segmental Analysis
Bioinformatics market has been segmented based on the application, which comprises of chemoinformatics, genomics, drug design, transcriptomics, molecular phylogenetics, metabolomics, proteomics, DNA sequences, and others. On the basis of services and technology, the global bioinformatics market is segmented into data warehousing, sequence manipulation, sequence analysis, and others. On the basis of sector, the market is segmented into animal bioinformatics, medical bioinformatics, agriculture bioinformatics and others.
Bioinformatics Market Regional Analysis
The geographical analysis of the global bioinformatics market has been analyzed in four major regions, namely the Asia Pacific, Europe, North America, and the rest of the world (including Latin America and the Middle East and Africa).
On the regional background, the Americas lead the global market for bioinformatics owing to the growing biotechnology sector, increasing healthcare expenditures, and the presence of advanced technologies within the region. Following the same trends, Europe is second in the market. The Asia Pacific region is the fastest-growing region due to the developing economies like India, Japan, and China which are increasing their healthcare expenses in the biotechnology sector. Furthermore, the government invested USD 5 billion to develop human capital, infrastructure and research initiatives. The Middle East and Africa have the least market share, primarily due to the presence of weak economies within the African region. On the other hand, Middle East leads the regional market owing to the presence of developed economies like Kuwait, Qatar, and others within the region.
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Bioinformatics Market Competitive Analysis
The major market players identified by MRFR in the global bioinformatics market are Illumina, Inc., QIAGEN, Agilent Technologies, and Dassault Systèmes, QIAGEN N. V, Thermo Fisher Scientific Inc., and others. Characterized by the presence of numerous well-established, and small players, the global bioinformatics market appears to be competitive and fragmented. Global players who are increasingly expanding their footprint in the developing economies make it difficult for regional players to compete with them, particularly in terms of features such as quality, product portfolios, and pricing. The market is observing increased competition which is poised to get more intensified further during the review period. The healthy competition prevalent in the market dictates the consolidation among marketers.