Bioinformatics Market Overview
Bioinformatics is the interpretation of biological data which is done by developing and using new methods and software tools. It is an interdisciplinary field comprising of mathematics, computer science, engineering and statistics in order to understand the biological information obtained. Bioinformatics covers the ensemble of biological studies which are done by using computer programming as the method. Bioinformatics is typically used for identifying single nucleotide polymorphisms and for candidate genes.
Global Bioinformatics market is driven by factors such as growing need for integrated bioinformatics systems in proteomics and genomics, increasing support of this field in developing new medicines and clinical diagnostics, increasing need for protein and nucleic acid sequencing, rising number of collaborations between companies and research organizations and increasing initiatives from the government among others. The major constraints faced by this market are high costs, lack of skilled workers, lack of interoperability among various data formats and lack of user-friendly tools.
Bioinformatics Market Forecast Report (2018-2023)
Bioinformatics Market was worth USD 9.36 billion in 2018 and estimated to be growing at a CAGR of 19.1%, to reach USD 22.43 billion by 2023.
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Bioinformatics Market Segmentation
The Global Bioinformatics market is segmented based on sector into animal biotechnology, environmental biotechnology, agricultural biotechnology, forensic biotechnology, medical biotechnology, academics and others. Medical biotechnology accounted for the largest share in this segment owing to the growing need for developing new drugs at cheap prices. Based on products & services, the market is segmented into bioinformatics platforms, knowledge management tools and bioinformatics services. Knowledge management tools have the largest share in this segment and bioinformatics platforms are the fastest growing sub-segment. In the applications segment, the market is further divided into proteomics, transcriptomics, molecular phylogenetics, chemoinformatics and drug design and genomics. Genomics accounts for the largest market share in the applications segment.
Global Bioinformatics market is divided based on geography into North America, Latin America, Asia-Pacific, Middle East and Africa and Europe. North America has the largest market share in the world followed by Europe. Asia-Pacific is the fastest growing market in the world. Factors like rising funding for research, growing demand for bioinformatics in proteomics and genomics research and technological advancements is expected to drive the rise of this market.
The major companies dominating this market for its products and services are
- Agilent Technologies,
- Affymetrix Inc.,
- Applied Biological Materials (ABM),
- 3rd Millennium Inc.,
- Illumina Inc.,
- Thermo Fisher Scientific Inc.,
- Qiagen N.V.,
- Biomax Informatics Ag,
- DNAnexus, Inc.
- Waters Corporation among others.
Key Takeaways from this Report:
· For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
· Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
· Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
· Increase overall revenue by understanding the geographical impact on sales and distribution channels.
· Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
· Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
· Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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