The bioinformatics market is expected to grow to $12.86 billion by 2020 with a CAGR of 21.2% during 2014-2020. Bioinformatics is an interdisciplinary field that is used in the development and storage of data, thus helping in the analysis, organization and retrieval of the biological data. Bioinformatics has various applications and thus forms part of almost all the fields in biology. Bioinformatics form a part of agriculture, animal breeding, molecular medicine, preventive medicine, etc.
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The major factors driving the bioinformatics market is the need for integrated data, rising demand for drug development and discovery, the increasing focus in genomics & proteomics and the favorable government initiatives. The factor limiting this market is the need for skilled personnel due to the complexity of the bioinformatics tools used. The other limiting factors are the saturation of the pharmaceutical sectors and lack of common data formats. The factors that would provide opportunity for the growth of this market are standardization of databases, need for integration systems and solutions and need to control data overload due to the piling-up of data due to the numerous experiments conducted. The reason to study this market is to understand the current trends and applications in the bioinformatics field along with in depth analysis of the segments.
Bioinformatics Technology and Services Market Analysis
The bioinformatics technology and services market is segmented into knowledge management tools, bioinformatics platforms and bioinformatics services. The Bioinformatics platform market was the highest revenue generating market in 2013. This was due to the increased application usage of the platforms in various genomic applications. However, the Knowledge Management Tools is expected to emerge as the highest revenue generating segment by 2020 due to the increasing number of data generated due to the increasing clinical trials.
Bioinformatics Application Market Analysis
The bioinformatics application market is segmented based on, metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics and others. The Genomics was the highest revenue generating market among the bioinformatics application market in 2013. This was due to the increased applications in drug discovery and development using bioinformatics tools. The tools proved to be cost and time efficient for the pharmaceutical companies. The Chemoinformatics and Drug Design is expected to be the highest revenue generating segment by 2020 due to its ability to use information in the selection and designing of the drug cycle.
Bioinformatics Sector Market Analysis
The bioinformatics sector is segmented into medical bioinformatics, animal bioinformatics, agriculture bioinformatics, academics and others. The Medical bioinformatics was and is forecast to be the highest revenue generating market through 2020. This was due to the increasing application of drug discovery and development using bioinformatics tools, which were also used in the preventive medicine and gene therapy.
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Bioinformatics Geographic Market Analysis
The geography segment is segmented into North America, Europe, Asia Pacific and RoW. North America was the highest revenue generating region in 2013 due to the wider adoption of advanced technology in the region. North America was followed by Europe as the second largest revenue generating segment in 2013 due to the continuous adoption of new technology in the field of drug discovery and development. The market scenario for bioinformatics is expected to remain same throughout the forecast period.
The key companies profiled in this report are Accelrys, Inc., Affymetrix, Inc., Agilent Technologies, Inc., Geneva bioinformatics, Non linear dynamics, Quest Diagnostics, Inc., Life Technologies corp., Illumina, Bruker Daltonics, Inc., and Biomax Informatics AG. The key strategies opted by the market players are Product Launch, Agreement and Collaboration.
High Level Analysis
The market analysis is done based on Porter’s five forces model and Value chain analysis. According to the Porter’s five forces model the bargaining power of the supplier’s is low due to the presence of many bioinformatics service providers and the threat from internal substitutes of this market is moderate. According to the value chain analysis the major revenue is generated from the drug discovery segment. In the past, the R&D activity in the biotechnology and pharmaceutical industry had a restrictive budget. However, due to the advancement in the IT solutions, the cost involved in the R&D activity has become cost and time efficient.
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