Bioinformatics Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $12.8 billion by 2020, registering a CAGR of 21.2% during the period 2014-2020.Bioinformatics refers to a field that encompasses molecular biology and genetics, computer science, mathematics, and statistics. It helps in managing, analyzing, and obtaining data through various storage and development techniques. The areas where bioinformatics finds applications in are gene therapy, drug discovery and development, molecular medicine, preventive medicine, personalized medicine, and more.
The key companies profiled in this report are Accelrys, Inc., Affymetrix, Inc., Agilent technologies, Inc.,Genevabioinformatics, Non linear dynamics, Quest Diagnostics, Inc., Life Technologies corp., Illumina, Bruker Daltonics, inc., and Biomax informatics AG
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The market for bioinformatics is driven by the need for integrated data, growing demand for drug development and discovery, the growing focus on genomics & proteomics, and favorable government initiatives. However, the need for skilled personnel, saturation of the pharmaceutical sectors, and lack of common data formats restrain the growth of the market. On the other hand, standardization of databases, the need for integration systems & solutions, and the need to control data overload present opportunities for growth of the industry.
The report offers an analysis of the market segmentation based on technology and services, application, and regions. The technology and services segment is classified into knowledge management tools, bioinformatics platforms and bioinformatics services. The application segment is classified into metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics, and others. Geographically, the report offers an analysis of the regions such as North America, Europe, Asia-Pacific, and RoW.
The bioinformatics platforms segment was the highest revenue generating segment in 2013, owing to the increasing popularity of bioinformatics tools in various genomic studies. However, the knowledge management tools segment is expected to supersede the platform segment and emerge as the largest segment in the bioinformatics technology and service market.
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The genomic application segment was the largest market in 2013. However, by 2020, chemoinformatics would supersede genomic, owing to factors such as increasing application of drug discovery and development using bioinformatics tools, which proves to be cost and time efficient for the pharmaceutical companies. The transcriptomics segment is likely to have the highest potential because it offers solution in multi target drug discovery, which minimizes the risk of failure of hypothesis, aids in the discovery of drugs for various diseases, and offers numerous platforms in drug discovery.
Region wise, the report offers an analysis of the market in North America, Europe, Asia Pacific, and RoW. The bioinformatics market in North America is the largest segment, owing to extensive adoption of advanced technologies in the region. The market in Asia Pacific is likely to have the fastest growth during the forecast period, owing to the funding initiatives by the government. Moreover, many private companies in the field are making foray into the untapped regions to expand their market share.
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