Bioinformatics Market Overview
Global bioinformatics market is predicted to grow at a 19.8% CAGR over the forecast period (2013-2022), as per the latest Market Research Future (MRFR) report. Bioinformatics includes the integration of databases, software tools, and computers for addressing biological questions. Two vital large-scale activities which use bioinformatics include proteomics and genomics. Bioinformatics has several other applications in biology and medicine, including forensic analysis of microbes, biotechnology, drug developments, gene therapy, preventive medicines, and molecular medicines.
Bioinformatics has proven in having extreme potential in identifying diseases beforehand, determining treatment, and helping in making human lives better. Through the knowledge and inspiration of computer science, various fields including healthcare, medicine, and gene technology can evolve by curing patients to healing the entire population.
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Various factors are propelling the bioinformatics market growth. These factors, as per the MRFR report, include increasing demand for protein sequencing and nucleic acid, initiatives from private organizations and government, and rising applications of bioinformatics. Additional factors boosting market growth include increasing need for integrated data, drug discovery, and the rising number of collaborations amongst research institutes and companies.
On the contrary, lack of user-friendly tools at affordable prices, common data formats, and lack of skilled personnel are factors that may impede the bioinformatics market growth over the forecast period.
The global bioinformatics market is mainly driven by the growing demand in developing countries for enhancing their healthcare sector and making advanced healthcare modalities available to patients.
The growing demand for electronic healthcare data storage is likely to be the major driver for the global bioinformatics market. The reliance on manual and paper-based documentation of healthcare procedures has resulted in unmanageable volumes of healthcare information, which can make it difficult to locate individual patients and their medical history. Electronic healthcare records, which are but the first step of the bioinformatics market, have already become widely popular in developed countries due to the benefits they present in terms of consistent data storage over the long term and ease in acquiring specific details at any given time. The growing demand for e-prescriptions and online pharmacies is likely to further the cause of the bioinformatics market over the forecast period, as strong bioinformatics networks are needed to operate and manage e-prescriptions and the related documentation.
The growing demand for strong data storage facilities in medical research is also likely to be a major driver for the global bioinformatics market. Bioinformatics plays a key role in genetic studies, in which it helps track details regarding multiple genes and their multifarious associations with the indicators being studied in the respective trial. The growing dependence on genetic studies in cancer research is likely to be a major driver for the global bioinformatics market over the forecast period, as cancer research has received strong government backing across the world. Other medical research applications are also likely to make use of bioinformatics systems on a large scale in the coming years, leading to steady growth of the global bioinformatics market over the forecast period.
Bioinformatics Market Competitive Analysis:
Leading players in the global bioinformatics market include
- Agilent Technologies
- Illumina Inc.
- QIAGEN N. V.
- Thermo Fisher Scientific Inc.
- Dassault Systèmes
Bioinformatics Market Segmentation:
The global bioinformatics market is segmented on the basis of application, service, sector, and region in the MRFR report in order to provide a comprehensive coverage of all important factors related to the market’s growth prospects over the forecast period.
The bioinformatics market has been segmented on the basis of application into genomics, chemoinformatics, drug design, transcriptomics, molecular phylogenetics, proteomics, metabolomics, DNA sequences, and others. Increasing interest in genetic studies is likely to be a major driver for the global bioinformatics market over the forecast period.
On the basis of services and technology, the global bioinformatics market is segmented into data warehousing, sequence analysis, sequence manipulation, and others.
On the basis of sector, the bioinformatics market is segmented into medical bioinformatics, animal bioinformatics, agriculture bioinformatics, and others. Medical bioinformatics is likely to dominate the global bioinformatics market over the forecast period due to the increasing government support for the use of bioinformatics modalities in clinical decision making and research.
Bioinformatics Market Regional Analysis:
The global bioinformatics market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The global bioinformatics market is dominated by the Americas and Europe in terms of region due to the presence of strong telecommunications infrastructure in these regions to support advanced bioinformatics processes. The presence of a strong wireless internet and other telecommunication features is crucial for a bioinformatics system to function productively. This has actually been one of the key factors that has held back the bioinformatics market in underdeveloped regions.
In April 2019, researchers from UCLA announced a plan to develop a system that would allow scientists in developing countries to use cloud computing and big data analytics to accelerate the development of the bioinformatics field in their own countries. Efforts such as these are the result of the growing awareness of the disparity in terms of telecommunications infrastructure between developed and developing countries.
Asia Pacific is likely to exhibit the fastest growth over the forecast period due to the increasing efforts from governments in the region to incorporate powerful bioinformatics programs into the day-to-day functioning of their country’s healthcare sector.
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