The report titled “Bioinformatics Market: Growth, Future Prospects, and Competitive Analysis, 2016–2024” offers strategic insights into the overall bioinformatics market, along with the market’s size and estimates for the duration of 2014–2024. The said research study covers an in-depth analysis of multiple market segments based on types of products and services, applications, and different geographies. Bioinformatics helps to carry out processes such as recovery, storage, processing, management, and analysis of organic information through statistical techniques coupled with a modern information and technology base.
In the modern world of drug innovation and development, bioinformatics plays a key role in data storage, data recovery, data analysis, and the efficient management of biological information to study the process of drug development. The global bioinformatics market was segmented on the basis of applications, products and services, and regions. On the basis of products and services, the bioinformatics market was further segmented as bioinformatics platforms, content management tools, and bioinformatics services. The application was segmented further into genomics, molecular phylogenetics, metabolomics, transcriptomics, proteomics, chemoinformatics, drug design, and others.
For the purpose of this study, the global bioinformatics market is segmented on the basis of products and services into bioinformatics platforms, content management tools, and bioinformatics services.
Market size estimates and forecasts for these segments for the period 2014–2024 are provided in terms of USD million, along with the respective compounded annual growth rates (CAGRs) for the period 2016–2024, considering 2015 as the base year.
On the basis of application type, the global bioinformatics market is segmented as follows: genomics, molecular phylogenetics, metabolomics, transcriptomics, proteomics, chemoinformatics & drug design, and others. Market size estimates and forecasts for these segments for the period 2014–2024 are provided in terms of USD million, along with the respective compounded annual growth rates (CAGRs) for the period 2016–2024, considering 2015 as the base year.
The bioinformatics market has been geographically categorized into major regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, the U.K., Germany, China, Japan, Brazil, and the GCC countries. The market size and forecast for these segments during 2014–2024 and their CAGRs for the period 2016–2024 are provided in this report.
The bioinformatics market is observed as the most diversified and competitive market, comprising a large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are BIOVIA (Accelrys Inc.), IBM Life Sciences, 3rd Millennium Inc., Life Technologies Corporation, Rosetta Biosoftware, Agilent Technologies, Affymetrix, Inc., Celera Corporation, and others.
Based on the type of products and services, the global bioinformatics market is segmented as follows:
- Bio content Management Tools
- Bioinformatics Platforms
- Bioinformatics Services
In 2015, the content management tools segment was observed as the largest products and services segment, accounting for 46.3% of the overall market. The key factors assisting the market are the growing application rate of bioinformatics tools and software in database management.
During the forecast period of 2016–2024, bioinformatics platforms are expected to grow significantly due to increasing demand for sequence analysis platforms and other biotechnology applications.
In addition, the growth of the bioinformatics platform is due to the reduced turnaround time for data processing, identification of sequence matches, and phylogenetic analysis. The market experts suggested that there are several opportunities for bioinformatics in upcoming technologies such as nanopore sequencing and cloud computing. For efficiently managing huge databases related to drug innovation and development, bioinformatics assists in the storage, retrieval, analysis, and formation of collective information.
Based on the type of application, the global bioinformatics market is segmented as follows:
- Molecular Phylogenetics
- Chemoinformatics and Drug Design
Bioinformatics has a wide range of applications; in 2015, genomics dominated the market with a 27.2% share due to the rising need for pharmacogenomics in the process of drug development and gene sequencing. It was observed that in the field of bioinformatics, the introduction of technological advancements was largely carried out by focusing on the management of large datasets involved in genomics.
During the forecast period of 2016–2024, the chemoinformatics and drug design segment was expected to grow at a significant rate due to rising demand in biomarker discovery and development. The majority of drugs fail in the later stages of clinical trials, resulting in huge losses of investment; however, since the introduction of bioinformatics, the R&D expenditure rate has been reduced, which has also helped to reduce the clinical trial failure rate to a noticeable extent.
For the purpose of this study, the global bioinformatics market is categorized into three segments:
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
In the base year 2015, North America accounted for 43.2% and was expected to retain its dominance throughout the forecast period. The key factors assisting the growth of the North American market are the availability of accessible and advanced healthcare infrastructure coupled with the presence of technologically advanced IT companies. North America has the world’s highest number of clinical trials and research and development, resulting in massive amounts of data.
Europe is the second largest bioinformatics market, and its growth is assisted by the existence of technologically advanced healthcare infrastructure and research facilities coupled with huge research and development activities carried out by leading pharmaceutical and biotechnology companies.
Asia Pacific is expected to grow significantly between 2016 and 2023, owing to factors such as rising demand for clinical research outsourcing in emerging markets such as India and China, developing healthcare and research infrastructure, and the presence of several established and emerging IT companies.