The latest market report published by Credence Research, Inc. “Global Bioinformatics Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2024,” the bioinformatics market was valued at USD 8,580.0 Mn in 2015, and is expected to reach USD 38,614.0 Mn by 2024, expanding at a CAGR of 20.3% from 2016 to 2024.
Browse the full report Bioinformatics Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2024 at https://www.credenceresearch.com/report/bioinformatics-market
The key applications of bioinformatics comprises in gene sequence analysis, gene and protein expression analysis, gene regulation analysis, genome annotation, and mutation analysis. Bioinformatics plays key role in research optimization via effective data management during and after clinical trials. The factor assisting its market growth throughout the forecast period is existence of huge government funding and market introduction of technological advancements in the fields of genomics and proteomics. The market experts suggested that, market growth of bioinformatics has been also driven by the companies that express a need to adopt more cost-efficient and prolific methods to commercialize proprietary information. The suppliers operating in this market are expected to provide products or services such as complete integration of data infrastructure including data sharing facility, data security, data searching, proposed customization and data analysis.
Applications of bioinformatics comprise genomics, molecular phylogenetics, proteomics, transcriptomics, metabolomics, chemoinformatics & drug designing and others. In 2015, genomics dominated the overall market in terms of market share due to its rising application in understanding mutational disorders and identification processes related to investifgation of better pathways that pertain to gene based drug development. Biocontent management was observed as the largest market in 2015 due to rising rate of bioinformatics tools and software application in database management is one of the primary reasons attributing to its large share.
In year 2015, North America dominated the overall market and is expected to maintain its dominance in the market throughout the forecast period. The key factors assisting the North America bioinformatics market are U.S. is a base of large number of pharmaceutical and biopharmaceutical companies, it records highest number of clinical trials and studies carried out every year. The bioinformatics services and products available in North America are advanced coupled with modern healthcare infrastructure. During the forecast period Asia-Pacific is expected to grow at the fastest CAGR due to rising number of outsourcing assignments related with healthcare IT and clinical trials, developing healthcare infrastructure and increasing number of pharmaceutical and biopharmaceutical companies. Asia-Pacific is considered as a hub of information technology companies and these companies provide bioinformatics products and services assistance to companies based in the North America and Europe.
Market Competition Assessment:
The bioinformatics market is observed as the most diversified and competitive market comprising 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.
Key Market Movements:
- Bioinformatics market will retain its significant growth due to presence of huge government funding and technological advancements upcoming in the fields of genomics and proteomics
- Rising usage of biological systems modeling is becoming a trend in clinical research field which is assisting the growth of bioinformatics
- In the field of drug discovery and development demand is increasing for the use of integrated data
- Market experts have also suggested that, bioinformatics has huge application in wide number of sectors, many government and non-government organizations are investing in the R&D of the sector which is acting as a strong reason for the growth of the market