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Bioinformatics is a term generated from combination of information technology, statistics, algorithms and molecular biology. In this process, biological molecules are organized to generate a cyclic data pattern. Bioinformatics majorly implicates its applications in recording, gene regulation analysis, gene and protein expression analysis, mutation analysis, and storage and genome annotation.
In simpler words, bioinformatics help in storing, organising, retrieving and analysing any biological data; especially when it comes to genetic study; it is expecting to help in sequencing, annotating genomes and in characterising mutational traits.
Molecular medicines, preventive medicines, drug development, gene therapy, biotechnology and forensic microbial analysis all depends mainly on the research system of bioinformatics.
Due to its current penetration and advance in technological levels, this market is expected to grow at moderately high rate in coming years.
Notable industry movements:
Growing demand for nucleic acid and protein sequencing, technological advancements and huge investment by developed economies government, research institutions and private players are the main factors driving the market of bioinformatics.
Secondary growth factor includes frequent usage of biological system modelling in clinical research field as well as more collaboration between companies and research institutes in recent years.Input of integrated biological data is like adding stars in the sky of drug discovery and its development pertaining to the bioinformatics market.
Nevertheless, high cost, lack of user-friendly tools, skilled personnel and absence of well-defined standard are hindering the bioinformatics market growth.
The bioinformatics market is codified based on sector, products and services, application and region.
Basis of codification
Environmental biotechnology, Animal biotechnology, Evolutionary biotechnology, Medical biotechnology, Forensic biotechnology and Academics
Molecular phylo genetics, Genomics, Proteomics, Metabolomics, Transcriptomics, drug designing and others
Based on application, the ‘genomics segment’ is expected to hold a major share of the market in 2016. Considering from sector end, medical biotechnologyis expected to grow at the highest rate. This is resulting to the frequent use of bioinformatics market for specially drug discovery and development for invention of costlier drugs at a reduced rate.
Geographical framework and growth trend:
By geography, market is segmented into North America, Europe, Latin America, Asia Pacific and rest of the world.Majorly, North America had dominated the overall bioinformatics market in the past years and is expected to be the same during the forecast period. Ultramodern healthcare infrastructure, increasing demand for bioinformatics across genomics and proteomics research, technological advancements, highest number of clinical trials throughout the year, presence of experienced research institute, and large number of market players presence are some of the factors driving the market.
During forecast period, Asia Pacific is expected to grow at the fastest CAGR (with the leading countries like China, Japan and India). This is due to constantly rising number of biopharmaceutical companies and ‘outsource assignments’by pharmaceutical giants for cost saving related with this bioinformatics market. Many researchersacross Asia Pacificare also developing different software tools to impart useful and latest biological knowledge database revolving this bioinformatics market.
On a global basis, key leaders operating this bioinformatics market include BIOVIA ( Accelrys Inc.), ILLUMINA Inc.(U.S.),QIAGENN.V (Netherlands), IBM Life sciences, 3rd Millennium Inc., Agilent Technologies(U.S.),Thermo Fishes Scientific Inc.(U.S.), Life Technologies Corporation and others.
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