Bioinformatics is a field that develops methods and software tools for the understanding of biological data. Bioinformatics recently gained global attention due to its various applications in gene therapy and molecular science and the ability to facilitate rapid clinical research. The industry is growing stronger due to cooperative development programs and cost-sharing agreements. During 2018 – 2026, the Global Bioinformatics Market is expected to grow at a CAGR of 19.37%. The following factors play a key role in driving the Bioinformatics Market.
- Advancement in genomics & proteomics
- Government initiatives & it development
- Bioinformatics improves drug discovery process
- Bioinformatics supports biomarker discovery to develop safer drugs
- High throughput screening
Advancement in genomics & proteomics and high throughput screening are the major factors in uplifting the Global Bioinformatics Market growth. One of the emerging fields of bioinformatics is high throughput screening. It enables high-speed biological tests through liquid handling devices, sensitive detectors, and data processing software. Genomics and Proteomics already form multibillion-dollar markets. Genomics involves the study of complex sets of genes, their expressions and their role in biology. The rising availability of sequencing technologies has driven the Genomics field over the past few decades. Another fast-growing domain in the life sciences industry, supported by and, in turn, fuelling the informatics sector is the field of Proteomics. As the number of experiments in proteomics and genomics increases, so does the need for data storage and analysis, and the applications of bioinformatics keep growing.
A few other applications of the Bioinformatics market includes Cheminformatics, Transcriptomics, Metabolomics, and Molecular phylogenetics.
Cheminformatics tools assist medical chemists in a better understanding of complicated structures of chemical compounds. A study based on the expression level analysis of Messenger RNA (mRNA), with the help of DNA microarray technology, is known as expression profiling or Transcriptomics. Metabolomics was a technique of functional genomic before, but today it is used for various purposes like assessing responses to environmental stress, comparing mutants, natural product discovery, drug discovery, diabetes, nutrition, toxicology, cancer, comparing different growth stages and studying global effects of genetic manipulation. Molecular phylogeny is the branch of phylogeny that studies hereditary molecular changes, especially in DNA sequence to unveil information about the evolutionary relations of an organism.
Two key factors that hinder the Bioinformatics market are the saturated pharmaceutical market and the lack of common data. There is an increasing need to mix software to create composite applications from the currently available single-task tools. The global pharmaceutical market is characterized by low competition levels and brand domination. Investments in new technologies are limited by these competitive scenarios
GLOBAL BIOINFORMATICS MARKET FORECAST 2018-2026
The Global Bioinformatics market is geographically segmented into four major geographies.
- Asia-Pacific – China, India, Japan, Rest of APAC
- North America – U.S. & Canada
- Europe – UK, France, Germany, Spain, Italy and Rest of Europe
- Rest of World- Latin America, The Middle East, and North Africa, Rest of Africa
The Global Bioinformatics Market is expected to reach USD 18.96 Billion by 2026 and North America is anticipated to hold the largest share of the Bioinformatics market. The U.S. will determine the market as it invests heavily in private and public research for gene therapy and drug development. During 2018-2026 Asia Pacific is expected to grow with the highest CAGR of 14.3%. The bioinformatics market in the US is growing rapidly. The major reason for the growth in the US can be attributed to the growing mandate for bioinformatics in genomics and proteomics research, technological developments in the field, elevated research funding and increased number of research institutes. The growing usage of biotechnology in the medical industry for the development of preventive medicines, molecular medicines, forensic analysis of microbes, drug development and gene therapy contributes to the growth of Bioinformatics market in Canada
The Bioinformatics market is segmented into Products and Services and Products. Products and Services are further divided into content/ knowledge management tools, bioinformatics platforms, and services. The Products are subdivided into preventive medicines, molecular medicines, drug development, gene therapy, and others. The bioinformatics platforms are further segmented into four major groups; structural analysis, sequence manipulation, sequence alignment, and sequence analysis. Generalized and specialized databases are the two categories that come under content/knowledge management tools. Generalized knowledge management tools are primarily used for storing multiple data produced in life science studies. Specialized knowledge management tools are predominantly applied for storing complex structural data. Specialized knowledge management tools include techniques like 2D Page and microarray knowledge management tools. In 2018, knowledge Management tools held the largest market share. Due to the increasing use of sequencing and data analysis in bioinformatics, and of the data mining and consultancy services markets, the bioinformatics is witnessing significant growth. The increasing use of integrated bioinformatics systems in proteomics and genomics is also fuelling the growth of the Bioinformatics market.
The key players in the Global Bioinformatics market are:
- THERMO FISHER SCIENTIFIC INC
- AFFYMETRIX, INC.
- QIAGEN N.V.
- REGENERON PHARMACEUTICALS, INC.-RECEIVED
- GENEVA BIOINFORMATICS SA
Conclusion
North America will hold the largest bioinformatics market by 2026 and the largest share of the market will be contributed by Genomics applications. In 2018, it was the knowledge management tool that held the largest market share. The fastest-growing bioinformatics platform is the sequence manipulation. Preventive medicine is also showing a faster growth. During 2018 – 2026 Asia Pacific market is expected to grow with the highest CAGR of 14.3%. Applications of bioinformatics in Proteomics and Genomics is one of the major fuelling factors for market growth.