(MoneyNewsWire.Net, January 03, 2018 ) The Global Bioinformatics Market was worth USD 6.6 billion in 2016 and estimated to be growing at a CAGR of 19.1%, to reach USD 15.8 billion by 2021. Bioinformatics is the interpretation of biological data which is done by developing and using new methods and software tools. It is an interdisciplinary field comprising of mathematics, computer science, engineering and statistics in order to understand the biological information obtained. Bioinformatics covers the ensemble of biological studies which are done by using computer programming as the method. Bioinformatics is typically used for identifying single nucleotide polymorphisms and for candidate genes.
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Bioinformatics is very useful in many areas of biology. In the field of genetics and genomics, it aids in sequencing genomes and recording their mutations. It helps in obtaining important information from text and in gene ontology to systematically name and organise data. It also serves use in analysing gene and protein expression and regulation. It proved useful when evolutionary aspects of molecular biology were to be understood by comparing genetic and genomic data. In the field of experimental molecular biology, useful results were obtained by using techniques such as image and signal processing.
The Global Bioinformatics market is driven by factors such as growing need for integrated bioinformatics systems in proteomics and genomics, increasing support of this field in developing new medicines and clinical diagnostics, increasing need for protein and nucleic acid sequencing, rising number of collaborations between companies and research organisations and increasing initiatives from the government among others. The major constraints faced by this market are high costs, lack of skilled workers, lack of interoperability among various data formats and lack of user friendly tools.
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The Global Bioinformatics market is segmented on the basis of sector into animal biotechnology, environmental biotechnology, agricultural biotechnology, forensic biotechnology, medical biotechnology, academics and others. Medical biotechnology accounted for the largest share in this segment owing to the growing need for developing new drugs at cheap prices. Based on products & services, the market is segmented into bioinformatics platforms, knowledge management tools and bioinformatics services. Knowledge management tools has the largest share in this segment and bioinformatics platforms is the fastest growing sub-segment. In the applications segment, the market is further divided into proteomics, transcriptomics, molecular phylogenetics, chemoinformatics and drug design and genomics. Genomics accounts for the largest market share in the applications segment.
The Global Bioinformatics market is divided based on geography into North America, Latin America, Asia-Pacific, Middle East and Africa and Europe. North America has the largest market share in the world followed by Europe. Asia-Pacific is the fastest growing market in the world. Factors like rising funding for research, growing demand for bioinformatics in proteomics and genomics research and technological advancements is expected to drive the rise of this market.
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Some of the major players in the market include Agilent Technologies, Affymetrix Inc., Applied Biological Materials (ABM), 3rd Millenium Inc., Illumina Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Biomax Informatics Ag, DNAnexus, Inc. and Waters Corporation among others.
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