(MoneyNewsWire.Net, January 09, 2018 ) The North America Bioinformatics Market was worth USD 2.2 billion in 2016 and estimated to be growing at a CAGR of 19.1%, to reach USD 5.3 billion by 2021. Bioinformatics is a field in which biological data is interpreted through developing and using new software tools and methods. It is an interdisciplinary field which consists of mathematics, engineering, statistics and computer science, in order to interpret the biological information acquired. Bioinformatics covers all the biological studies which are undertaken by using computer programming as the tool. Bioinformatics is most commonly used for identifying candidate genes and single nucleotide polymorphisms.
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Bioinformatics is used in many areas of biology. In the field of genomics and genetics, it helps in sequencing genomes and recording their mutations. It assists in getting important information from text and in gene ontology to systematically organise and name data. In the field of experimental molecular biology, useful results were obtained by using techniques such as image and signal processing. It also helps analysing gene and protein expression and regulation. It is useful in studying evolutionary aspects of molecular biology by comparing genetic and genomic data.
The North America Bioinformatics market is driven by factors such as growing support of this field in producing new medicines and clinical diagnostics, increasing need for integrated bioinformatics systems in proteomics and genomics, rising number of partnerships between research organisations and companies, increasing need for sequencing protein and nucleic acids and rising initiatives from the government among others. However, this market has constraints such as lack of skilled workers, high costs, lack of interoperability among various data formats and lack of user friendly tools.
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The North America 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 North America Bioinformatics market is divided based on geography into United States, Canada and Mexico. North America is the largest market in the world with a share of around 34%. In North America, United States has the largest share and is also the fastest growing in this region. Growing demand for molecular and nucleic acid sequencing, rising investment in research and large number of players present in the market is expected to drive the growth of this market in the region.
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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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