” published by IndustryARC, the market is driven by drug discovery and development of personalized medicines and clinical diagnostics.
America with major share in the Bioinformatics Market
The American region has seen substantial inflow of investment in the bioinformatics sector and as a result, has seen various advancements and rapid growth in demand for the market. China, sustained by its investment in life sciences, has also seen similar growth. But most of its services are off-shore rather than its onshore products for bio-informatics. Middle East and Africa are among the least opportunistic for the market as the need for bio-informatics is still at its burgeoning stages. Approximately 34% of bioinformatics market is used for services such as sequencing, data analysis and database management, with 50% used in bioinformatics platform markets. The market for bioinformatics is buoyant, with increasing demand in Asia.
Selected Product Analysis done in the full Report:
The Bioinformatics platform offers services that include database design, software engineering and data integration. The sequence analysis is the procedure of subjecting a DNA, RNA or peptide sequence to extensive variety of analytical tools to comprehend its features, function, structure, or evolution. The sequencing finds its use in various applications such as molecular biology, evolutionary biology, metagenomics, medicine, forensic and more. The Bioinformatics platform is anticipated to grow at a CAGR of 19.9% and will reach revenue of $10.91 billion by 2023. The next product is Knowledge Management tool, which delivers strategy, process and technology. This helps influencing information and knowledge that will escalate the level of understanding which will enhance the problem solving and decision making quality. The bioinformatics knowledge management market is estimated to reach $3.18 billion by 2023. Similarly, next generation sequencing service is the future trend in the market. It possesses various characteristics that are different from other sequencing techniques such as much shorter reads (25-300 bp), higher throughput, lower cost per MB, single molecular sequencing and more. The bioinformatics services market is anticipated to grow at a CAGR of 22.9% and to reach revenue of $9.15 billion by 2023. This market is all set to experience a booming trend owing to the Increase in demand for biology modeling, which is driven by large-scale integration in the drug discovery process.
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Excerpts on Market Growth Factors
The survey of sequence and protein structure information has led to the explosive growth of bioinformatics in the last decade. The discipline is becoming increasingly important in the study of biomedical problems and will perhaps continue till the forecast.
Unavailability of efficient drugs, and the high cost associated is the major reason behind most deaths. Development of cheap and efficient drugs for a disease is one of the major problems faced by mankind. Bioinformatics will be a major solution to this problem for the development of rational drug design.
Recent advances in clinical diagnostics in biological sciences and systems have created a tremendous amount of bioinformatics related data. Bioinformatics tools have been developed to exploit the wealth of information and transform it into useful knowledge including data mining techniques, aiming to discover hidden knowledge.
Current chemical advancement for drug discovery are generating chemical data in large scale which is denoted as information explosion that has built a demand for effective collection, organization, analysis and application of the chemical information in the process of modern drug discovery and development.
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Key players of the Bioinformatics Market
The company has carried out various major acquisitions which contributed to the positive growth of the market. Illumina Inc., Qiagen NV, Thermo Fisher Scientific Inc., DNAnexus, BioMax, Perkin Elmer and others are some of the role playing companies. The large number of market players operating in the global bioinformatics industry is investing in research and development projects. They are also looking forward towards technological advances for increasing applications in biosciences and integrated information technology.
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