The rising incidences of chronic diseases globally coupled with the increasing demand of advanced drugs for the diagnosis of these diseases are expected to propel the growth for bioinformatics market.The implementation of information technology to manage biological information efficiently is known as bioinformatics. Decreasing cost of DNA sequencing, continuous advancement in information technology support for bioinformatics devices and increasing aids from government & private sector organizations for bioinformatics are some of the key factors which are triggering the growth of bioinformatics market over the forecast period. Apart from these, the factors like increasing initiatives by research institutions for discovery of novel drugs in life science and significant growth in usage of bioinformatics in the field of clinical diagnostics are few supporting drivers of this market. Bioinformatics include genome annotation, gene sequence analysis, cancer mutation analysis, gene expression analysis, gene regulation analysis, protein expression analysis, comparative genomics and system biology. Continuous up-gradation in technology like cloud computing and nanopore technology has created a huge platform for storing, retrieving, analyzing, manipulating and organizing biological information. Adoption of computer technology for managing biological information also helps in developing drug and manage huge database associated which its discovery.
The global bioinformatics market is segmented on the basis of sectors, products & services and application. On the basis of sector, market is further classified into medical biotechnology, animal biotechnology, academics, agriculture biotechnology, forensic biotechnology, environment biotechnology and others. Medical biotechnology is further divided into drug development, molecular medicines, clinical diagnostics, gene therapy and reproductive biotechnology. Forensic biotechnology is the fastest growing segment owing to increasing demand for DNA as evidence in our legal system. Medical biotechnology is contributing highest share in the entire bioinformatics sector market due to involvement of huge sunk cost.
Products and Services Insights
On the basis of products and services, bioinformatics market is divided into bioinformatics knowledge management tools, bioinformatics platform and bioinformatics services. Bioinformatics tool is bifurcated into specialized knowledge management tools and generalized knowledge management tools. Bioinformatics platforms is further classified into sequence analysis platforms, sequence manipulation platforms, sequence alignment platforms, structural & functional analysis platform, whereas bioinformatics services is classified into sequencing service, data analysis, database management and other services. Among all the mentioned sub segments, database management and data analysis is the critical and expensive part owing to involvement of technology for organizing data and humans for interpretation.
On the basis of application, market is segmented into genomics, proteomics, chemo informatics & drug design, transcriptomics, metabolomics, molecular phylogenetic and others. Genomics is expected to be the largest market segment by 2020 owing to its ability to understand even the most complex biological system like brain, whereas metabolomics is anticipated to be the fastest growing segment over the forecast period in order to decrease risk factors and identify biomarkers which helps to reveal embryo during pregnancy.
Geographically, North America was the most dominant region in entire bioinformatics market, in 2014. Due to increasing adoption of latest technology, and continuous discovery & development of drugs, this market is expected to maintain its lead by 2020. Asia Pacific region is anticipated to show highest growth during the forecast period owing to the rapid increase in CRO activities, huge investment for introduction of IT in healthcare, growing medical tourism and growing academic and industry partnership. Countries like India, China and Brazil is expected to provide significant growth opportunities owing to increasing research outsourcing by pharmaceutical giants of developed nations.
Some of the key market players of bioinformatics market are Affymetrix, Inc., Biomax Informatics AG, Agilent Technologies, Inc., CLC Bio, Illumina, Inc., Integromics S.L., Geneva Bioinformatics S.A., Id Business Solutions, Life Technology Corporation, ABM, Nonlinear Dynamics Ltd., Qiagen, Perkin Elmer and Dnanexus. Since the market is highly competitive, monopolistic and consolidated. Firms are adopting many strategies for the development of their business and creating differences with other firms who are serving the same market.
Research Support Specialist, USA