Bioinformatics Market Worth 16.18 Billion USD by 2021
26 Oct, 2016, 14:30 BST
PUNE, India, October 26, 2016 /PRNewswire/ --
According to a new market research report "Bioinformatics Market by Sector (Molecular Medicine, Agriculture, Forensic, Animal, Research & Gene Therapy), Product (Sequencing Platforms, Knowledge Management & Data Analysis) & Application (Genomics, Proteomics & Metabolomics) - Global Forecast to 2021", the market is projected to reach USD 16.18 Billion by 2021 from USD 6.21 Billion in 2016, growing at a CAGR of 21.1% during the forecast period.
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Browse 136 market data Tables and 47 Figures spread through 184 Pages and in-depth TOC on "Bioinformatics Market"
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Growing demand for nucleic acid and protein sequencing, increasing initiatives from government and private organizations, growing application of bioinformatics, and improved collaborative ties between companies and research institutes are the major factors driving the growth of the bioinformatics market. On the other hand, lack of well-defined standards and common data formats for integration of data, shortage of skilled bioinformatics professionals, and lack of adequate user-friendly tools are the major factors restraining the growth of this market.
The bioinformatics market is segmented on the basis of sector, products and services, application, and region. Based on sector, the bioinformatics market is categorized into medical biotechnology, academics, animal biotechnology, agricultural technology, environmental biotechnology, forensic biotechnology, and other sectors (homeland security and defense, law enforcement groups, bioweapon creation, and evolutionary biotechnology). In 2016, the medical biotechnology segment is expected to account for the largest share of the bioinformatics market. This is attributed to the increasing use of bioinformatics in drug discovery and development processes for the faster development of safe and effective drugs at reduced costs.
On the basis of products and services, the bioinformatics market is categorized into knowledge management tools, bioinformatics platforms, and bioinformatics services. The knowledge management tools segment is expected to account for the largest market share in 2016. However, the bioinformatics platforms segment is expected to grow at the highest CAGR during the forecast period; high growth in this segment can be attributed to the advantages of bioinformatics platforms, such as reduction in overall time for processing data, phylogenetic analysis, and identification of sequence similarity.
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Based on application, the market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, molecular phylogenetics, and other applications (glycomics, cytomics, physiomics, and interactomics). The genomics segment is expected to account for the largest market share in 2016. The increasing use of pharmacogenomics is a major factor contributing to the growth of this segment.
North America is expected to account for the largest share of the bioinformatics market in 2016. The increasing demand for bioinformatics across genomics and proteomics research, technological advancements, increasing research funding, and presence of a large number of market players and research institutes are driving the growth of the bioinformatics market in this region.
Major players operating in the bioinformatics market include Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Netherlands), and Agilent Technologies (U.S.).
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