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Bioinformatics Market Overview
In the coming years, the global bioinformatics market size is witnessed to grow substantially due to the rising requirement for nucleic acid & protein sequencing because of reduction in sequencing cost, increasing need for integrated data, and wide applications of genomics & proteomics. In addition to this, increasing initiatives form the private & government organizations and drug discovery & development are also resulting in the growth of the market.
Bioinformatics services, knowledge management tools, and bioinformatics platforms are the various products & services offered in the industry. Among these, the largest bioinformatics market share was held by the bioinformatics platforms in the past, which is projected to retain its position in the coming years as well. This is attributed to the extensive platform applications and requirement for better tools in drug development. The category is further divided into sequence manipulation platforms, sequence alignment platforms, structural & functional analysis platforms, and sequence analysis platforms.
The different sectors that make use of bioinformatics are agricultural biotechnology, forensic biotechnology, academics, animal biotechnology, medical biotechnology, and environmental biotechnology. Out of these, the medical biotechnology sector accounted for the major share of the bioinformatics market in the past, owing to the surging adoption of bioinformatics tools in clinical and pharma applications. The category is divided into reproductive biotechnology, molecular medicine, clinical diagnostics, gene therapy, and drug development.
The various applications of bioinformatics include metabolomics, molecular phylogenetics, transcriptomics, chemo informatics & drug design, proteomics, and genomics. The transcriptomics application is expected to advance at the fastest pace in the near future in the bioinformatics market. The primary reason for this is the rising preference for personalized medicines and companion diagnostics. Furthermore, continuous discovery of biomarkers, growing acceptance of transcriptomics technology, and novel gene sequencing are projected to drive the industry’s growth.
Geographically, North America held the largest share of the bioinformatics market in the past and is predicted to dominate the market in the near future as well. This is because of the increasing adoption of advanced technology and rise in requirement for better bioinformatics tools, which are needed in the drug discovery & development process. Latin America is projected to witness the fastest growth in the coming years, owing to the generation of massive volume of data that needs to be interpreted and managed and advancement in the field of proteomics and genomics.
Bioinformatics Market Dynamics
The rising demand for nucleic acid and protein sequencing because of reduction in sequencing costs and technological advancements are the major driving factors for the bioinformatics market growth. Bioinformatics is increasingly being utilized for identifying genes in DNA sequences, and the collected information is used for understanding the molecular mechanisms of diseases. This helps in the development of better diagnostic tests and treatments. The decreasing cost of sequencing has led to an increase in the initiatives regarding sequencing studies by biotech companies. It is due to technological advancements that the speed of decoding genetic sequences has increased, which, in turn, has reduced the cost of analysis and sequencing.
The increasing investments by IT giants in the development of bioinformatics solutions is creating wide opportunities for the players operating the bioinformatics market. As the focus of IT giants is shifting toward bioinformatics for different healthcare applications, rising investments are being made for innovative techniques and tests which an provide helpful for battling diseases such as Parkinson’s and cancer. For example, Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates have invested heavily in Grail, which is a start-up by gene sequencing firm Illumina led by a former Google executive.
Bioinformatics Market Competitive Landscape
Some of the key players operating in the global bioinformatics market are Tripos LP, Affymetrix Inc, Agilent Technologies Inc., Helicos BioSciences Corporation, Illumina Inc., Thermo Fisher Scientific Inc, IBM Life Sciences, Rosetta Inpharmatics LLC, and Celera.