(PharmaNewsWire.Com, April 21, 2020 ) Market Overview • Global Bioinformatics Market is expected to grow at a CAGR of 14% during the forecasting period (2019-2026). • Bioinformatics is a hybrid science or an interdisciplinary field that develops methods and software tools for understanding biological data. • It links biological data with techniques for information storage, distribution, analysis to support scientific research, including biomedicine. • The data is used to procure information that can be applied to gene-based drug discovery and development, protein structure studies, and to determine the therapeutic efficacy of drugs. Typical uses of bioinformatics include the identification of DNA sequences of genes or full genomes; amino acid sequences of proteins; and three-dimensional structures of proteins, nucleic acids and protein-nucleic acid complexes.
Market Drivers and Restraints • The growth of the global bioinformatics market is driven by the accelerating growth of proteomics and genomics due to the increasing demand for large-scale study of proteins and protein sequencing as well as nucleic acid. • The growing research on molecular biology and drug discovery and the rising demand for personalized medicine are other growth factors. With the number of collaborations between companies and research institutes rising along with increase initiatives from governments and private organizations further improving the market. • However, the lack of well-defined standards of common data formats for integration of data along with the lack of user-friendly tools and data complexity concerns may be expected to restrain the market growth.
Market Segmentation • By product, the global bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and services. The knowledge management tools and services are two critical segments of this market. • The Bioinformatics Knowledge Management Tools is estimated to the highest revenue generating for the year 2018, followed by the services segment. • By application, the market concerning healthcare is mainly divided into medicine, genomics, proteomics, transcriptomics, cheminformatics, and others. Genomics and proteomics hold substantial shares in the bioinformatics market particularly after the completion of the Human Genome Project and the Human Proteome Project. • This project generated a vast amount of data which gave a new perspective to the profiling of proteomic and genomic analyses. • These, in turn, have driven the growth of the global Bioinformatics Market’s demand for tools and platforms. Medicine also holds a significant share of the market, and this is attributed to growing research on drug discovery and the need for personalized and precision medicine.
Geographical Share • North America accounts for the largest share in the global bioinformatics market for the year 2018 and is expected to remain dominant over the forecast period. As the region is a technologically advanced and with a developed nation such as the U.S., the ever-growing demand for bioinformatics across genomics and proteomics research and the broad base of significant market players and research institutes in the region contribute to its market expansion. • Increasing research funding and technological advancements are other factors that help the market see profitable growth. • The Asia Pacific is expected to witness a significant growth at the fastest rate owing it to improving IT infrastructure and the increasing government initiatives for research and development. Some of the fastest growing markets in the Asia region are Japan, China, and India.
Competitive Trends • Several companies have adopted mergers and collaborations to help them to stand out as strong competitors in the market and also expand the global bioinformatics market. New and innovative product launches are other strategy adopted by the leading players to improve their market presence. • January 2019, OncoCyte Corporation, a developer of novel, non-invasive tests for the early detection of cancer, has transitioned to Thermo Fisher Scientific’s Ion GeneStudio S5 next-generation sequencing (NGS) platform for targeted sequencing. • OncoCyte anticipates that the use of the Ion GeneStudio S5 System will increase the likelihood that DetermaVu (lung cancer diagnostic test) will offer consistent and robust results necessary for product development and further studies. • January 2018, Thermo Fisher Scientific introduced the Ion GeneStudio S5 Series, a new line of benchtop next-generation sequencing (NGS) instruments that enable low cost per sample for small and large projects across multiple research applications. • November 2017, Biomillenia and QIAGEN collaborated for the use of QIAGEN’s Microbial Genomics Pro Suite. Using Biomillenia’s proprietary microbiome-on-a-chip technology, they identified and generated next-generation sequence data on microbes. • March 2016, Agilent Technologies Inc. collaborated with Eurofins Scientific to expand SureVector cloning system, enabling the creation of over 1 million different cloning vectors. SureVector is the world’s first modular vector kit which • let’s biologists construct customized vectors-small DNA molecules within cells that can replicate independently from standard components.
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