Allied Market Research, published a new market research report titled “Bioinformatics Market – Global Industry Analysis, Size, Growth Trends, Share, Opportunities and Forecast”. As per the study, the global Bioinformatics market was valued at $3.4 billion in 2013, and it is expected to reach $12.8 billion by 2020. The market is expected to grow at a CAGR of 21.2% during 2014-2020.
Bioinformatics involves the development and storage methods that help in the organizing, analyzing, and retrieving of biological information. The development in the field of bioinformatics would help in various applications such as drug discovery and development, gene therapy, molecular medicine, preventive medicines, personalized medicines, etc. The factors driving the market are the need for integrated data, rising demand for drug development and discovery, the increasing focus in genomics & proteomics and favorable government initiatives. The limitations for the growth of this market are the need for skilled personnel, saturation of the pharmaceutical sectors and lack of common data formats. The factors that would provide opportunities for the growth of this market are standardization of databases, need for integration systems & solutions and need to control data overload.
The bioinformatics technology and services market is segmented into knowledge management tools, bioinformatics platforms and bioinformatics services. Bioinformatics platforms segment was estimated to be the highest revenue generating segment in 2013. This was due to increasing popularity of bioinformatics tools in various genomic studies. However, by 2020, knowledge management tools are expected to take over platform market and would emerge as the highest revenue generating segment in the overall bioinformatics technology and service market. This shift would be chiefly due to increasing need for data integration, increasing clinical trials and growth in the proteomic data. The services market is expected to have the highest potential during the analysis period due to increasing adoption of services by the biotechnology and pharmaceutical companies.
The bioinformatics market is segmented based on applications, namely metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, genomics and others. The genomic application segment was estimated to be the major revenue generating segment in 2013; however, by 2020, chemoinformatics would supersede genomic. Major contributing factors for this growth are increasing application of drug discovery and development using bioinformatics tools, which proves to be cost and time efficient for the pharmaceutical companies. The transcriptomics market is expected to have the highest potential as they provide solution in multi target drug discovery, which reduces the risk of failure of hypothesis, aids in the discovery of drugs that helps in modulating various diseases, and provides various platforms in drug discovery.
Browse the full report at http://www.alliedmarketresearch.com/bioinformatics-market