Bioinformatics Market is Expected to Reach Revenue of $12.8 Billion Globally by 2020
The bioinformatics sector market is segmented based on medical bioinformatics, animal bioinformatics, agriculture bioinformatics, academics and others. The medical bioinformatics was and is projected to remain as the leading revenue generating market segment through 2020. The plunge would be due to the widespread application in preventive medicine, gene therapy and drug discovery & development using bioinformatics tools.
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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 with 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, the need for integration systems & solutions and the need to control data overload.
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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 the 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.
The geography market is segmented into North America, Europe, Asia Pacific and RoW. North America is the highest revenue generating region due to the widespread adoption of advanced technologies in the region. The Asia Pacific region is expected to have the highest growth potential during the analysis period and this is due the funding initiatives done by the government. In addition, many private players in the bioinformatics sector are entering the untapped regions to obtain large market share.
Principal strategies adopted by the manufactures are product launch, agreements and collaborations. Most of the agreements done are for the expansion of the product portfolio, example – Agilent technologies announced an agreement with SRI international. According to the agreement, the products of Agilent – GeneSpring GX, Mass Profiler Professional GeneSpring NGS and Pathway Architect version 12.5 with SRI International’s complete BioCyc Pathway Database Collection would be offered as a combined package to the users. Thus, allowing end users to access, visualize, combine and analyze biological data.
The key companies profiled in this report are Accelrys, Inc., Affymetrix, Inc., Agilent technologies, Inc.,Genevabioinformatics, Non linear dynamics, Quest Diagnostics, Inc., Life Technologies corp., Illumina, Bruker Daltonics, inc., and Biomax informatics AG