Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes.
Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.
According to the new market research report by MarketsandMarkets,global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.
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Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications. In addition, the use of bioinformatics platforms is increasing in the drug discovery & development process, which is contributing to market growth.
Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms. Hence, the annotation of unknown metabolic signals is the main hindrance to growth of the metabolomics segment.
Pharma companies are also using AI along with bioinformatics tools to identify drug targets. Merck entered the AI space by collaborating with Numerate, Celgene partnered with GNS Healthcare, GSK collaborated with Exscientia, while Pfizer entered into a collaboration with IBM Watson for drug discovery research.
In 2018, The APAC market is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels. This has led to increased healthcare spending by a larger population base, healthcare infrastructure modernization, and rising penetration of cutting-edge research and clinical laboratory technologies, including bioinformatics, in Asia Pacific countries.
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Maior Key Players Mapped in Research Report:
Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer, Inc., Qiagen Bioinformatics, Agilent Technologies, Dnastar, Waters Corporation, Sophia Genetics, Partek, Biomax Informatics AG, Wuxi Nextcode, Beijing Genomics Institute (BGI).