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.
The 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. Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture).
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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.
Knowledge management tools commanded the largest market share in the global Data Analysis Services 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.
In 2018, The APAC market is expected to grow at the highest CAGR during the forecast period
The Data Analysis Services 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.
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