Bioinformatics Market worth $7.5 Billion By 2017

Wednesday 26 June 2013, Amsterdam

This report analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific and Rest of World.

This report studies the global bioinformatics market over the forecast period 2012-2017.

The global bioinformatics market was valued at $2.9 billion in 2012 and is poised to reach $7.5 billion by 2017 at a CAGR of 20.9%. Bioinformatics technologies are used in various pharmaceutical and biotechnology sectors to support their growth. Major sectors that use bioinformatics tools and services are medicine, agriculture, environment, animal, forensic, academics and others (home land security & defense, law-enforcement groups, bio-weapon creation, and evolutionary biotechnology). The medical sector accounted for the lions share of the bioinformatics market, owing to the increasing use of bioinformatics in the drug discovery and development process.

Product and services in the bioinformatics market comprise of platforms, knowledge management tools, and services. The bioinformatics platforms market is the fastest-growing segment, as they play a crucial role in quick and easy analysis and manipulation of large amounts of data obtained from NGS projects.

Applications of bioinformatics in life sciences research include genomics, proteomics, chemoinformatics, molecular phylogenetics, metabolomics, transcriptomics, and others (glycomics, cytomics, physiomics and interactomics). Genomics commands the largest share of the bioinformatics application market.

The decreasing cost of DNA sequencing, increasing funding from government and private organizations, and technical advancements in bioinformatics tools and platforms are propelling the market. Dearth of a common data format for integration of data, lack of well-defined standards, and shortage of skilled bioinformatics professionals are major hurdles to growth of the market. It is expected that the market will offer growth opportunities for bioinformatics solutions manufacturers with the introduction and adoption of upcoming technologies such as nanopore sequencing and cloud computing.

North America accounted for the largest market share of the bioinformatics market, followed by Europe, in 2012. However, other regions such as Asian and Latin American countries represent emerging markets, owing to a rise in research outsourcing by pharmaceutical giants, increasing number of Contract Research Organizations (CROs), rise in public and private sector investment, and growing industry-academia partnerships.