The global bioinformatics market is projected to expand at a CAGR over 21% during the forecast period (2014 to 2020). In revenue terms, the industry could reach nearly USD 14 billion by 2020. It is propelled by growing demand for advanced drugs and prevalence of chronic diseases. Application of information technology for the effective management of biological information is known as bioinformatics.
Affordable costs of DNA sequencing and strong support from private sector organizations & governments are factors that positively impact the global industry. Furthermore, steady developments in IT support for bioinformatics systems may fuel market demand in the forthcoming years. A number of research institutes focus greatly on discovering & developing novel drugs in the area of life sciences. Widespread adoption of bioinformatics in clinical diagnostics is a vital industry driver.
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The global bioinformatics market is segmented on the basis of sectors, products & services, applications, and regions. Based on sectors, the industry is divided into environment biotechnology, animal biotechnology, forensic biotechnology, agriculture biotechnology, academics, forensic biotechnology, and medical biotechnology. The forensic biotechnology segment is a rapidly growing one because of high demand for DNA evidence in legal systems.
The sub-segments of medical biotechnology are reproductive biotechnology, clinical diagnostics, drug development, gene therapy, and molecular medicines. Owing to high sunk costs, medical biotechnology holds the highest share in the overall market in terms of revenue. According to products & services, the worldwide industry is categorized into bioinformatics services, bioinformatics platform, and bioinformatics knowledge management tools. Bioinformatics tools are further segmented into generalized knowledge management tools and specialized knowledge management tools. Bioinformatics platforms include sequence alignment platforms, sequence analysis platforms, functional & structural analysis platforms, and sequence manipulation platforms.
Bioinformatics services are classified into database management, sequencing service, data analysis, and others. Data analysis and database management are by far the most expensive because of these need human intervention for interpretation and technology for data organization. On the basis of applications, the global Bioinformatics Market is divided into molecular phylogenetics, proteomics, metabolomics, chemo informatics & drug design, transcriptomics, and others. Genomics is anticipated to be the largest market by 2020. And metabolomics may register the highest growth rate during the forecast period.
The regional segments of the global Bioinformatics Market are Asia Pacific, North America, Europe, and Rest of the World. North America dominated the overall industry in 2014 owing to technological developments and continuous efforts towards drug discovery & development. The region may retain its leading position throughout the forecast period. Asia Pacific may expand at a remarkable rate because of medical tourism, high investments in healthcare IT, and greater CRO activities. Brazil, China, and India could create significant growth prospects in the forthcoming years.
Prominent companies operating in the global industry are Life Technology Corporation, Biomax Informatics AG, CLC Bio, Id Business Solutions, and Nonlinear Dynamics Ltd. In order to understand & block the progression of cancer, researchers have identified certain proteins that get altered in different types of cancers. When these are targeted with drugs that block their activities, the progression of cancer can be halted to an extent. Researchers & scientists from the University of Cambridge and from Hungary utilized databases of genes that are involved in cancer.
It was observed that cancer related proteins are strongly connected to the main protein networks. Some of the key proteins in the networks have the capacity to facilitate changes that convert healthy cells into cancer cells. The cancer proteins do not interact directly with another but through their surrounding first neighbors. The concerned researchers have successfully utilized computational methods to identify the exact proteins that need to be targeted by drugs.