Bioinformatics deals with the recording, annotation, storage, analysis and retrieval of nucleic acid sequence, protein sequence and structural information. Molecular medicines, preventive medicines, genetherapy, biotechnology, forensic analysis of microbes and drug development are some of the common applications of bioinformatics in the field of medical science. It is also used in the study of genomes and genetics.
The global bioinformatics market is estimated to account for US$ 12,542.4 Mn in terms of value by the end of 2020.
Global Bioinformatics Market: Drivers
Increasing investment in the pharmaceutical sector is expected to propel growth of the global bioinformatics market over the forecast period. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018.
Global Bioinformatics Market: Restraints
Lack of interoperability in data formats is expected to hinder growth of the global bioinformatics market.
The global bioinformatics market was valued at US$ 10,391.4 Mn in 2019 and is forecast to reach a value of US$ 46,261.2 Mn by 2027 at a CAGR of 20.5% between 2020 and 2027. Increasing investment in pharmaceutical industry along with technological advancement in drug designing is expected to propel the market growth during the forecasted period.
Genomics segment held dominant position in the global bioinformatics market in 2019, accounting for 28.5.0% share in terms of value, increasing research and development activity is expected to propel the segment growth.
High prevalence of chronic diseases is expected to boost growth of the global bioinformatics market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, increasing development of drugs is also expected aid in growth of the global bioinformatics market. For instance, according to Pharmaceutical Research and Manufacturers of America, over 750 orphan drugs were approved in the U.S. in 2018, compared to over 600 in 2017.
Global Bioinformatics Market: Competitive Landscape
Major players operating in the global bioinformatics market include, Active Motif, Inc., Illumina, Inc., Life Technologies, Affymetrix, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Qiagen, Knome, Inc., GE Healthcare, Geneva Bioinformatics SA, Quest Diagnostics, bitBiome, Inc., Intomics, Advanced BioInformatics GmbH, and Fios Genomics Ltd.
Global Bioinformatics Market: Key Developments
Major players in the global bioinformatics market are focused on offering various solutions to expand their product portfolio. For instance, in June 2020, Intomics released Covid-19 network analysis through its inBio Discover platform. The platform, for free, offers insights from the company’s COVID-19 study with the aim of gaining new therapeutic insights and identifying potential drug targets for COVID-19.
Major players in the market are also focused on R&D to expand their product portfolio. For instance, in May 2020, Advanced BioInformatics GmbH announced that the company has secured exclusive worldwide intellectual property rights from the University of Utah Research Foundation to develop novel cardiac rhythm management solutions based on proprietary low-energy pacing technology.
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