Bioinformatics Market by Product & Service (Knowledge Management Tools (Specialized Knowledge Management Tools, and Generalized Knowledge Management Tools), Bioinformatics Platforms (Structural & functional Analysis Platforms, and Data Analysis Platforms) and Bioinformatics Services (Database Management Services, and Data Analysis services,)), Applications (Chemoinformatics & Drug Design, Genomics, Proteomics, Metabolomics and Transcriptomics), and Sector (Agriculture Biotechnology, Animal Biotechnology, Academics, Medical Biotechnology (Clinical Diagnostics & Personalized Medicine, Drug Discovery & Development, and Reproductive Health), Forensics Biotechnology, and Environmental Biotechnology)) - Global Forecast to 2030
Market Industry Reports (MIR) has published a new report titled “Bioinformatics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global bioinformatics market is estimated to be over US$ 6.5 Billion in 2018. It is anticipated to grow at a double digit CAGR from 2018 to 2030.
The continual growth of the bioinformatics market can be attributed to several factors such as increasing number of research studies in the field of genomics and proteomics, growing number of research funding and technological advancement among others. Moreover, growing demand for personalized medicines across the globe is anticipated to further contribute to the substantial growth of the global bioinformatics market between 2018 and 2030. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. The Institute of Molecular Biology & Biotechnology (IMBB), based in Greece, has entered into an agreement with The Bioinformatics and Computational Science (BioCoS) company (limited partnership), for development of innovative solutions in the field of biotechnology.
Increasing Demand for Data Storing, Processing, Analyzing and Management Tools
Over the years, the completion of Human Genome Project has led to the generation of hug e amount of data. The management of such colossal amount of data has been made extremely simple and efficient by the application of bioinformatics tools effectively. Genomics and proteomics have been vital in contributing to the areas of process development of recombinant protein production, identification of disease-vulnerable population, genome-wide expression profiling tools and drug designing. Adoption of Bioinformatics as a tool to manage, process, and analyze, have led to the emergence of bioinformatics as an extremely effective platform to conduct diverse research studies studies across varying domains of life sciences, proteomics, genomics, molecular biology, genetics and biochemistry among others. Hence, convenience of using these platforms to perform advanced research studies, is anticipated to contribute effectively to the substantial growth of the bioinformatics market globally.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Bioinformatics Market by Product & Service (Knowledge Management Tools (Specialized Knowledge Management Tools, and Generalized Knowledge Management Tools), Bioinformatics Platforms (Structural & functional Analysis Platforms, and Data Analysis Platforms) and Bioinformatics Services (Database Management Services, and Data Analysis services,)), Applications (Chemoinformatics & Drug Design, Genomics, Proteomics, Metabolomics and Transcriptomics), and Sector (Agriculture Biotechnology, Animal Biotechnology, Academics, Medical Biotechnology (Clinical Diagnostics & Personalized Medicine, Drug Discovery & Development, and Reproductive Health), Forensics Biotechnology, and Environmental Biotechnology)) - Global Forecast to 2030. in detail along with the table of contents: https://www.marketindustryreports.com/69/bioinformatics-market
Growing Demand of Sequencing
The advent of several sequencing technologies have led to an exponential increment in the growing demand for bioinformatics globally. The large amount of genomic data which is generated, requires efficient, accurate and quick analysis. The application of bioinformatics in managing the same, to simplify the entire procedure, with minimum complications and time investment has been pivotal in contributing the increasing adoption of bioinformatics.
High Costs of Bioinformatics Tools to Restrain the Market
Various complications and risk related associated with bioinformatics procedures have been affecting the growth of the bioinformatics industry inversely. Several complications such as a large amount of data has generated through various sequencing and structure methods, reimbursement hurdles for the manufacturer and high-capital investment are some factors which influence the growth. The data which has been generated are much complex and complexity range start from missing values to excess unwanted information that will be the risk which influence the market
High costs associated with bioinformatics tools and platforms is considered to be a major factors affecting the growth of the bioinformatics market. Budget constraints, lack of necessary infrastructure faced by institutes, startups and other small-to-medium-sized enterprises (SMEs) for purchase of these tools for efficient processing and management of sequencing other varying forms of data have contributed to the limited adoption of these systems globally. Bioinformatics platforms are expensive and require enormous amount of capital investment for implementation, hence these factors are considered to be the major hindrances in the growth of the global bioinformatics market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Improved IT infrastructure, continuously growing economy, and adoption of latest technologies are anticipated to present a lucrative growth scenario for the bioinformatics market in this region. Furthermore, increasing investment in the fields of proteomics and genomics coupled with supportive government regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Bioinformatics Market
The prominent players in the global Bioinformatics market are Thermo Fisher Scientific, Illumina Inc, Agilent Technologies, QIAGEN , BGI, Wuxi NextCODE , Eurofins Scientific , Waters Corporation , Sophia Genetics, Partek and DNASTAR
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