Bioinformatics involves the development and application of novel informatics techniques in the field of biology. It improves the methods of storing, organizing, retrieving and analyzing biological data. Major activity in bioinformatics is to develop software tools in order to generate useful biological knowledge database. In molecular biology, bioinformatics techniques such as signal processing allow extraction of useful results from large amount of raw data. In the field of genetics it helps in sequencing, annotating genomes and to observe mutations. Bioinformatics study acts a biological literature and developmental data bank for biology related data.
Similarly, biomedical informatics is an emerging discipline which defines the study of inventions and implementation of structures, algorithms to improve communication, understanding and managing the medical information. The National Center for Toxicological Research (NCTR) conducts research in bioinformatics and chemo informatics. The bioinformatics tools were created for analysis and integration of genomics, proteomics, metabolomics datasets and transcriptomics.
The growth of global medical bioinformatics market is driven by increasing initiatives and funding, use of bioinformatics in drug discovery and biomarkers. The market is expected to offer opportunities with the introduction and adoption of upcoming technologies such as cloud computing and other sequencing technologies. The global medical bioinformatics market can be segmented by tools approved from Food and Drug Administration (FDA) or European Federation for Medical informatics (EFMI) for further research process.
Medical Bioinformatics market is based on the tools, application and end users.
The global medical bioinformatics market can be segmented based on types of tools and the list of bioinformatics tools approved by FDA are as follows:
- Array Track: DNA microarray data management, mining, analysis, and interpretation software
- Estrogenic Activity Database (EADB): Comprehensive set of estrogenic activity data
- Endocrine Disruptor Knowledge Base (EDKB): Scientific resources for estrogen and androgen activity of potential endocrine disruptor chemicals
- Decision Forest: Novel pattern-recognition method for analysis of data from microarray experiments, proteomics research, and predictive toxicology
- AtBioNet: Integrated PPI (protein-protein interaction) Network Analysis Tool for Systems Biology and Biomarker Discovery
- Mold2: Software that generates molecular descriptors from two-dimensional structures
- NCTR Liver Cancer Database (NCTRlcdb): Database of 999 chemicals with assigned liver-toxicity classifications to facilitate the construction of cleaner and better carcinogenicity models approved by FDA and other organizations
- SNPTrack: Integrated solution for the management, analysis, and interpretation of genetic association study data
- Microarray/Sequencing Quality Control (MAQC/SEQC): Project to develop microarray quality control metrics and thresholds
The global medical bioinformatics market can be segmented by application as follows:
- Molecular Medicine
- Personalized Medicine
- Preventive Medicine
The global medical bioinformatics market can be segmented by end user as follows:
- Pharmaceutical Companies
- Academic institutes
Medical bioinformatics market is segmented into five major regions: North America, Europe, Latin America, Asia Pacific, and Rest of World. North America leads the market followed by the European nations in terms of revenue. Globally, the medical bioinformatics market growth is expected to increase with the demand in development of generic drug development and mode of sequencing the genes in order to have prevalence from various diseases. In 2015, Department of Biomedical Informatics was inaugurated at Harvard Medical School. This was initiated in order to bring quantitative methods and technological development to biomedicine engineering research. According to Harvard Medical School, Department of Biomedical Informatics (DBMI) and research associates planned to break the wall of autism by detecting the disorder in newborns using the same standard of testing device used to check for hearing impairment. According to Food and Drug Administration, collaboration with National Center for Toxicological Research has driven the demand and use of bioinformatics tools such as predicting patient-specific treatment outcomes with in silico tools. Latin America and Asia Pacific regions are anticipated to be the emerging markets in the global medical bioinformatics market during the forecast period. The effective guidelines from EFMI reports the promotion of high standard application and development in medical bioinformatics. Increase in patient population base and rising disease incidences in the Asia Pacific region is expected to fuel the use of bioinformatics tools for research and tests, which is projected to propel the demand in global medical bioinformatics market in the forecast period.
The key players in the global medical bioinformatics market develop bioinformatics tools, and software which is used in drug designing, sequencing methods. Some of the top players in the global medical bioinformatics market are Optra HEALTH, Affymetrix, Inc., Thermo Fisher Scientific Inc., Illumina, Inc., QIAGEN, Paraxel, Station X and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.