The global bioinformatics market is extremely fragmented in nature with a large number of players operating in the market worldwide, states Transparency Market Research (TMR). In 2013, the leading players, namely Affymetrix, Inc., CLC bio A/S, and Accelrys, Inc. dominated the market and held a share of 34% in the global market. The implementation of innovative strategies for expansion purposes is expected to intensify the competitive scenario in the global bioinformatics market. Key players in the market are emphasizing on mergers, acquisitions, and strategic collaborations to enhance their presence and this is expected to encourage the growth of the market in the coming years.
According to the research study, in 2015, the global bioinformatics market was valued at US$15.9 bn. Exhibiting a significant growth rate, the market is projected to reach a value of US$30.8 bn by the end of 2020.
Rising Research and Development Activities to Bolster North America Bioinformatics Market
From a geographical perspective, North America is expected to lead the global bioinformatics market and account for a 38.6% share by the end of 2020. The increasing number of drug discoveries and research and development activities in this region is the primary factor encouraging the growth of the bioinformatics market in North America. In addition, the rising number of government initiatives towards financing start-ups and small companies in the life science and biotechnology industries is supporting this market. Europe is expected to follow North America in the next few years.
Among the key application segments, molecular medicine is projected to account for US$8.3 bn by the end of 2020. “The rising demand for bioinformatics in molecular medicine research is one of the primary factors augmenting the growth of this segment,” says a TMR analyst. On the other hand, the gene therapy drug development segment is estimated to grow at a robust pace throughout the forecast period.
Lucrative Opportunities in Developing Economies to Accelerate Market Growth
The rising government support for research and development activities in biopharmaceutical and biotechnology sectors has resulted in the increased adoption of bioinformatics across the globe. This is one of the key factors expected to encourage the growth of the global market throughout the forecast period. In addition, the untapped opportunities in developing nations within the biotechnology industry are projected to fuel the global bioinformatics market in the coming years, states a TMR analyst.
Furthermore, the increasing number of applications of bioinformatics in diverse industries is augmenting the overall market. The rising number of collaborations between research institutes and companies is anticipated to contribute extensively towards the development of the global market.
Lack of Well-defined Standards for Data Integration to Inhibit Market Growth
The lack of common data formats and well-defined standards for the integration of data are expected to restrict the growth of the global bioinformatics market in the forecast period, says a TMR analyst. Moreover, the lack of skilled personnel and user-friendly tools is anticipated to curtail market growth. Nevertheless, the strategic collaboration with wet laboratories and the rising scope in web-based services are some of the promising opportunities for key players operating in the market.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Bioinformatics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014-2020.”
The global bioinformatics market has been segmented as below:
Global Bioinformatics Market, by Platforms, Content Management Tools, and Services
- Sequence Manipulation Platforms
- Sequence Alignment Platforms
- Structural Analysis Platforms
- Sequence Analysis Platforms
- Content Management Tools
- General Knowledge Management Tools
- Specialized Knowledge Management Tools
- Data Analysis Services
- Sequencing Services
- Database and Management Services
- Other Services
Global Bioinformatics Market, by Application
- Preventive Medicine
- Molecular Medicine
- Gene Therapy Drug Development
Global Bioinformatics Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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