Bioinformatics Market to Exhibit the Fastest Growth Rate During the Forecast Period of 2016-2020
Bioinformatics is the management of information generated from R&D efforts combined under biopharmaceuticals, life sciences, and biotechnology. It applies computer technology to compile and store the data, which can later be analyzed and integrated with other biological and genetic data. The key reason for the foundation as well as the proliferation of the global bioinformatics market is the massive amounts of data generated in the Human Genome Project. This data was made public and gave rise to the need for bioinformatics.
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The current growth rate of the global bioinformatics market is supported by the latest advancements by research organizations in the study of genetics. It was estimated that the amount of genetic data entries would double every 15 years. With the perceived sum being too large to be supported by current data entry programs, players are beginning to accelerate the development rates on bioinformatics.
In terms of applications, the global bioinformatics market was dominated by the molecular medicine segment in 2013. The report expects the segment of bioinformatics drug development to exhibit the fastest growth rate during the forecast period of 2014 to 2020.
The global bioinformatics market is segmented based on platforms, services, and tools. The global bioinformatics market was led by the segment of bioinformatics platforms in 2013. On the other hand, the segment of bioinformatics services is likely to grow the fastest during the forecast period of the report.
Geographically, the report put North America at the top of the global bioinformatics market as this region held the largest share in the market in 2013. It was followed by Europe in terms of developments and market revenue. Bioinformatics has thrived in both the regions due to the high investment rates in research and development efforts, a faster rate of implementation of newer technologies, an already advanced scientific and regulatory framework, and an economy developed enough to support this field. At the same time, Asia Pacific is also showing the promise of being a lucrative market for bioinformatics in the near future, owing to rapidly evolving infrastructure in scientific fields, the improvements in government and private funding, and the rising literacy and awareness rates.
Within the report’s forecast period, Latin America is expected to show a faster rate of development in bioinformatics than the Rest of the World region.
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