Global Bioinformatics Market Will reach $12.54 billion in 2022.
Life Sciences include clinical research, pharmaceuticals, medical devices, biomedicine, diagnosing and treating diseases, biotechnology, and cell biology. Various organizations are into commercialization of life sciences. Adopting digital technologies has revitalized life sciences sector. Intelligent automation using blockchain technology, AR/VR, AI/ML, IoT, and RPA (Robotic Process Automation) is expected to turn the things around in the life sciences vertical in the upcoming period. Hybrid clinical trials could also be conducted through local healthcare providers and telemedicine in the life sciences vertical.
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According to a new market report published by Persistence Market Research “Global Market Study on Bioinformatics – Asia to Witness Fastest Growth by 2022,” the global bioinformatics market was valued at USD 4,110.6 million in 2014 and is expected to grow at a CAGR of 20.4% from 2014 to 2022, to reach an estimated value of USD 12,542.4 million in 2022.
Bioinformatics also helps in personalization of medicines, a trend picking up strength in the world of healthcare in the last few years. With effective IT systems put in place by healthcare institutes, patient data can be stored and accessed in much more precise ways, helping weed out errors in the process of medicine dispensation.
Companies
- Life Technologies
- Illumina, Inc.
- Agilent Technologies and Active Motif, Inc.
- Bio-Rad Laboratories QIAGEN
- Knome, Inc.
- GE Healthcare
- Quest Diagnostics
- Others
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On the other hand, the market for bioinformatics is restrained severely at present by the lack of trained professionals. Due to the novelty of the field, trained and competent labor is naturally hard to find, but steady acceptance of bioinformatics systems will help manufacturers overcome this roadblock.
Another major restraint holding back the global bioinformatics market is the lack of interoperability between the multiple data formats and programs used by various healthcare institutions. The diversity of data formats has created fragmentation in the global market, which is expected to be solved by the R&D efforts currently underway to bring about uniformity in the bioinformatics systems manufactured by various key players.
Apart from innovation of new products and methodologies, the other key trend observed in the global bioinformatics market is that of mergers and acquisitions. Due to the relatively nascent nature of the global bioinformatics market, there are several small and medium-sized players in the market, leading to a high number of mergers and acquisitions, which will eventually result in a relatively consolidated market.
According to sector, medical biotechnology is the largest segment of the global bioinformatics market and is expected to exhibit a CAGR of 21.60% from 2014 to 2020. Other sectors in the global bioinformatics market include gene therapy, academics, agriculture biotechnology, animal biotechnology, forensic biotechnology, and environmental biotechnology.
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Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
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