Latin America Bioinformatics Market was worth USD 800 billion in 2016 and estimated to be growing at a CAGR of 16.2%, to reach USD 1700 million by 2021.
Bioinformatics is a field of study in which biological data is interpreted by using and developing new software methods and tools. It is an interdisciplinary field having subjects such as engineering, computer science, mathematics and statistics in order to interpret the biological information acquired.
Bioinformatics has of all the biological studies which are carried out by using computer programming. Bioinformatics is fundamentally used for understanding candidate genes and single nucleotide polymorphisms.
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Bioinformatics has its application in a lot of areas in biology. It provides useful information in gene ontology to name and organise data.
In the field of experimental molecular biology it is useful in the forms of techniques such as image and signal processing. In the field of genomics and genetics, it assists in sequencing genomes and noting their mutations.
It is helpful in understanding evolutionary aspects of molecular biology by comparing the obtained genetic and genomic data. It is also used in analysing gene and protein expression and regulation.
The Latin America Bioinformatics market is driven by rising need for integrated bioinformatics systems in proteomics and genomics, growing requirement for sequencing protein and nucleic acids, rising help of this field in producing new medicines and clinical diagnostics, rising initiatives from the government and increasing number of partnerships between research organisations and companies among others. A few factors which limit this market are lack of user friendly tools, high costs, lack of skilled workers and lack of interoperability among various data formats.
The Latin America Bioinformatics market is segmented on the basis of sector into animal biotechnology, environmental biotechnology, agricultural biotechnology, forensic biotechnology, medical biotechnology, academics and others. Medical biotechnology accounted for the largest share in this segment owing to the growing need for developing new drugs at cheap prices.
Based on products & services, the market is segmented into bioinformatics platforms, knowledge management tools and bioinformatics services. Knowledge management tools has the largest share in this segment and bioinformatics platforms is the fastest growing sub-segment.
In the applications segment, the market is further divided into proteomics, transcriptomics, molecular phylogenetics, chemoinformatics and drug design and genomics. Genomics accounts for the largest market share in the applications segment.
The Latin America Bioinformatics market is divided based on geography into Brazil, Argentina, Chile and rest of Latin America. The market in this region is still in nascent stages.
However, factors such as increased funding, growing demand for protein and nucleic acid sequencing and increasing research in genomics and proteomics research are some factors driving the growth of this market in the region.
Some of the major players in the market include Agilent Technologies, Affymetrix Inc., Applied Biological Materials (ABM), 3rd Millenium Inc., Illumina Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Biomax Informatics Ag, DNAnexus, Inc. and Waters Corporation among others.
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