The bioinformatics services industry analysis is a compilation of data acquired from extensive research carried out by expert analysts.
As per the report added by Progressive Market Research, the global bioinformatics services market, valued at $2,133 million in 2016, is projected to garner $4,521 million by 2022. It is anticipated to grow at a CAGR of 11.0% during the forecast period, 2017-2022.
The massive influx of data generated due to the technical advancements in molecular biology and genomic technology fueled the need for advanced techniques to analyze, organize, and extract biological data. Bioinformatics, a multidisciplinary field, is a combination of the elements of biology and computer science.
It plays a vital role in the storage and development of biological data required for molecular medicines, agricultural, animal breeding, and preventive medicine purposes. The application of machine learning science in bioinformatics has led to the development of numerous tools that can predict and diagnose diseases, as well as determine the survival rate.
With the implementation of bioinformatics, biologically similar data can be grouped together, thus reducing redundancy and multiplicity of data. It also allows visualization of molecular genetics.
The healthcare sector has benefitted the most as the technology aids in reducing child mortality and improving maternal health by early diagnosis of ailments.
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Drivers, Restraints & Opportunities:
The global bioinformatics services industry is set to grow at a rapid pace during the forecast period. Numerous factors contribute to the growth and development of the market.
The wide applications of the services owing to the rise in the use of advanced technologies drive the growth of the bioinformatics services market. Healthcare manufacturers account for the largest market share by offering novel solutions for superior bioinformatics services.
As it is in the early stages of development, the bioinformatics services industry offers many growth opportunities in the untapped markets of emerging economies. The increasing advancements in the research and development of efficient tools and technologies are also expected to propel the growth of the market.
However, the bioinformatics services market displays a highly competitive scenario with the key players at the forefront. The cut-throat competition among the players, along with the stringent mandates and regulations imposed by the government limits the growth of the industry.
The report analyzes the bioinformatics services market size and shares with respect to two major categories- application and geographical segmentation. Owing to its diverse features and advantages over the conventional methods and services, bioinformatics finds applications in a wide range of sectors.
The major areas of applications include genome assembly, microbiome pipeline, RNA-seq, annotation, custom bioinformatics, and metagenome analysis. Based on the geography, the report includes the bioinformatics services market forecast for the duration 2012–2022 of the regions across the globe, such as India, EU, United States, Japan, China, and Southeast Asia.
The prominent players in the bioinformatics services market include IBM Life Sciences, Illumina, Inc., Bruker Daltonics Inc, Accelrys Inc., Strand Life Sciences, Life Technologies Corporation, Perkinelmer, Inc., Nonlinear Dynamics, ID Business Solutions Ltd., 3rd Millennium Inc., Applied Biological Materials (ABM), Qiagen N.V., Biomax Informatics Ag, Nxt-Dx, Geneva Bioinformatics, Quest Diagnostics Inc., GVK Biosciences, Agilent Technologies, and others. Detailed tables and figures illustrate the bioinformatics services market share occupied by each leading player during the period 2012–2016.
The company profile, financial and business segments, and the recent developments included in the report assists the new entrants and potential stakeholders in gauging and analyzing the competitive scenario in the market.
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Key Benefits of the report:
The bioinformatics services market report presents a comprehensive analysis of the key factors that influence the dynamics of the market, such as drivers, restraints, and opportunities. In addition to the potency of buyers and suppliers, Porter's Five Forces Analysis studies the influence of the competitive rivalry and the threat of new entrants and substitutes on the dynamics of the market.
The industry analysis is carried out based on key player positioning and by closely monitoring the top contenders within the framework of the bioinformatics services market.
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