Bioinformatics Market - Forecast(2020 - 2025)
According to the Personalized Medicine Coalition (PMC), antidepressants are ineffective for 38% of the patients and same is the case with asthma drugs for 40%, diabetes drugs for 43%, and cancer drugs for 75%. This has been a major loophole in the medication procedure, and it significantly increments the treatment time. So, the field of medicine is moving towards providing personalized medicines for patients that warrants detailed disease assessment and management integrated with data analytics which is leading to prospects in the bioinformatics market that was valued between $9.2 billion and $9.6 billion. Furthermore, the global demand for bioinformatics will further grow with a remarkable CAGR of 12% to 14% during the forecast period of 2019 to 2025.
The countries in the Americas region boast of best-in-class medical facilities with new medicines and clinical diagnostics, which is coupled with the technological advancements in data science and analytics. These developments are chiefly supported by the healthy economy of these countries and government initiatives regarding healthcare, enabling these countries to leverage technology in the healthcare sector. This resonates with the findings that Americas held the maximum regional bioinformatics market share of 36% to 38% in 2018.
Bioinformatics Market Outlook:
Bioinformatics is a science that combines biology, computer science, computer programming, information engineering, mathematics, and statistics in order to analyze the biological information and device newer diagnostic and medication methodologies for patients. This technology finds applications in the formulation of medicines, microbial genomics, and the agricultural sector. The key application segment of bioinformatics is genomics where it is used to identify genes and single nucleotide polymorphisms for creating a biological database.
The business intelligence report by IndustryARC’s market analyst documents the growth prospects in the genomics market, which had a value of $16 billion to $16.5 billion as of 2018. Furthermore, the analyst also estimates the market demand to grow with a remarkable CAGR of 9.2% to 10.2% through to 2025. Now, this will substantially enhance the demand for bioinformatics in the genomics application segment which is resultantly estimated to grow with a superlative CAGR of 11% to 12% during the forecast period of 2019 to 2025.
“The growing concerns pertaining to the complex diseases such as heart disease, asthma, diabetes, and cancer is making genomics an indispensable part of the medical research, and the future will observe more developments in the genomics industry, and that will catapult the application of bioinformatics in the sector,” adds the market expert in the market research report.
Bioinformatics Market Growth Drivers:
- The Emergence of Rare Diseases –
According to the World Health Organization (WHO), there are 5000 to 8000 distinct rare diseases in Europe along that affects 27 million to 36 million. Similarly, other regions in the world witness new diseases that are yet to have customized prescription treatment. Consequently, there is a dire need for formulating new vaccines and medicines that can heal these diseases. Apparently, these rare diseases require a lot of data analytics for diagnosis and medication which predominantly requires bioinformatics along with other research methods. The sporadic identification of rare diseases and subsequent need for new medicines is creating opportunities for the vendors in the bioinformatics market.
- The Application in the Agriculture Sector –
Bioinformatics plays an important role in the development of the agricultural sector. The technology is used in agro-based industries, agricultural by-product utilization, and better management of the environment. Bioinformatics enables to find the genetic, proteomic, metabolomics, and phenome information, and this is used for reinventing new techniques in order to improve the crop productivity. Now, according to the Food and Agriculture Organization (FAO) of the United Nations, almost three-quarter of the world’s agriculture value is generated in the developing countries, and many of these countries identify the agriculture sector contributing 30% of the GDP. This creates enormous opportunities in the vendors in the bioinformatics market.
- The Growth of Big Data Technology Imbuing Progress in Bioinformatics –
Big data has now gained prominence in almost all the sectors with a myriad of government and private enterprises that are leveraging it for organizational growth. Nowadays, the technology is undergoing rapid development which is enabling precise predictive analysis. This consistent progress in big data is instilling the growth of bioinformatics as it is enabling to scrutinize the existing medical conditions and reinventing new techniques for better treatment.
Bioinformatics Market Trends:
In January 2017, bioinformatics company Omicia acquires spiral genetics. This acquisition was attributed to Omicia’s vision of providing customers with new techniques to development novel diagnostics and store the genomic data for a long time.
In January 2018, Qiagen acquired OmicSoft – a company recognized for its cutting-edge informatics solutions. The acquisition attributes to Qiagen’s mission to enhance its bioinformatics portfolio, thereby positioning itself in the bioinformatics market.
- The Research on Multi-Drug Resistant Tuberculosis –
About 600,000 cases of rifampicin-resistant tuberculosis are estimated by WHO each year. There is an on-going research for improved detection methods and cure rates, and bioinformatics is largely executed for the same.
Bioinformatics Market Challenges:
The major challenge faced by the vendors in the bioinformatics market is the fact that bioinformatics leads to thousands of data points since a single gene expression. This makes the management of data points difficult which has a subsequent effect on data mining and analysis to device new diagnostic and treatment methods. This is not only slowing down the process, but it also has a considerable impact on the bioinformatics market revenue due to the increase in the turn-around time of the medical research that is being conducted. However, the advancements in data analytics as mentioned above is expected to reduce the complications in the application of bioinformatics, thereby leading to new horizons in the market.
Bioinformatics Market Key Players Perspective:
The key players crusading for the bioinformatics market share are Agilent Technologies Inc., Biomax Informatics AG, Dassault Sytemes Biovia Corp, Bruker Corporation, Qiagen, Illumina Inc., Permin Elmer Inc., and Applied Biologicals Materials.
Bioinformatics Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the bioinformatics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of bioinformatics market, and their specific applications in medicine, agriculture, genomics, proteomics, and transcriptomics.
Bioinformatics Market Report: Industry Coverage
The report analyses the product demands by the type of bioinformatics products that include bioinformatics platforms, knowledge management tools. In the report, the application of bioinformatics is further segmented into clinical diagnostics and gene therapy.
The bioinformatics market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Comments
Post a Comment