Global Bioinformatics Market to Reach US$6.8 Billion by 2017, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Bioinformatics markets. The global Bioinformatics market is forecast to reach US$6.8 billion by the year 2017. Principal factors driving market growth include significant development in the field of genomics and its ever-growing application in the research and development processes; breakthrough technologies in drug discovery initiatives; and the entry of new market players along with the growth in size and revenues of existing companies. Going forwards, the penetration of genomics in drug discovery is expected to increase further, which bodes tremendous market prospects for bioinformatics.
Backed by significant developments in the area of genomics, there is increase in the overall volume of distinct biological data, which includes protein and gene sequences. This leaves an arduous task for R&D laboratories of analysis. Data management tools based on bioinformatics have helped companies in easing this task, thereby enhancing their productivity by way of identifying new biomarkers for toxicity and drug efficacy, diagnostic biomarkers as well as new drug targets. Bioinformatics help utilization of this gene and protein data and construct interactive models that aid in identifying disease pathways and effects of compounds. The penetration of genomics in drug discovery is expected to witness further growth, which bodes tremendous market prospects for bioinformatics. It is expected that more and more investments would be made by pharmaceutical companies in research and development initiatives, of which a major chunk would be towards bioinformatics. Concerns associated with patent expiries of several blockbuster drugs, shrinking product pipelines, and increasing drug development costs are driving pharma companies to seek help from biotechnology. Bioinformatics, being helpful at every stage of R&D processes in biotechnology and pharmaceutical sectors, offers increasing potential for future growth.
Bioinformatics constitute a multifaceted market, characterized by a host of licensing, and research and development collaborations. The industry represents one of the fastest growing fields offering economic opportunities in various areas. The United States and Europe are the key regions for bioinformatics worldwide. Of the two, the US leads globally, as stated by the new market research report on Bioinformatics. Europe stands second, while growth is expected to emanate primarily from the Asia-Pacific region. Asia-Pacific is forecast to register the fastest growth at a compounded annual growth rate of 17.7% over the analysis period. Segment-wise, Biocontent represents the largest product segment in the global bioinformatics market. Bioinformatics Software is the fastest growing product segment, and is forecast to increase at a compounded annual growth rate of 14.8% during the analysis period.
One of the key growth areas of bioinformatics includes systems biology modeling, which would be driven by large-scale integration across various stages of drug discovery. Besides, growing access to software across the Internet is expected to boost the market leadership of knowledge management. Outsourcing of bioinformatics services has become a notable trend in the global bioinformatics market. Cost cutting has become a mainstay issue with research companies worldwide, owing to rising timelines and costs associated with new drug development.
Bioinformatics globally is a fairly concentrated market characterized by few large companies and several small players. About 55% of the companies are based in the US, while 30% are based in Europe. Major players profiled in the report include 3rd Millennium Inc., Accelrys Inc., Affymetrix Inc., Agilent Technologies, Celera Group, Gene Logic, Geneva Bioinformatics S.A, IBM Life Sciences, ID Business Solutions Ltd., Instem Scientific Limited (Formerly BioWisdom, Ltd.), Life Technologies Corp., Kinexus Bioinformatics Corp., Nonlinear Dynamics Ltd., among others.
The research report titled "Bioinformatics: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the bioinformatics market, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for bioinformatics market for the years 2009 through 2017 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Key segments analyzed include Software (Bioinformatics), Biocontent (Bioinformatics), and Hardware (Bioinformatics). Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
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Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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