Demand for bioinformatics services has increased tremendously over the past decade. The report indicates that there are more than 300 active startup companies in this sector, many of which were also founded or funded by top corporations such as IBM Corp., Novartis AG, and GE Healthcare. In fact, life science startups now represent 60% of all biotech companies worldwide. This bioinformatics market growth is driven by a number of factors including the need for extensive software development with the emergence of next generation sequencing technologies and an expanding range of biological applications using cloud computing techniques.
In addition, many traditional pharmaceutical organizations have been trying to acquire early-stage technology firms to diversify their product pipelines and find new drug targets. Clinical research organizations (CROs) are also offering bioinformatics services for consulting and validation of biomarker assays, due to their increased involvement in clinical trials. Finally, the expansion of diagnostic companies offering rapid tests is expected to boost sales for reagents used in molecular biology techniques.
In the next five years, demand for bioinformatics services from pharmaceutical companies is expected to increase from $2 billion to more than $5.7 billion due to the development of new drugs and growth in patient populations worldwide and is expected to boost the bioinformatics market further.
Bioinformatics to Become an Integral Part of Mainstream Research
As new technology is developed, processes evolve and new applications are found. This can be seen in the history of computers, once they were only for calculation but their functionality has increased to encompass communication, storage and general-purpose programming. The bioinformatics community faces similar challenges today. It is transitioning from a field focused on specific analysis tasks to one that is more broadly applicable for the biological sciences. The hope is that with increased capabilities, bioinformatics will be an integral part of mainstream research and eventually lead to new discoveries.
To achieve this goal, various funding agencies such as the National Institute of Health (NIH) and the National Science Foundation (NSF) have started providing increased support for bioinformatics research. This Increased funding is necessary to attract interdisciplinary researchers and restructure the field, while still providing sufficient funds for universities and labs. As a result of the latest NIH awards alone, nearly one-fifth of all participating institutions focus more on computer science or statistics than on life sciences.
Medical Bioinformatics to Dominate Global Bioinformatics Market
Bioinformatics has become an integral part of different disciplines such as medical, agricultural biotechnology, and animal science leading to its increasing adoption throughout other sectors. Bioinformatics is also extensively used in plant science to study the biosynthesis of secondary metabolites, molecular genetics and genomics, advanced breeding methods etc. Medical informatics enables healthcare institutions to use computers for patient care delivery as well as for research purposes. Medical informatics brings together health professionals, information technologists and scientists which can be helpful to provide improved clinical practice, improved medication management and improved public health policy decisions. Medical informatics has become an integral part of medicine contributing towards better patient care services through both diagnosis and treatment aspects of medicine.
In the last few years, the bioinformatics market has seen a healthy growth in medical informatics, which also focuses on developing new electronic health records with the help of computer technology, even though digitized medical records can increase challenges related to privacy and confidentiality issues. Medical informatics deals with the application of computers in medicine for various purposes like storage, retrieval, management, analysis and dissemination of healthcare data.
North America to Continue Dominating Global Bioinformatics Market
Most developed countries have adopted computer technology at large but developing countries are now catching up with developed nations by adopting electronic records instead of traditional paper-based medical records due to its ability of providing better security of medical data and its quick availability. Large number of healthcare establishments have started using medical informatics that allows real-time display of patient information which can be useful in emergency rooms, intensive care units and operating theatres for physicians to access required information quickly. This has enabled them to reduce medical errors by automating processes such as medication dispensing and ordering supplies or taking inventory at hospitals. It is also used frequently in maintaining laboratory information systems which provide easier access to laboratory records and orders along with tests results.
North America bioinformatics market is projected to grow at a healthy CAGR during forecast period. The expansion of R&D activities across biotechnology companies will play a major role in the overall growth of this region. For instance, Pfizer Inc. recently announced plans for setting up its first innovation hub outside New York City in Cambridge and stated that one-third of its staff (around 3,000 scientists) would be located either in Europe by the end of this year or moving to Cambridge. However, with increasing biotechnology activities in the region there is a growing need for professionals with specialized skillsets. Of late years, North American bioinformatics markets have witnessed rising demand for tools used for DNA sequencing and genotyping.
Developing Regions to Offer Lucrative Growth Opportunity for the Bioinformatics Market
Asia-Pacific is one of the largest regional bioinformatics markets. The scientific research in this region is on a high growth path with developed economies like Japan, China and Australia. This is due to investments made by the Government in R&D activities across Healthcare, Pharmaceuticals, Biotechnology etc. The increase in funding allocated towards health care has opened new avenues for hospitals, diagnostic centers and pharmaceutical companies thus fueling the demand for bioinformatics software applications in this region.
The major factor driving growth of global application specific bioinformatics market is promotion of translational research initiatives like-drug repositioning (bioisolation/remediation), biomarkers, functional genomics data interpretation. The need for computer aided drug discovery technology has increased manifolds because of increasing cost of research and the time taken to get the compounds into production.
Global Bioinformatics Market: Key Players
Eurofins Scientific (Luxembourg), Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), QIAGEN N.V. (Netherlands), Illumina, Inc. (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), Waters Corporation (US), DNASTAR (US), GENEWIZ (US) and BGI Group (China), NeoGenomics Laboratories (US), Waters Corporation (US), DNASTAR (US), Perkin Elmer, Inc. (US), GENEWIZ (US), Partek Incorporated (US), BGI Group (China), Fios Genomics (UK), SOPHiA Genetics (Switzerland), Biomax Informatics AG (Germany), and Source BioScience (UK) among others.
Recent Developments in Bioinformatics Market
A new CRISPR-based vaccine was developed by CRISPR Therapeutics. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) is a tool that has attracted lots of attention because it can cut and re-write DNA very precisely. Unlike previous methods which used viruses, this method uses bacterial immune system to trick the body into attacking cancer cells. Without any side effects besides fever for 3 days after administering the vaccine, the trial has been successful with 25 patients being completely cured from lung cancers.
Key Elements Included In The Study: Global Bioinformatics Market
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