Bioinformatics is use of information technology in biotechnology for data storage, data warehousing, and analyzing DNA sequence. Bioinformatics is an interdisciplinary field that develops and improves upon methods for storing, retrieving, organizing, and analyzing biological data.
The major factor driving growth of the global bioinformatics market is growing application of bioinformatics in drug discovery and development, forensics analysis, antibiotics resistance, etc. In addition, increasing data owing to development of new personalized medicines and clinical diagnostics, and rising need of integrated systems in study of proteomics and genomics are other factors expected to fuel growth of the global bioinformatics market.
However, lack of professional workforce in bioinformatics is a major factor hampering growth of the global bioinformatics market. Additionally, lack of appropriate infrastructure in developing economies and high cost are other challenges expected to hamper growth of the global bioinformatics market.
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North America market dominates the global bioinformatics market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed application segment such as microbial genome, gene therapy, waste cleanup, and climate change studies, etc. The market in Europe accounts for second largest revenue share contribution to the global bioinformatics market followed by the markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to rising assistance of bioinformatics in clinical diagnostic and development new medicines, and rising government initiatives towards development of integrated bioinformatics systems in emerging economies in the region.
Prominent market players in the global bioinformatics market includes Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., Agilent Technologies, Inc., Affymetrix Inc., 3rd Millennium, Inc., Biomax Informatics AG, DNAnexus, Inc., and Waters Corporation.