Bioinformatics Market 2020-2028 With Strategic Trends Growth, Revenue, Demand & Future Potential Of Industry
With bioinformatics becoming broadly applicable in the field of biological sciences, it is rapidly penetrating deeper into the mainstream research world. With over 300 active start-ups in this sector of life sciences, bioinformatics market remains a highly lucrative one. Global bioinformatics landscape continues to attract sizeable investments from behemoths like GE Healthcare, Novartis AG, and IBM Corporation. Advent of biotechnology, and rapid emergence of next-generation sequencing techniques necessitates the development of extensive software development to explore a host of potential biological application areas. This according to a new Fairfield Market Research study will remain the key factor driving the growth of bioinformatics market.
Growth of application-specific bioinformatics is likely to be driven by a measurable number of translational research initiatives, including biomarkers, drug repositioning (bioisolation/remediation), and functional genomics data interpretation. Moreover, there has been a significant rise in demand for computer-aided drug discovery technology over the recent past. While this is attributable to the ascending research costs, as well as the overall lengthy nature of the process, it eventually tends to work to the advantage of bioinformatics market. Research suggests that demand from pharma sector may account for revenue of over US$5 Bn over the course of next five years, pointing to a huge opportunity residing in pharmaceuticals industry. This can be clearly attributed to the globally expanding patient pool, and consistently thriving drug development sector.
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Demand for Medical Informatics Upbeat
With bioinformatics becoming an integral part of a spectrum of disciplines like life sciences, medicine, and agricultural biotechnology, demand for medical informatics will remain on an upswing. It particularly witnesses rapid adoption in medical and healthcare industry that strives for high-quality patient care services in terms of both diagnosis, and treatment. A large number of hospitals prefer to embrace medical informatics to experience the power of real-time patient information. An exploding need for top-notch operation theatres, emergency departments, and intensive care units has been continuously highlighting the significance of ready availability of real-time patient information. Growing use of laboratory information systems also reaffirms the indispensable role of proper dissemination of medical information. Medical informatics will thus remain sought-after among healthcare organisations.
Leading Companies in Global Bioinformatics Market
Some of the market leaders in global bioinformatics space, include Thermo Fisher Scientific, Inc., Eurofins Scientific, Illumina, Inc., Perkin Elmer, Inc., Agilent Technologies, Inc., NeoGenomics Laboratories, QIAGEN N.V., Waters Corporation, NeoGenomics Laboratories, BGI Group, and GENEWIZ.
North America Dominant, Opportunities Abound in Asia Pacific
North America is projected to be the spearheading bioinformatics market as it witnesses heavy R&D investments in the bioinformatics space. The market is currently experiencing robust demand for tools that are employed in DNA genotyping, and sequencing. On the other hand, the key economies in Asia Pacific, including China, Japan, and Australia also represent highly lucrative bioinformatics markets. Governments in the region continue to play a vital role in supporting life sciences research, thereby pushing expansion of bioinformatics market. Strong developments in healthcare, biotechnology, and pharmaceuticals industries across the region will remain a substantial factor fostering market growth here. Newer growth avenues opening up for healthcare segments like hospitals, and diagnostic centres will further create demand for bioinformatics applications, indicating emerging revenue generation opportunities for bioinformatics market players.
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