The global bioinformatics market is expected to reach USD 13.47 billion by 2020 growing at an estimated CAGR of 21.2% from 2014 to 2020, according to a new report by Grand View Research, Inc. Growing clinical development of biopharmaceutical and increasing need for three dimensional drug designing technology are expected to drive the market growth over the next five years.
Further development of bioinformatics tools, platforms and analysis platforms coupled with the introduction of novel technologies are expected to be high impact rendering factors for the growth of this market. Increasing demand for faster development of novel API and biopharmaceuticals is also expected to enhance the growth of this industry.
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Further key findings from the study suggest:
- Growth in the number of research and development studies in various ‘-omics’ related segments and need for integration of the large amounts of biological data generated from these studies is also expected to encourage industry players to develop faster, more efficient and versatile bioinformatics software cum platforms for commercialization.
- Bio-content processing accounted for over 47% of the revenue share in 2013. The presence of increasing market demand for genetic databases management, and need for related sequence, structural and phylogenic analysis tools and software is the primary factor accounting for this large share.
- Moreover, the sequence and structural analysis platform segment is expected to grow at the fastest CAGR of over 20% over the forecast period owing to the development of next generation sequencing and expected reduction in cost of whole genome exome sequencing. These factors are expected to have a significantly positive impact on the overall growth of this market in the next five years.
- Chemo-informatics and genomics accounted for over 50% of revenue share in 2013. Growing demand for novel biomarkers for R&D of biosimilar drugs and biopharmaceuticals is expected to significantly enhance the market penetration over the forecast period.
- Proteomic applications are expected to attract a considerable amount of R&D investment in the near future and witness a lucrative growth over the forecast period. Developments in three dimensional drug development technologies are further expected to boost the growth of this segment.
- North America was observed to account for over 40% of the global revenue in 2013. Factors accounting for this large share include the presence of large pharmaceutical companies in the region, which are involved in the clinical development of novel APIs and biosimilar drugs. The presence of a technologically advanced healthcare R&D framework also enhances this region’s investment capabilities for the development of the aforementioned market segments.
- Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to the presence of companies providing outsourcing services to the industry for larger eastern industry players. Furthermore, the presence of high unmet industry need is also expected to be significant reason to impact the growth of this region positively over the forecast period.