WELLESLEY, Mass., Oct. 24, 2018 (GLOBE NEWSWIRE) -- The global bioinformatics market is driven by applications across many sectors, including the biotechnology, pharmaceutical, agriculture, food safety, chemical and manufacturing industries. The uptake of next-generation sequencing and cloud computing solutions has bolstered growth. A new BCC Research study projects that this market will reach nearly $16.0 billion in 2022 and examines it by geography, category and application.
Bioinformatics is the science of managing, analyzing, storing and merging biological data using advanced computing techniques. It requires a multidisciplinary approach and draws information from different disciplines to make vast, diverse and complex life science data more understandable and useful. From $6.4 billion in 2017, a five-year compound annual growth rate of 20.0% is projected, according to a newly updated report by BCC Research Bioinformatics: Technologies and Global Markets.
Rapid growth in raw data generation coupled with advances in IT software and infrastructure has enabled researchers to integrate disparate datasets to decipher complex biological processes and develop predictive models of disease. These can be used to identify and validate biomarkers for the development of precision medicines.
Research Highlights
- The tools and database services segment is forecast to expand by 19.1%. Growth is partially attributed to the development of curative databases targeting pathway- and disease-specific datasets.
- The data analysis software and analytical services market is projected to grow by 20.8% over the forecast period, bolstered by collaborative efforts.
- The IT infrastructure and services sector is expected to undergo a 20.6% growth rate. Companies in the cloud computing arena and data analysis service providers are working together to manage big data.
“Bioinformatics plays an essential role in the drug development process, from designing drugs to the analysis of clinical data to support regulatory filings,” said BCC Research analyst Vijay Laxmi. “The integration and analysis of multiple datasets (from -omic to clinical sample and imaging data) enables scientists to gain a 360-degree view of diagnostic and medical needs.”
United States Dominates Global Bioinformatics Market
By region, the United States was the largest segment of the bioinformatics market in 2016, accounting for 48.7% of global sales. The next largest segment was Europe, followed by the Asia-Pacific region. The majority of revenues are generated from tools and database services. However, data analysis software and analytical services is the strongest-growing segment, with a projected growth rate of 20.8% over the forecast period.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.