Bioinformatics Market - Forecast(2021 - 2026)

 According to the Personalized Medicine Coalition (PMC), antidepressants are ineffective for 38% of the patients and same is the case with asthma drugs for 40%, diabetes drugs for 43%, and cancer drugs for 75%.  This has been a major loophole in the medication procedure, and it significantly increments the treatment time. So, the field of medicine is moving towards providing personalized medicines for patients that warrants detailed disease assessment and management integrated with data analytics which is leading to prospects in the bioinformatics market that was valued between $9.2 billion and $9.6 billion. Furthermore, the global demand for bioinformatics will further grow with a remarkable CAGR of 12% to 14% during the forecast period of 2019 to 2025.

The countries in the Americas region boast of best-in-class medical facilities with new medicines and clinical diagnostics, which is coupled with the technological advancements in data science and analytics. These developments are chiefly supported by the healthy economy of these countries and government initiatives regarding healthcare, enabling these countries to leverage technology in the healthcare sector. This resonates with the findings that Americas held the maximum regional bioinformatics market share of 36% to 38% in 2018. 

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Bioinformatics Market Outlook:

Bioinformatics is a science that combines biology, computer science, computer programming, information engineering, mathematics, and statistics in order to analyze the biological information and device newer diagnostic and medication methodologies for patients. This technology finds applications in the formulation of medicines, microbial genomics, and the agricultural sector. The key application segment of bioinformatics is genomics where it is used to identify genes and single nucleotide polymorphisms for creating a biological database.

 

The business intelligence report by IndustryARC’s market analyst documents the growth prospects in the genomics market, which had a value of $16 billion to $16.5 billion as of 2018. Furthermore, the analyst also estimates the market demand to grow with a remarkable CAGR of 9.2% to 10.2% through to 2025. Now, this will substantially enhance the demand for bioinformatics in the genomics application segment which is resultantly estimated to grow with a superlative CAGR of 11% to 12% during the forecast period of 2019 to 2025.

“The growing concerns pertaining to the complex diseases such as heart disease, asthma, diabetes, and cancer is making genomics an indispensable part of the medical research, and the future will observe more developments in the genomics industry, and that will catapult the application of bioinformatics in the sector,” adds the market expert in the market research report. 

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Bioinformatics Market Growth Drivers:

• The Emergence of Rare Diseases – 

According to the World Health Organization (WHO), there are 5000 to 8000 distinct rare diseases in Europe along that affects 27 million to 36 million.  Similarly, other regions in the world witness new diseases that are yet to have customized prescription treatment. Consequently, there is a dire need for formulating new vaccines and medicines that can heal these diseases. Apparently, these rare diseases require a lot of data analytics for diagnosis and medication which predominantly requires bioinformatics along with other research methods. The sporadic identification of rare diseases and subsequent need for new medicines is creating opportunities for the vendors in the bioinformatics market.

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• The Application in the Agriculture Sector – 

Bioinformatics plays an important role in the development of the agricultural sector. The technology is used in agro-based industries, agricultural by-product utilization, and better management of the environment. Bioinformatics enables to find the genetic, proteomic, metabolomics, and phenome information, and this is used for reinventing new techniques in order to improve the crop productivity. Now, according to the Food and Agriculture Organization (FAO) of the United Nations, almost three-quarter of the world’s agriculture value is generated in the developing countries, and many of these countries identify the agriculture sector contributing 30% of the GDP.  This creates enormous opportunities in the vendors in the bioinformatics market.

• The Growth of Big Data Technology Imbuing Progress in Bioinformatics – 

Big data has now gained prominence in almost all the sectors with a myriad of government and private enterprises that are leveraging it for organizational growth. Nowadays, the technology is undergoing rapid development which is enabling precise predictive analysis. This consistent progress in big data is instilling the growth of bioinformatics as it is enabling to scrutinize the existing medical conditions and reinventing new techniques for better treatment. 

Bioinformatics Market Trends:

In January 2017, bioinformatics company Omicia acquires spiral genetics. This acquisition was attributed to Omicia’s vision of providing customers with new techniques to development novel diagnostics and store the genomic data for a long time.

In January 2018, Qiagen acquired OmicSoft – a company recognized for its cutting-edge informatics solutions. The acquisition attributes to Qiagen’s mission to enhance its bioinformatics portfolio, thereby positioning itself in the bioinformatics market. 

• The Research on Multi-Drug Resistant Tuberculosis – 

About 600,000 cases of rifampicin-resistant tuberculosis are estimated by WHO each year. There is an on-going research for improved detection methods and cure rates, and bioinformatics is largely executed for the same.

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