Global bioinformatics services market is anticipated to reach USD 4.1 billion by 2024, according to a new report by Grand View Research, Inc. Growing adoption of I.T. solutions for different studies such as cell signaling, pathway metabolism, gene-receptor interactions, and target differentiation are expected to support growth in this market over the forecast period.
Owing to the benefits associated with the use of informatic solutions for laboratory protocol generation and data management as well as analysis, these solutions are projected to witness substantial demand in the coming years.
Moreover, collaborative activities undertaken by the information technology companies with pharmaceutical companies and clinical research organizations in order to develop and update key technologies linked to cloud computing, like online data storage and visualization of computer resources are expected to enhance market potential through to 2024.
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Further key findings from the report suggest:
- NGS is estimated to be the dominant segment with respect to the type of service served in 2015 owing to the fact that sequence-based approach of analysis can be cataloged with the structure-based approach as complementary to genomic and proteomic approaches. Advancement in the sequencing technologies such as NGS and scripting tools (Perl & Python) for sequence manipulation coupled with the reduction in prices of the sequencing platforms and market movement towards the USD 1,000 genome resulted in a larger revenue share of this segment in the discovery informatics.
- Market revenue from of chemoinformatics is second only to NGS and its strong market position can be accounted for by presence of several entities operating in this segment and their involvement in the provision of lead identification, validation, assay development, lead generation, optimization, and clinical trial based informatic solutions.
- Depending on the application, transcriptomics is anticipated to register the fastest growth of over 15% owing to rise in the number of projects carried out in translational research and application of RNA transcripts for studying etiology of chronic as well as acute diseases.
- Academic sector, in terms of end-use for these services, is expected to witness the fastest growth through to 2024 as a result of rise in the adoption rate of these technologies in genomic, proteomic and metabolomics research programs carried out by universities research institutes. If not all, most of these programs are either backed through government funding or private corporation backing and forms a considerable part of the high R&D investment that the bioinformatics market attracts in the current scenario.
- North America dominated the industry in 2015, accounting for a little 35% of total revenue. Presence of key participants operating in the region which are involved in development of novel algorithms and software in order to improve drug attrition rates which consequently increases adoption rate of computational algorithms is attributive for the largest share of North America in sector revenue. Demand for informatics services in Europe is also increasing owing to the presence of universities in Germany and UK that are involved in development of I.T. solutions for pharmaceutical research.
- Asia Pacific is estimated to witness the fastest growth over the forecast period owing to the fact that government and regulatory authorities have implemented a framework to encourage R&D collaborations and framework extension. Active expansion strategies undertaken by a number of the major market entities operating in the American market in order to strengthen their position in Asia Pacific region is a factor anticipated to consequently drive growth.
- Key players operating in this industry include Agilent technologies, Siegen Inc., GVK Biosciences, Accelerys Inc, Illumina Inc., DNAnexus, Life Technologies Corporation, Geneva Bioinformatic, Celera Corporation, IBM Life sciences, and Affymetrix.
- These entities are adopting strategies such as collaborations with pharmaceutical and biotechnology companies in order to enhance industrial presence by providing different data management and analytical services for the purpose of drug design and therapeutic monitoring.