Bioinformatics Market Worth $13.3 Billion by 2020
DALLAS, April 15, 2015 /PRNewswire/ --
According to a new market research report "Bioinformatics Market by Sector (Molecular Medicine, Agriculture, Forensic, Animal, Research & Gene Therapy), Segment (Sequencing Platforms, Knowledge Management & Data Analysis) & Application (Genomics, Proteomics & Metabolomics) - Global Forecast to 2020", published by MarketsandMarkets, global Bioinformatics Market is estimated to reach $4.2 Billion by the end in 2014 and is poised to reach $13.3 Billion by 2020 at a CAGR of 20.9% from 2015 to 2020.
Browse 139 market data Tables and 45 Figures spread through 186 Pages and in-depth TOC on "Bioinformatics Market"
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Factors such as increasing government initiatives and funding, and growing use of bioinformatics in drug discovery and biomarkers development processes are leading to growth of the market. However, factors such as dearth of skilled personnel to ensure proper use of bioinformatics tools, and lack of integration of a wide variety of data generated through various bioinformatics platforms are hindering the growth of the market.
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The Bioinformatics Market is broadly categorized on the basis of sectors, products and services, application and geography. In this market, fastest growing segment is the bioinformatics platforms. According to applications, the Bioinformatics Market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics and molecular phylogenetics. Genomics is expected to be the fastest growing application segment during the forecast period.
On the basis of geography, the Bioinformatics Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further segmented into U.S. and Canada. Asia Pacific is further segmented into China, India and Rest of Asia-Pacific. In 2015, North America is expected to account for the largest share of the bioinformatics market, followed by Europe. Both markets are estimated to register double-digit growth rates over the next five years.
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