The term bioinformatics was coined in the year 1970 by Paulien Hogeweg and Ben Hesper, positioning the study of bioinformatics near the fields of biophysics and biochemistry. Bioinformatics refers to the use of biology and information to organization biological data from the areas of medicine, research and development of drugs, and pharmaceuticals. It is the mathematic and computing approaches used for understanding biological processes. Since the advent of bioinformatics, the field has strived for developing and implementing computer programs that allow efficient access to management, use, and retrieval of information when needed. The global bioinformatics market has thrived on the basis of improving the understanding of biological processes. Some of the popularly used methods to achieve this goal are pattern recognition, machine learning algorithms, data mining, and visualization.
Bioinformatics is widely used for the purpose of data management, data warehousing, communication networking, and data mining. The global bioinformatics market majorly includes activities such as recording, storage, annotation, analysis and retrieval of nucleic acid sequence, structural information, and protein sequence. With the growth of subsets within the vast field of medicine and biology such as gene therapy, molecular medicines, preventive medicines, drug developments, biotechnology and forensic analysis of microbes the global bioinformatics market has received a strong impetus. Use of bioinformatics is also seen in the study of genomes and genetics. Today, bioinformatics make an indispensible contribution in the medical world by allowing professionals and experts storage and access to large amount of data, its easy retrieval, and convenient and accurate verification of biological data. Additionally, its algorithms also enable a fast sequence search.
Categorization of Global Bioinformatics Market
The global bioinformatics market has been segmented on the basis of sector or field it is used in, application, tools and services, and lastly geography. The bioinformatics sector includes medical biotechnology, gene therapy, academics, animal biotechnology, agriculture biotechnology, environmental biotechnology, and forensic biotechnology. Applications of global bioinformatics market include aspects such as genomics, chemoinformatics and drug design, proteomics, transcriptomics, metabolomics, and molecular phylogenomics. The tools and services of the global bioinformatics market include bioinformatics platforms, bioinformatics services, and bioinformatics content or knowledge management tools. Lastly, the geographical segmentation is made on the basis of North America, Europe, and Asia Pacific.
Projections for Global Bioinformatics Market
The global bioinformatics market is witnessing a substantial rise with the research and development of drugs, increasing number of personalized medicines, and clinical diagnostics procedures. The global bioinformatics market is expected to grow at a CAGR of about 20.4% from 2014 to 2020. This growth is further being fueled by application of information technology in the field of bioinformatics as the latter is encourages development of biomarkers for safer drugs. As innovation in the information technology segment has also resulted in solution-based software such as Annotator, BLAST, and GeneMark, the global bioinformatics market has found a strong support system to thrive on. These incredible innovations are now being employed in management of large biological data bases collected during many researches. The need for integrated bioinformatics system has also resulted in the proliferation of global bioinformatics market. Medical biotechnology which is the largest market by sector is expected to grow at a CAGR of about 21.6% from 2014 to 2020.
Research indicates, North America dominates the global bioinformatics market with increasing number of drug research, discovery, and development and growing forms of information technology applications in the field of bioinformatics. It further states, Asia Pacific will be the fastest growing zone in the global bioinformatics market as the research and development activities increase with government funding.
Despite the positive outlook of the global bioinformatics market, it sure faces some challenges such as inadequately skilled professionals and high expenditure required for implementation of bioinformatics software. However, the global bioinformatics market does have a few lucrative opportunities it can tap into such as product innovation, mergers and acquisitions for better funding and support, and the growth of Nanopore sequencing technology.
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