Bioinformatics is the combination of biology and information technology. It is used widely in the management of biological information in the field of medical research and development of drugs. It uses computer software tools for database creation, data management, data warehousing, data mining and communication networking. Bioinformatics deals with the recording, annotation, storage, analysis and retrieval of nucleic acid sequence, protein sequence and structural information. It has several applications in the fields of medicine and biology including molecular medicines, preventive medicines, gene therapy, drug developments, biotechnology and forensic analysis of microbes. It is also used in the study of genetics and genomes. There are various bioinformatics tools available in the market categorized as homology and similarity tools, protein functional and analysis tools, sequence analysis tools and miscellaneous tools. As a result, the market is expected to grow at a CAGR of about 20.4% from 2014 to 2020.
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Some of the major drivers which help in increasing demand for bioinformatics are growing applications of bioinformatics in drug discovery and development and increasing bioinformatics support in development of personalized medicines and clinical diagnostics. Rising need for integrated bioinformatics systems in proteomics and genomics also supports the growth of bioinformatics market. However, lack of skilled and trained professional and high cost is restraining the growth of the bioinformatics market. In addition, lack of interoperability among data formats is also restraining the growth of the bioinformatics market.
North America is the largest market for the global bioinformatics. Medical biotechnology is the largest market by sector and is expected to grow at a CAGR of about 21.6% from 2014 to 2020. Genomics is the largest application based bioinformatics market. In terms of growth, Asia is the fastest growing region due to rising government initiatives for research and development and improving IT infrastructure. Some of the fastest growing markets in Asia region are Japan, China and India.
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Life Technologies is one of the leading players in the bioinformatics market. Other major players of bioinformatics market include Affymetrix, Inc., Bio-Rad Laboratories. and Agilent Technologies.