Portland, OR -- (ReleaseWire) -- 07/07/2014 -- The market is expected to reach a value of $12.8 billion by 2020, with a CAGR of 21.2% during 2014-2020.
The factors propelling the market growth are growing demand for integrated data, drug development and discovery, focus in genomics & proteomics and constructive government initiatives. Factors such as skilled personnel requirements, saturation of the pharmaceutical sectors and lack of common data formats would impede the market growth.
The bioinformatics technology and services market is divided into knowledge management tools, bioinformatics platforms and bioinformatics services. Due to rising popularity of bioinformatics tools in numerous genomic studies, the platforms segment generated highest revenues in the year 2013. However, knowledge management tools would be the maximum revenue generating segment by the end of 2020 due to mounting clinical trials, need for data integration, and development in the proteomic data.
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On the basis of application, the market is segmented into molecular phylogenetics, metabolomics, transcriptomics, chemoinformatics, proteomics, genomics and others. The genomic application generated maximum revenues in the year 2013; however, chemoinformatics would surpass genomic by the year 2020. key contributing factors for the market growth are increasing application of drug discovery and development using bioinformatics tools. The bioinformatics sector market is segmented based on medical bioinformatics, animal bioinformatics, agriculture bioinformatics, academics and others.
Geographically, the market is segmented into North America, Asia Pacific, Europe, and RoW. North America generates maximum revenues due to adoption of advanced techniques. Asia Pacific would grow fastest due to government funding.
The major companies included in the report are:
Agilent technologies, Inc.
Non linear dynamics
Quest Diagnostics, Inc.
Life Technologies corp.
Illumina, Bruker Daltonics, inc.
Biomax informatics AG
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