In-depth analysis of the COVID-19 impact on the Bioinformatics Market
Several countries across the globe have seen non-urgent diagnostic imaging surgeries being postponed due to the pandemic. These procedures utilize additional resources and increase the risk of complications; depending on the procedure, they also increase the chance of needing equipment, resources, or materials such as hospital beds and PPE.
Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes. With the introduction of upcoming technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing, the market is expected to offer significant opportunities for manufacturers of bioinformatics solutions.
What the Bioinformatics Market Looks Like?
MarketsandMarkets forecasts global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period. In 2018, The APAC market is expected to grow at the highest CAGR during the forecast period.
Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.
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What Drives the Radiation Dose Management Market?
The growth of the global market for Bioinformatics Market is primarily influenced by the following factors:
- Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
- Initiatives From Government and Private Organizations
- Growing Applications of Bioinformatics
- Number of Collaborations Between Companies and Research Institutes
Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.
Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms. Hence, the annotation of unknown metabolic signals is the main hindrance to growth of the metabolomics segment.
Geographical growth scenario of Radiation Dose Management Market :
The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels. This has led to increased healthcare spending by a larger population base, healthcare infrastructure modernization, and rising penetration of cutting-edge research and clinical laboratory technologies, including bioinformatics, in Asia Pacific countries.
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Leading market players and strategies adopted
Some of the major players operating in this market are Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer, Inc., Qiagen Bioinformatics, Agilent Technologies, Dnastar, Waters Corporation, Sophia Genetics, Partek, Biomax Informatics AG, Wuxi Nextcode, Beijing Genomics Institute (BGI).
Moreover, the company’s strong brand recognition and comprehensive product portfolio in the radiation dose management market is its key strength. GE Healthcare held the second position in the radiation dose management market in 2019.
Key Questions Addressed by the Report:
- Who are the major market players in the bioinformatics market?
- What are the growth trends and the largest revenue-generating region for bioinformatics?
- How are bioinformatics products and services sold to customers?
- What are the major segments in bioinformatics market?
- What are the driving, restraining, opportunistic, and challenging factors for this market?
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