Bioinformatics Market was valued at $3.4 billion, and is expected to reach $12.8 billion by 2020, supported by a CAGR of 21.2%. Bioinformatics is defined as conceptualize biology in terms of molecules and then the application of information technology to organize and understand the data which is associated with these molecules on large scale bases. Bioinformatics utilizes computer to collect data, analyze, integrate and store the molecular ad biological data, which is then utilized in application such as drug development and discovery. The technology and services are the two important segments of this market. The technology is of two types knowledge management tools and bioinformatics platform. The Bioinformatics Content/Knowledge Management Tools is estimated to the highest revenue generating segment followed by the services segment.
The global bioinformatics market is an emerging field, used in various fields of biology. Bioinformatics is the combination of information technology, statistics, molecular biology and algorithms to analyze the data obtained from various experiments.
The bioinformatics market analyzed in this report includes sectors, technology & services, applications as major segments. The services and technology segment is further classified in to knowledge management tools, platforms, and services. The report analyzes the major sector markets into medical bioinformatics, agriculture, animal, academics and others. The application segment includes the proteomics, genomics, metabolomics, transcriptomics, molecular phylogenetics and chemoinformatics. This report excludes in depth analysis of next generation sequencing and cloud based services of the bioinformatics service providers.
The scope of the bioinformatics market report is to study the need of integration of data in the field of bioinformatics and the role played by the bioinformatics tools in the discovery and development of drugs and the adoption level of the bioinformatics tools in the developed and developing regions.
The study of bioinformatics is the combination of information and biology. The study broadly involves the methods of usage, computational tools, manipulation & analysis volumes and biological data volumes. Bioinformatics is part of computational biology. Computational biology is concerned with the quantitative analytical techniques applications in solving problems and modeling of the biological systems. Bioinformatics, which is an interdisciplinary approach, requires the advanced knowledge in computer science, statistical methods and mathematics for the better understanding of the biological phenomenon.