Albany - NY, Aug. 4, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has announced the addition of a market study based on the bioinformatics market. According to the report, the global bioinformatics market is estimated to reach US$30.8 billion by 2020. The study states that the bioinformatics market will develop at a robust CAGR of 15.5% from 2014 to 2020. According to the report, the bioinformatics market had reached a value of US$10.0 billion in 2013. The report is titled "Bioinformatics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020".During the last ten years, the amplified information technology market growth has in turn driven the bioinformatics market. Bioinformatics helps provide automation of data, accuracy, decreases errors, and reduction in turnaround time (TAT). Bioinformatics has grown due to augmentation of pharmaceutical, bioscience, and life sciences research and development. An upsurge in government support has fueled research and development activities that have resulted in amplified acceptance of biopharmatics in practice.
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However, the lack of skilled personnel and lack of uniform formats for bioinformatics tools and platforms has restrained the growth of the bioinformatics market. The rising possibility of web-based services and crucial collaborations with wet laboratories are expected to provide new opportunities in the bioinformatics market. Bioinformatics helps data management, retrieval, integration from healthcare research, and processing of data through automation. Bioinformatics is extensively used in processing, converting, and recording data obtained from research connected to biotechnology, pharmaceutical, agriculture, and life science to digitalized data that can be used further.
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The global bioinformatics market segmentation can be broken down into services, platforms, and tools. On the basis of platforms, the bioinformatics market is segregated into sequence analysis platforms, sequence manipulation platforms, sequence alignment platforms, and structural analysis platforms. Among these segments, the sequence alignment platform contributed the largest share of over 30% in 2013. This segment had a sizeable share in the market owing to reduced time for processing data, identification of sequence similarity, motif finding, and phylogenetic analysis.On the basis of applications, the global bioinformatics market is divided into gene therapy, molecular medicine, drug development, preventive medicine, and others. The molecular medicine application segment is foremost due to major companies financing research related to pharmacoprotemics, pharmacogenomics, and metabolomics. Additionally, the heightened investments in drug development and discovery have propelled the drug development application segment, and this application is expected to increase in demand over the forecast period.
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The report describes in detail the bioinformatics market segmentation based on geographical regions. These regions are categorized into North America, Europe, Asia Pacific, and Rest of World (RoW). North America had the largest share of 35% in bioinformatics in 2013 due to the availability of skilled personnel, advanced technology, and high implementation of bioinformatics in the region. According to the report, the Asia Pacific bioinformatics market is foreseen to expand at a strong CAGR due to the fast expansion of the bioinformatics industry in the region and government investments. The key market players contributing to the bioinformatics industry include GenoLogics Life Sciences Software, Accelrys, Inc., Affymetrix, Inc., and Agilent Technologies Inc.
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Key segments of the Bioinformatics Market
Bioinformatics Market, by Platforms, Tools, and Services
- Sequence Manipulation Platforms
- Sequence Alignment Platforms
- Structural Analysis Platforms
- Sequence Analysis Platforms
- General Knowledge Management Tools
- Specialized Knowledge Management Tools
- Data analysis
- Sequencing services
- Database & management
- Other services
Bioinformatics Market, by Applications
- Preventive medicine
- Molecular medicine
- Gene therapy
- Drug development
Bioinformatics Market, by Geography
- North America
- Rest of the World
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research