-- The expansion of biotechnology applications in fields of forensic research and disease diagnosis is drawing the attention of various healthcare organizations and professionals. According to the TMR report, biotechnology with technological and process advancements tends to create high-wage job opportunities in developing and developed countries due to which governments are focusing on the growth of the biotechnology industry. For instance, The Biotechnology Industry Organization of the United States of America promotes collaborations between industry participants, academic organizations, and state governments of the country in order to develop bioscience groups. In this regard, the state governments are also increasing the implementation of strategies and programs to create job opportunities in the field of bioscience.
Many companies have implemented reimbursement policies funded by the governments to train employees in order to fulfill the requirement of skilled employees working in the field of bioinformatics services. Thus, the initiatives taken by governments to support research and development projects and creation of jobs in the biotechnology sector are anticipated to boost the global demand for bioinformatics services.
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For better and accurate results, it is imperative that the bioinformatics techniques are operated by skilled personnel. The need for heavy investment in installation and tools upgradation training tends to impede the growth of the industry. Due to this, there is a lack of skilled manpower in the bioinformatics sector who can adapt to sophisticated and high-end biotechnology process and techniques. The scarcity of skilled workers is hindering the growth process of large clinical laboratories as they struggle to automate their processes. On the other hand, the small and medium laboratories have amplified their efforts to abridge and boost their operations with the available resources. Research and development activities also demand highly skilled personnel, but the lack of it is obstructing the growth process making it difficult for organizations and market players to benefit from their research investments. However, the expansion in web-based services for research and development is likely to cut down the cost of R&D processes. The web-based bioinformatics segment is projected to witness substantial growth in the upcoming years in the global bioinformatics market.
The global bioinformatics market is expected to grow at a CAGR of 15.5% between 2014 and 2020. The market was worth US$10.04 bn in 2013 and is projected to reach US$30.87 bn by the end of 2020. The drug development segment is anticipated to lead all application segments. North America is expected to maintain its dominance in the global bioinformatics market with a revenue worth US$11,927.9 mn by 2020. Asia Pacific is expected to witness the highest growth with a CAGR of 18.7% throughout the forecast period.
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Key Players Operating in the Market
The key players in the global bioinformatics market are Illumina, Inc., ID Business Solutions, Ltd., Life Technologies Corporation, GenoLogics Life Sciences Software, Inc., CLC bio A/S, Agilent Technologies, Inc., Affymetrix, Inc., and Accelrys, Inc.
Key Points from Table of Content
Chapter 1 Introduction
Chapter 2 Executive Summary
Chapter 3 Market Overview
Chapter 4 Bioinformatics Market, by Platforms, Content Management Tools and Services
Chapter 5 Bioinformatics Market, by Geography
Chapter 6 Recommendations
Chapter 7 Company Profiles
List of Figures - 22
List of Tables - 11
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