San Francisco, California (PRWEB) May 28, 2014
The global market for bioinformatics is expected to reach USD 12.48 billion by 2020, according to a new study by Grand View Research, Inc. Rapidly declining prices of DNA sequencing, growing adoption rates of bioinformatics as a cost effective tool for database management during clinical trials, increasing government initiatives encouraging the use of bioinformatics in drug discovery and the use of bioinformatics tools in emerging fields such as chemogenomics are some of the factors expected to drive market growth over the next six years. In addition, the introduction of advance technologies such as nanopore and cloud computing are expected to serve this market as future growth opportunities.
Bioinformatics platform products are expected to dominate the market, along with being the fastest growing segment, at an estimated CAGR of 22.8% from 2014 to 2020. The increasing demand for these platforms in technologically advanced processes such as high throughput screening for combination therapies namely pharmacogenomics and pharmacoproteomics is expected to serve this market as drivers during the forecast period. Global biocontent product demand is expected to reach USD 4.30 billion by 2020, growing at a CAGR of 16.9% from 2014 to 2020.
The report “Bioinformatics Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/bioinformatics-industry.
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Further key findings from the study suggest:
For the purpose of this study, Grand View Research has segmented the global bioinformatics market on the basis of product, application and region:
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/.
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