Published on : Apr 21, 2016
Bioinformatics is the application of computer technology to manage biological information by making use of computers to gather genetic information, store, analyze, and integrate them. Bioinformatics is highly useful for gene-based drug development. Bioinformatics is used by biopharmaceutical, life science, and biotechnology industries to handle the data obtained from R&D activities. Bioinformatics automates the entire process of data handling. Since bioinformatics help in enhancing the accuracy of the results and helps in producing quicker results, they are extensively adopted. According to a report published by a market intelligent company called Transparency Market Research, the global bioinformatics market is expected to be worth US$9.1 bn by 2018.
Growing Activities in the Field of Genetics Leads to a healthy Growth of Global Bioinformatics Market
Growing activities in the field of genetics is expected to bring about an exponential increase in the biological information. This humungous amount of data needs to be stored, analyzed and integrated, and thus will require bioinformatics for the same.
The recent trend of rise in the demand for improved treatments of diseases and preventive solutions will require more focus on research and development in the healthcare industry. R&D by healthcare industries generate huge amounts of data and thus need to analyzed, stored and retrieved efficiently. This is likely to propel the need to manage data by and is expected to fuel the demand for bioinformatics, boosting the market.
Non-Uniformity of data format Restrains Bioinformatics Market
Uniformity of data format is a major issue faced by the research centers as the trend of clinical trials and multicenter trials are on a rise across the globe. The problem of integration of data sets having varied data formats is sorted manually, which leads to rise in the number of errors, thus acting as a challenge for the bioinformatics market. Furthermore, the lack of skilled people to operate bioinformatics platforms and tools will restrain the market.