Medical Bioinformatics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024Bioinformatics involves the development and application of novel informatics techniques in the field of biology. It improves the methods of storing, organizing, retrieving and analyzing biological data. Major activity in bioinformatics is to develop software tools in order to generate useful biological knowledge database. In molecular biology, bioinformatics techniques such as signal processing allow extraction of useful results from large amount of raw data. In the field of genetics it helps in sequencing, annotating genomes and to observe mutations. Bioinformatics study acts a biological literature and developmental data bank for biology related data.
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Similarly, biomedical informatics is an emerging discipline which defines the study of inventions and implementation of structures, algorithms to improve communication, understanding and managing the medical information. The National Center for Toxicological Research (NCTR) conducts research in bioinformatics and chemo informatics. The bioinformatics tools were created for analysis and integration of genomics, proteomics, metabolomics datasets and transcriptomics.
The growth of global medical bioinformatics market is driven by increasing initiatives and funding, use of bioinformatics in drug discovery and biomarkers. The market is expected to offer opportunities with the introduction and adoption of upcoming technologies such as cloud computing and other sequencing technologies. The global medical bioinformatics market can be segmented by tools approved from Food and Drug Administration (FDA) or European Federation for Medical informatics (EFMI) for further research process.
Medical bioinformatics market is segmented into five major regions: North America, Europe, Latin America, Asia Pacific, and Rest of World. North America leads the market followed by the European nations in terms of revenue. Globally, the medical bioinformatics market growth is expected to increase with the demand in development of generic drug development and mode of sequencing the genes in order to have prevalence from various diseases. In 2015, Department of Biomedical Informatics was inaugurated at Harvard Medical School. This was initiated in order to bring quantitative methods and technological development to biomedicine engineering research.
According to Harvard Medical School, Department of Biomedical Informatics (DBMI) and research associates planned to break the wall of autism by detecting the disorder in newborns using the same standard of testing device used to check for hearing impairment. According to Food and Drug Administration, collaboration with National Center for Toxicological Research has driven the demand and use of bioinformatics tools such as predicting patient-specific treatment outcomes with in silico tools.
Latin America and Asia Pacific regions are anticipated to be the emerging markets in the global medical bioinformatics market during the forecast period. The effective guidelines from EFMI reports the promotion of high standard application and development in medical bioinformatics. Increase in patient population base and rising disease incidences in the Asia Pacific region is expected to fuel the use of bioinformatics tools for research and tests, which is projected to propel the demand in global medical bioinformatics market in the forecast period.
The key players in the global medical bioinformatics market develop bioinformatics tools, and software which is used in drug designing, sequencing methods. Some of the top players in the global medical bioinformatics market are Optra HEALTH, Affymetrix, Inc., Thermo Fisher Scientific Inc., Illumina, Inc., QIAGEN, Paraxel, Station X and others.
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