North America Bioinformatics Market By Industry (Molecular Medicine, Drug Development, Clinical Diagnostics, Agriculture, Forensic, Animal, Academics & Research, Environmental, Gene Therapy), By Product Type (Sequencing Platforms, Knowledge Management Tools, Bioinformatics Software), By Application (Preventive Medicine, Molecular Medicine, Genomics, Drug Development, Transcriptomics, Others), By Services (Data Analysis, Sequencing, Database integration, Others), By Country (U.S., Canada, Mexico) – Trend and Forecast to 2024
The North America bioinformatics market has accounted for USD 2.8 billion in 2016 and is expected to reach USD 7.69 billion by 2024, growing at a CAGR of 13.3% in the forecast period 2016 to 2024.The new market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The North America biometrics market is expected to experience a surging growth in the near future. The driving factors for this market are increasing government initiatives and funding, and growing use of bioinformatics in drug discovery and bio-markers development processes. However, shortage of trained research personnel required for proper use of bioinformatics tools, and non-availability of platforms to integrate large datasets produced by bioinformatics is expected to offset the growth of this market.
The North America bioinformatics market is segmented based on industry, product type, application and services. Sequencing platforms are broadly used, and is expected to grow at the highest CAGR among its peer segments. The growth of this product is owing to the increasing usage of gene sequencing in diagnosis of cancerous mutation. Scientists searching for the genetic mutation that affects plant or animal characteristics requires sorting of massive amounts of data, previously scientists used to look at one gene at a time but now thousands of genes can be analyzed at once using sequencing platforms.
Based on applications the North America bioinformatics market is segmented into preventive medicine, molecular medicine, genomics, drug development, transcriptomics and, other biotechnological applications. Genomics and drug development in proteomics is expected to drive the bioinformatics market in the forecasted period. Large investments in the field of genomics and proteomics is surging the growth of bioinformatics market and its usage in this applications.
Based on geography the market is segmented into 3 countries, U.S. Canada and, Mexico. U.S. is expected to dominate the market due to large investments in public and private research for drug developments and gene therapy. China and, India among some other developing nations is expected to grow at the highest CAGR due to large private multinationals investing in healthcare development in these countries.
Some of the major players operating in this market are Illumina, Inc., NAnexus, Inc., Qiagen, Thermo Fisher Scientific, Inc., Agilent Technologies, Dassault Systèmes, Geneva Bioinformatics (Genebio) SA, Integromics S.L., Perkinelmer, Inc., Applied Biological Materials (ABM) among others.