Persistence Market Research has announced the addition of the “Global Market Study on Bioinformatics - Asia to Witness Fastest Growth by 2020,” report to its extensive market research database. The report estimates that the global bioinformatics market valued at US$4,110.6 million in 2014 is expected to reach an estimated value of US$12,542.4 million by the end of 2020. The market is growing at a healthy CAGR of 20.4% from 2014 to 2020.

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The major factors increasing the demand for bioinformatics are rising research and development expenditures, increasing development of personalized medicines and clinical diagnostics, growing information technology applications in bioinformatics, the growing need for integrated bioinformatics systems in genomics and proteomics, and increasing applications of bioinformatics in drug discovery and development. The report also covers information on the growing number of new product innovations and mergers and acquisitions as some of the latest trends in the global bioinformatics market. However, the lack of interoperability and lack of skilled and trained professionals among different data formats is restraining the growth of the bioinformatics market.

The bioinformatics market is segmented by three criteria: application, tools and services, and geography. Fragmentation of the global bioinformatics market by application includes genomics, cheminformatics, metabolomics proteomics, transcriptomics, molecular phylogenetics, and others. Genomics is the fastest application-based market expected to grow at a CAGR of 22.5% from 2014 to 2020.

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By tools and services, the bioinformatics market is divided into bioinformatics content/knowledge management tools, bioinformatics platform, and bioinformatics services.

By geography, North America is the largest market due to advanced IT infrastructure and rising number of R&D centers in this region. The U.S. medical biotechnology is expected to rise at a CAGR of 21.6% from 2014 to 2020.

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