Over the last decade, research activities in life science have witnessed considerable development due to technical enhancement in the analytical space including, parallelization, miniaturization, and through assessment of biological samples. In addition, generating huge volume of experimental data is another aspect of life science that has experienced commendable progress in recent years. In addition, the most notable example of the ongoing progress is the advent of ‘omics’ technologies that are deployed to assess the different levels of information storage and processing in cells. Further, the growing applications of the aforementioned technologies and large-scale benefits of the data generated via experiments have played a key role in redefining the various branches of research.
The significant advancements in life sciences and generation of data derived from experiments are complimented by progress in bioinformatics including, visualization, processing, archiving of data, management, analysis, and integration. In the current scenario, bioinformatics services, ideal hardware, and well-curated databases are some of the most basic requirements for robust exploitation of data in all verticals of life sciences. Moreover, as the volume of data and its complexity continues to grow at a rapid pace, the modern generation of bioinformatics services and tools require consistent development.
According to the recently published market research study by Persistence Market Research, the value of the bioinformatics market in 2018 was ~US$ 1.9 billion and the market is expected to grow at an impressive compounded annual growth rate (CAGR) of around 19% during the forecast period, 2019-2029. Some of the major factors that are expected to contribute towards the growth of the market in the upcoming decade include, growing prevalence of diabetes & chronic diseases, surge in the geriatric population, and notable growth in collaborations between pharmaceutical and IT companies. In addition, the growing applicability of IT solutions in different academic sectors is likely to fuel the growth of the bioinformatics service market.
Big Data Analytics in Bioinformatics Services – An Emerging Trend
As mentioned earlier, the significant growth in data generation in the bioinformatics space is a growing concern in terms of storage and management. Further, there is a significant need to exploit the data in the most efficient and systematic manner. Thus, advancements in information technology present feasible and effective analytical solutions to ensure that data processing is streamlined. However, the advent of big data analytics in bioinformatics services is likely to play an important role in the development of the future generation of bioinformatics services.
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North America and Europe Expected to Remain the Most Lucrative Regions
According to the market study published by Persistence Market Research, North America and Europe are projected to present a plethora of opportunities for market players operating in the bioinformatics market. Some of the leading factors that are contributing towards the growth of bioinformatics services in these regions include, onset of advanced technologies, significant growth in research and developments activities, and swelling investments towards the development of efficient and cutting-edge bioinformatics services.