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Latin American Bioinformatics Market worth $627 Million by 2017
The “Latin American Bioinformatics Market by Sector (Agriculture, Molecular Medicine, Research & Animal), Segment (Sequencing Platforms, Knowledge Management Tools & Data Analysis Services) & Application (Genomics, Proteomics & Drug Design) - Forecasts to 2017” analyzes and studies the major market drivers, restraints, opportunities, and challenges in Brazil, Mexico, Chile, Argentina, Peru, and Rest of Latin America.
Browse more than 133 market data tables with 23 figures spread through 257 pages and in-depth TOC on "Latin American Bioinformatics Market by Sector (Agriculture, Molecular Medicine, Research & Animal), Segment (Sequencing Platforms, Knowledge Management Tools & Data Analysis Services) & Application (Genomics, Proteomics & Drug Design) - Forecasts to 2017"
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This report studies the Latin American bioinformatics market over the forecast period of 2012 to 2017. The market was valued at $232 million in 2012 and is poised to grow at a CAGR of 22% from 2012 to 2017, to reach $627 million by 2017.
Based on the use of bioinformatics, the various sectors covered in this report are medicine, agriculture, environment, animal, forensic, academics, and others (homeland security and defense, law-enforcement groups, bioweapon creation, antibiotic resistance, and evolutionary biotechnology).
Based on products and services, the bioinformatics market is categorized as knowledge management tools, platforms, and services. These segments are integral components of application areas such genomics, proteomics, and other life science research, and are used for the acquisition, development, management, analysis, and integration of huge amounts of data generated during biological research. Knowledge management tools dominated the bioinformatics market in 2012, followed by platforms and services. Knowledge management tools are majorly used by researchers to handle large volumes of heterogeneous information and to integrate them with existing knowledge repositories.
The segments in the bioinformatics application market are genomics, proteomics, chemoinformatics, molecular phylogenetics, metabolomics, transcriptomics, and others (glycomics, cytomics, physiomics, and interactomics). Genomics contributed the highest share to the bioinformatics market in 2012.
The Latin American bioinformatics market displays lucrative growth potential. It is propelled by the rising number of training and development programs on usage of bioinformatics tools, which leads to an increase in the use of bioinformatics tools by industrial and academic bioinformaticians in life sciences research. In addition, the market is further driven by the high concentration of bioinformatics research institutes in Latin America that aim to facilitate the use of bioinformatics in life sciences research. Increasing pharmaceutical innovations as well as increasing R&D spending are factors that unfold new opportunities for the application of bioinformatics in the drug discovery process in Latin America.
However, the dearth of skilled personnel and facilities to ensure the proper use of bioinformatics products and services and the dearth of advanced and innovative bioinformatics tools and algorithms are limiting the growth of the market in Latin America. In addition, hurdles such as the heavy tax burden pose as a key challenge for the entry of new companies into the Latin American bioinformatics market.
As of 2012, Brazil accounted for the largest share of the Latin American bioinformatics market. This large share can be attributed to the high concentration of bioinformatics research institutes, growing focus of indigenous and global bioinformatics players, and increasing multidisciplinary approaches towards bioinformatics-related skills development. However, Chile and Peru are expected to witness the highest growth in the forecast period. The initiatives taken by these nations with regards to skills development of researchers as well as the ongoing academic collaborations to facilitate the adoption of bioinformatics in life sciences research are propelling the demand for bioinformatics products and services in Chile and Peru.
The dominant players in the Latin American bioinformatics market are Agilent Technologies, Inc. (U.S.), Affymetrix, Inc. (U.S.), Life Technologies Corporation (U.S.), Illumina, Inc. (U.S.), and CLC Bio (Denmark).
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