Bioinformatics is a field which develops methods and software tools for simplifying biological data, mostly in the cases where data are large and complex. It uses various parameters and subjects to help analyze and interpret the biological data, such as computer science, information engineering, statistics, mathematics, biology and mathematics. Bioinformatics uses the software tools for data mining, data warehousing, data management, and other uses. There are various tools available in the market, which include sequence analysis tools, miscellaneous tools, protein functional and analysis tools, similarity and homology tools. The major areas where Bioinformatics play an important role include functional genomics, structural genomics, medical information, and other arenas. The growth in the need for Bioinformatics is growing in Latin America and hence the market would surge in that specific region in the next dew years.
COVID-19 scenario analysis :
The outbreak of the pandemic has led to a global downturn in the healthcare industry. The prominent stakeholders are continuing to adapt their strategy to the rapidly fluctuating situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Though during the lockout the professionals are not able to be present physical in the organization, but are definitely able to gain time to develop the software and improve it according to the global need. The major stakeholders are continuing to adapt their strategy to the rapidly changing situation. Technological progress, cost containment and increased access will in the forecast period be an integral part of healthcare reforms. The lockout situation has brought a halt in the R&D of installation in the various medical devices and hence may hinder the market growth. However the surge in the need for the appropriate software for the storage of information and the use of the same for the development of alternative techniques would help the market in the near future.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The major factors driving the market growth includes the rise in the concentrations of the R&D institutes on bioinformatics in Latin America would boost the market. Furthermore, the increase in the number of programs specifically for training and development on the applications and usage of the tools existing in Bioinformatics would help the market gain maximum shares in the region. However, the scarcity of the skilled professional for the use of Bioinformatics tools may hinder the growth of the industry in the coming years.
The global Latin American bioinformatics market trends are as follows:
New product launches to flourish the market
The launch of new products according to the demand posed by the market is anticipated to propel the market in Latin America. For instance, in April 2016, Illumina Inc., announced that it had launched BaseSpace Suite. The product is stated to be among the most complete suite of genomic software solutions and tools to assist with genomic research and precision medicine. It also addresses critical issues in genomic data processing and also analysis and helps in reducing time.
Furthermore, in January 2020, Illumina Inc. announced the non-exclusive collaboration with Roche. It also made available the NextSeq 2000 Sequencing system which offers innovative design features, simplified bioinformatics, advanced chemistry and ease in the workflow. It allows quick secondary analysis. The system is designed in such a way to enable core labs, small research labs and clinical facilities to enable the success of high intensity applications in sequencing with the help of Illumina’s leading SBS technology.
Surge in mergers and acquisition would propel the market
The increase in the mergers and acquisition would enhance the growth of the market in the coming years. For instance, in May 2018, Illumina, Inc. announced that it had acquired Edico Genome. Edico Genome’s DRAGEN Bio-IT Platform helps in field programmable gate array technology with registered software algorithms to minimize both data footprint and also time to results. The growth in the acquisition will help in the expansion of the industries’ product portfolio and would hence help the key leaders to gain maximum shares in the near future.
Furthermore, in January 2020, NuProbe Global, had merged with CarrierGene Biotech and had partnered with Illumina to improve clinical molecular diagnostic tests especially for genetic disorders. The definitive partnership with Illumina on clinical NGS testing for genetic diseases and infertility would help the industry to gain maximum revenue in the forecast period. The term of collaboration included, NuProbe will develop clinical molecular diagnostic kits for nucleic acid extraction and library construction to be placed on Illumina's sequencing platform. NuProbe also announced that it will develop bioinformatics software. The sure in the expansion of major market leaders would help te market boost in the coming years.
Key benefits of the report:
- This study presents the analytical depiction of the global Latin American bioinformatics industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Latin American bioinformatics market share.
- The current market is quantitatively analyzed to highlight the Latin American bioinformatics market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Latin American bioinformatics market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Latin American bioinformatics Market research report:
- Who are the leading market players active in the Latin American bioinformatics market?
- What are the current trends will influence the Latin American bioinformatics market in the next few years?
- What are the driving factors, restraints, and opportunities in the Latin American bioinformatics market ?
- What are the projections for the future that would help in taking further strategic steps?
Latin American bioinformatics Market Report Highlights
Key Market Players
Partek, Incorporated CLC Bio, Illumina, Inc, Smith & Nephew, Geneva Bioinfromatics (Genebio) Sa, Active Motif, Inc, Accelrys, Inc, Affymetrix, Inc, Perkinelmer, Inc., Agilent Technologies, Inc, Life Technologies Corporation