Bioinformatics help the development of various methods for retrieving, storing, analyzing, and organizing biological data. This branch of science use biology, mathematics, statistics, and information technology in order to arrange and understand the influence of the existing biological data. Similar to the global industry, the Latin American bioinformatics market is also gaining momentum with growing demand from different industrial verticals. The Latin American market is recording great rise in demand from agricultural sector, which is expected to be the major driving factor for the regional market as well as global industry.
Segmentation in Bioinformatics Market
The Latin American bioinformatics market is segmented on the basis of various factors including industry sectors, services, products, and their applications, etc. Geographic regions are also taken into consideration for accurate analysis. Based on geography, Latin American market is categorized into Mexico, Brazil, Chile, Peru, Argentina, and rest of the Latin America. Following are the details of the sub-segmentation in the industry:
- Sectors: Agricultural, medical, animal, environmental, and academic biotechnology
- Products: Knowledge management tools, platforms, and services
- Applications: Proteomics, genomics, metabolomics, chemoinformatics, drug design, molecular phylogenetics, etc.
Drivers, Trends and Forecasts
Bioinformatics have numerous applications across biotechnology and pharmaceutical sectors. Some of the major sectors with maximum use of this technology include environment, agriculture, medicine, academics, animal, forensics, and so on. Several other sectors include law-enforcement groups, homeland security and defense, evolutionary biotechnology, and bioweapon creation. Across the Latin American bioinformatics market, agriculture sector has recorded highest demand. Increasing use of bioinformatics in the production of oranges and sugarcane is expected to be a strong driver for the reason.
Apart from agriculture, the medical segment is also set to witness great growth. This growth is attributed to the growing research and development activities across different parts of Latin America. In the year 2012, Brazil was the largest market for bioinformatics, which was closely followed by Mexico. Chile and Peru on the other hand are considered to be the fastest growing markets within the Latin American region. According to the latest research reports, the Latin American bioinformatics market is expected to grow at a CAGR of over 22%.
The aforementioned figures are highly positive, considering the growth across various countries and industry sectors. At the projected CAGR of over 22%, the market is expected to reach $627 million by the end of the year 2017. In 2012, the market was worth $232 million. Rapid growth in the number of training and development programs, growing demand across different industrial verticals and growth research activities are some of the major drivers for the Latin American bioinformatics market.