Never before has Research and Development (R&D) been witness to such turbulence hitting its ranks. Rising costs of research and tight budgets have led laboratories to look for new nesting grounds. Lack of skilled personnel and new government legislations have led to rising concerns about the future of Bioinformatics.
As the industry is looking at alternatives to revitalize and renovate, outsourcing has emerged as a potential savior for its revival.
A report that was published in December 2012 predicts that in 2018 bioinformatics will reach a market size of value USD 9.1 Billion. The market report “Bioinformatics Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 – 2018” published by Transparency Market Research forecasts a double-digit growth that will be a record on its own. The bioinformatics platform sector is expected to contribute the highest revenue.
In 2012, the bioinformatics market was estimated to be worth USD 2.3 billion. The record growth during the period 2012—2018 is expected at 25.4% CAGR. This rapid rate of growth is attributed to the demands from related fields such as pharmaceutics, health care, medicine, diagnostic research, biotechnology and various other sectors linked to life sciences.
Bioinformatics Outsourcing offers an effective workaround
Integration of various services is one of the main elements that impel outsourcing in the bioinformatics sector. External data can be acquired and integrated into internal systems in an easy manner.
Companies based on Bioinformatics R&D are on the lookout for vendors that can carry out operations involving search, analysis, sharing, and customization of data. These types of services have to be backed up by consultancy and after-sale services.
Mauritius is one country that has realized the potential of bioinformatics outsourcing. Significant research is being conducted in this country in this field. Bioinformatics outsourcing is set to take a great leap in this country.
A large talent pool of graduates and scientists in various fields of life sciences adds to the inevitable growth of this industry in the region. The rich flora and fauna together with diverse species of plants with medicinal value aid in the spurt of genomics and proteomics research.
Companies specialized in Bioinformatics R&D can thus improve their future prospects by tapping the vast amount of resources that have remained hidden in other regions of the world. It is for them to take up this challenge and carry this industry forward into hitherto unknown avenues that translate into success and development on a global scale.
It is safe to assume bioinformatics outsourcing has a bright future.