As per the forecast given in the report, the global bioinformatics market is expected to grow at a CAGR of over 16% during 2006-2010. In 2006, the global market posted an increment of over 16% from the past year.
The study identifies rising spending by biotechnology and pharmaceuticals firms, outstanding development in IT, growing Internet penetration, strong support by the governments, and rising application of bioinformatics in new fields like waste clean up, gene therapy, alternative sources of energy etc as the forces that are stimulating the market to grow.
But, as the research highlights, the biggest opportunity area for the bioinformatics market lies in the drug discovery; here, bioinformatics databases and tools can cut both time and money of biotech and pharma companies substantially. Moreover, it can provide effectual means of drug discovery to complete the decreasing pipelines of these firms.
But as the bioinformatics industry is just in its infancy, it has to ward off certain negativities, like lack of integration among companies and weak intellectual rights, to head towards a bright tomorrow.
Apart from the growth promoters and roadblocks, “Global Bioinformatics Market Outlook” gives an updated overview on the global market, including Australia, Singapore, US, Japan, India, China, Taiwan, South Korea, and Europe. The report evaluates the trends impacting the market and forecasts the revenues generated from different product categories, and snapshots of different players in the industry.
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