Bioinformatics has made its place in the laboratory and R&D departments of every country, but US is leading the worldwide bioinformatics market finds out RNCOS in its recent research report
The global Bioinformatics industry has grown at a double-digit growth rate in the past and is expected to follow the same pattern in the next four years. US remains the largest market in the world, but Asia-Pacific countries, particularly India and China, are witnessing the fastest growth and are anticipated to emerge as the dominating forces in future.
RNCOS, the leading market research company has recently released its market research report “Global Bioinformatics Market Outlook” where in it states that 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.
Bioinformatics is full of opportunities. The sector is poised to open new avenues for the other related sectors also. But the biggest opportunity area in the Bioinformatics market will be in the drug discovery sector. Reduction of both the cost and time taken to discover a new drug due to fast development in the Bioinformatics tools and software zone is also making drug discovery an attractive field to venture in.
But as the bioinformatics industry is just in its infancy, and with time it has to deal with lack of integration among companies and weak intellectual rights for speedy growth.