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Global
BioInformatics Market to hit $3B by 2010 |
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Global Bioinformatics
Market Set Reach Nearly $3 Billion by 2010
Other Topics: Electronic
Patient Data Systems, American
Medical Informatics Association AMIA to address Nursing
Informatics
BCC, Inc.
May 26, 2005
A recently released report from Business Communications
Company (BCC), estimates that the global bioinformatics market
is set to grow at an AAGR (average annual growth rate) of 15.8%
to reach nearly $3 billion by 2010.
Worldwide value of bioinformatics market, through 2010:
|
Year |
2002 |
2003 |
2004 |
2005E |
2010 |
AAGR%
2005 - 2010 |
|
Revenue (US Dollars) |
824.0M |
1,021.6M |
1,226.0M |
1,434.6M |
2,986.6M |
15.8 |
Source: BCC, Inc. |
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Major advances in
the field of molecular biology over the past few years, and the
availability of highly developed, sophisticated techniques and
equipment to carry out rapid sequencing of large portions of
genomes of several species have resulted in an explosive growth
in the area of biological information. Such technological
advances have led to the annotation, storage, analysis, and
searching/retrieval of nucleic acid sequence, protein sequence
and structural information. This field, termed bioinformatics,
can be broadly categorised into three product categories, namely
content, analysis software and services, and IT infrastructure
and other services.
Bioinformatics finds use in many areas of the life sciences such
as drug discovery, molecular medicine, microbial genome
applications, agriculture, comparative studies and others.
Additionally, bioinformatics contributes to these areas of the
life sciences industry through its applications in research
fields such as genomics, proteomics, cheminformatics and
pharmacogenomics. At present this growing market is estimated at
about $1.4 billion.
According to the report, the fastest growing market in
bioinformatics industry is expected to be analysis software and
services, primarily driven by the need for improved and
sophisticated tools for analysing and using biological data for
developing therapeutic drugs. The segment is estimated to grow
at an AAGR of 21.2% from $444.7 million in 2005 to $1.16 billion
in 2010. Growth in the genomics-based content will be the key
driver for the rise in genomics-based analysis software and
services segment, outlines the report.
The report further states that the content market, which
comprises generalised and specialised databases, will remain the
largest segment through the forecast period. Currently estimated
at $717 million, this market will almost double to $1.4 billion
by 2010. Specialised databases will constitute the major part of
bioinformatics content market since these databases provide data
on microarrays, ESTs, SNPs, etc., which add a lot of value
during drug discovery and development. As a result, the share of
specialised databases in the total content market will increase
from 67.6% in 2005 to over 75% in 2010.
IT plays a major role in the bioinformatics industry and
therefore a number of companies, such as, IBM, SGI, Sun
Microsystems are actively working towards developing IT as a
tool to expedite research and discovery. The market for IT
infrastructure and other services will also continue growing, in
line with the overall market.
The growth of the bioinformatics industry is primarily
attributed to its increased usage in the pharmaceutical
industry, states the report. With the prospect of genomic-based/personalised
medicine, the application of bioinformatics in drug discovery
and development is expected to reduce the annual cost of
developing a new drug by 33%, and the time taken for drug
discovery by 30%. Global drug discovery spending is estimated to
increase from $19.6 billion in 2002 to $25.1 billion in 2006.
With most new drug design anticipated to be genomics-related,
the contribution of genomics in the drug discovery and
development process is expected to be the highest in the near
future. However, after human genome mapping, the application of
proteomics is expected to increase at a higher rate than that of
genomics, as it is proteins, not genes, which will be targeted
by researchers in the coming years for developing new drugs.
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