As bioinformatics tools are developing to incorporate multiple data sources into a single platform, they are playing a much larger part in the biotech industry, according to a new market report by Global Industry Analysts. The world market is predicted to reach $3 billion by 2010.
The success of data-intensive research such as the human genome project has driven this growth. The report says that the USA dominates the global market with an estimated 40 per cent share of the market for 2007. The bioinformatics market in Europe is highly fragmented and competitive with a horde of local and global participants. Asia-Pacific represents the fastest growing market for bioinformatics, with a compound annual growth rate of 22.5 per cent.
The market is typically concentrated in United States and Europe with about 55 per cent of the companies based in United States, and 30 per cent in Europe. Most of the companies are small and funded by venture capital companies. Major players profiled in the study include 3rd Millennium, Accelrys, Agilent Technologies, BioWisdom , Geneva Bioinformatics, Invitrogen, Nonlinear Dynamics and Rosetta Inpharmatics. As new players enter the market and existing companies grow in size and revenue, competition in the bioinformatics industry is likely to intensify significantly.
Bioinformatics: A Global Strategic Business Report is available from Global Industry Analysts.