This growth in the global bioinformatics market has positive implications for the Bio-IT industry.
The ‘Bioinformatics Market Update (2007)' by RNCOS, a market research organization, provides a detailed overview of the Bioinformatics industry worldwide. RNCOS analysts project an annual market growth rate of 15.8% or US $3 billion by 2010. The total European Bioinformatics market is set to expand from nearly $310 million in 2004 to $720 million by 2011.
A greater number of R&D centers across the world are seeking a common base for transfer of data, information and knowledge to enable an informatics-based decision support system.
According to the Update, 20% of the applications discovered are based on genomics and proteomics, which boost the growth of Bioinformatics tools. The largest markets for Bioinformatics include USA, Europe and Japan
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