Delhi, India (PressExposure) August 18, 2008 -- According to a new research report â âGlobal Bioinformatics Market Outlookâ- by RNCOS, the worldwide bioinformatics industry has seen a double-digit growth rate in the past few years and is forecasted to record a stupendous CAGR of 16.3% from 2007 to 2010.
The report says that the pressure of developing new drugs is intensifying on the global drug industry as existing drugs will go off-patent soon and costs of R&D are escalating sharply, making the companies to switch to bioinformatics. Therefore, the global bioinformatics industry will be led by increasing outlay on obtaining the bioinformatics tools and services by pharmaceutical and biotechnology companies to accelerate their drug discovery process.
Currently, the report says, an average drug takes approximately 10 years to reach clinical phase from the discovery phase and costs between US$ 400 Million and over US$ 1 Billion to the company, with much of the spending incurred at the final stages of the development. However, this huge cost of the drug development process can be cut down substantially by using bioinformatics and Computer-Aided Drug Design. For instance, the application of bioinformatics in the discovery and development of some new drug may reduce the annual cost and time by 33% and 30% respectively.
Other than cost and time benefit, blending of IT and life sciences, on one side, is helping the pharma companies to successfully overcome the challenges faced in collecting, processing, storing and analyzing data during the drug development process, and on the other side, pushing up the bioinformatics market, says the RNCOS research.
However, as the industry is at a nascent stage in most parts of the world, the market growth is hard to predict but it will certainly grow at a double-digit rate by 2010.
The report gives an exhaustive account on the global bioinformatics industry and provides forecast on its various segments, including drug patent expirations, bioinformatics market by segment, analysis software & service market, analysis software & service market by application, IT infrastructure & other services market, and drug delivery market.
âGlobal Bioinformatics Market Outlookâ gives updated and detailed information on the industry and examines the emerging market trends. It offers an insight into the market and examines the bioinformatics market in major countries.
For more information visit: [http://rncos.com/Report/IM554.htm] Current Industry News: [http://www.rncos.com/Blog/]