NewswireToday - /newswire/ -
London, United Kingdom, 2007/11/21 - Report Buyer, the online destination for business intelligence, has added a new report showing that the global market for drug discovery technologies is expected to be worth $21.9 billion in 2007.
This will increase to over $32.5 billion through 2012, experiencing a compound annual growth rate (CAGR) of 8.2%.
“Drug Discovery Technology: A Combination Of Opportunities” reports the market is broken down into applications of bioanalytical instruments, high throughput screening systems, informatics, and others. Of these segments, high throughput screening has the largest share of the market, worth an estimated $8.5 billion in 2007, and is expected to reach $12 billion by 2012, a CAGR of 7.1% over the forecast period.
The study shows that Bioanalytical instruments have the second largest share of the market, worth an estimated $6.7 billion in 2007 and $10.5 billion in 2012, with a CAGR of 9.3%. Other technologies, including microarrays, will see a CAGR of 10% as their worth increases from an estimated $2.8 billion in 2007 to $4.4 billion in 2012.
While informatics has the smallest share of the market, worth $725 million in 2007, the segment will see the largest CAGR of 15.7%, as its value rises to $1.5 billion by 2012.
The pharmaceutical and biotechnology industries have been increasing their research and development budgets by 10% or more annually for the last decade. The market for drug discovery products has kept pace with these increases, and technology improvements have been a considerable part of the result.
In addition to increased industry spending, the United States government has increased the National Institute of Health research budget. Authors of the report say other governments, especially in Europe, are providing significant financial and other incentives to organizations that establish operations in their countries. The growth of these markets is likely to continue in the next 5 years, as public demand for pharmaceutical products continues unabated.
“Drug Discovery Technology: A Combination Of Opportunities” is available from Report Buyer. For more information visit the website.
Report Buyer product ID: BCC00170
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