The Korean Bio-IT market is an active one. The country is viewed as adopting a similar strategy to that of Singapore, for example, but is being
more aggressively implemented by the South Korean government and on a larger-scale. Hence, IDC believes South Korea's capability to develop
international relationships and enmesh itself globally into life sciences is the key issue to becoming a major player. It certainly has the potential
and the backing - its strategy is the critical element in the equation.
The market will have a CAGR of 55% from 2001 to 2006. The services portion will overtake hardware as the largest contributor to the market by 2006.
"IDC believes that Korea will grow to become the largest market in the Asia/Pacific (excluding Japan) region by 2006, outpacing the current
leader Australia," said Daphne Chung, Senior Analyst, Life Sciences and Healthcare, IDC Asia/Pacific.
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