Australia Bioinformatics Market Analysis

Australia Bioinformatics Market Executive Summary

The Australia Bioinformatics market is projected to grow from $184.2 Mn in 2022 to $683 Mn by 2030, registering a CAGR of 17.80% during the forecast period of 2022 - 2030. In 2019-20, $202.5 billion was spent overall on healthcare or $7,926 per person in Australia. Healthcare spending increased by 1.8% in real terms but it was lower than the decade average of 3.4%. In Australia, the government provides the majority of the money for healthcare, but patients are also paying more out-of-pocket expenses for their healthcare.

Bioinformatics is a discipline that integrates biology and information technology. Data management, data generation, data warehousing, and data mining are a few of the techniques and technology used in bioinformatics. Australia's bioinformatics market is a rapidly expanding sector that is predicted to expand significantly over the next few years. Australian bioinformatics firms are often regarded as being at the bleeding edge of bioinformatics technology, with numerous firms concentrating on the creation of state-of-the-art platforms and tools.

Market Dynamics

Market Growth Drivers

The Australia bioinformatics market is expected to be driven by its location in the Asia-Pacific region which allows convenient access to the area's rapidly expanding markets. Numerous leading research organizations, like the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Walter and Eliza Hall Institute, are located in Australia and actively engaged in bioinformatics research. This has contributed to the country's bioinformatics market's expansion. Moreover, the Australian government is providing various forms of support to the bioinformatics market such as funding and grants, tax incentives, support for collaborations, etc.

Market Restraints

Lack of standardization in data management, costly implementation of bioinformatics systems, and lack of awareness and understanding of the potential benefits of bioinformatics among healthcare professionals and organizations are limiting the growth of the bioinformatics market in Australia. Further, as per the strategic plan for biotechnology in Australia, developing bioinformatic infrastructure, including high-performance computers and data storage, lacks a currently accepted national strategy.

Competitive Landscape

Key Players

• Bioplatforms Australia (AUS)
• Agilent Technologies
• Illumina Inc.
• IBM Life Sciences
• Thermo Fisher Scientific

Notable Recent Deals

August 2021: Agilent and Partek signed a contract to provide a whole end-to-end, reliable, customized, and adaptable analysis process to satisfy the needs of their customers. Through this partnership, Agilent's RNA-Seq procedure has been incorporated into Partek Flow. The agreement also enables Agilent to resell Partek Flow software via a one-stop shop on Alissa Portal.

September 2020: A cross-NCRIS collaboration between Bioplatforms Australia and the Australian Plant Phenomics Facility (APPF) successfully secured an investment worth $4 Mn over two years from the Australian Research Data Commons (ARDC) for a high-impact Cross-NCRIS data partnership project called OzBarley.

Healthcare Policies and Regulatory Landscape

The Australian Bioinformatics and Computational Biology Society (ABACBS) is the national scientific and professional society, which is the top body for computational biology and bioinformatics. It provides a platform for discussing and honing the craft of bioinformatics along with a forum for presentations by mid- and early-career bioinformaticians. The national science agency of Australia, CSIRO, plays a significant role in evolving technological advancement and innovation as well as in supporting a robust scientific and research community. CSIRO is engaged in medical biotechnology research, including the development of digital platforms that facilitate the exchange of health and medical data and advance next-generation bioinformatics. Also, the National Health and Medical Research Council (NHMRC) and The Australian Research Council (ARC) are responsible for funding and medical research, including bioinformatics research, in Australia.

Reimbursement Scenario

Medicare, the government-funded healthcare program, primarily regulates reimbursement practices in Australia. Through the Medicare Benefits Schedule (MBS) and the Pharmaceutical Benefits Scheme (PBS), Medicare allows for the reimbursement of some medical procedures, tests, and treatments.

The MBS is a list of medical services available for reimbursement under the Medicare program of the federal government. This includes specific bioinformatics analyses and techniques, including genetic testing for particular inherited diseases. The PBS is a list of prescription drugs that qualify for Medicare coverage from the government. This includes specific medications used to address genetic disorders.

Additionally, a few private health insurance providers cover a selection of bioinformatics examinations and therapies, though the scope of coverage and the amount of payment may differ between insurers.