India Bioinformatics Market Analysis Report [2022-30] I Insights10

India Bioinformatics Market Analysis

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The India Bioinformatics market is projected to grow from $0.28 Bn in 2022 to $1.15 Bn by 2030, registering a CAGR of 19.30% during the forecast period of 2022 - 2030. The main factors driving the growth would be collaborations with other countries and growth in the biotechnology market. The market is segmented by technology and by application. Some of the major players include Strand Life Science (IND), Ocimum Biosolutions (IND), Genotypic Technology (IND), Agilent Technologies, and Life Technologies Corporation.

ID: IN10INHS001 CATEGORY: Healthcare Services GEOGRAPHY: India

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India Bioinformatics Market Executive Summary

The India Bioinformatics market is projected to grow from $0.28 Bn in 2022 to $1.15 Bn by 2030, registering a CAGR of 19.30% during the forecast period of 2022 - 2030. In order to support its expanding population, India has seen a steady increase in health spending over the past ten years. In 2019, health expenditure increased to 3.01% of its GDP from 2.95% in 2018. Despite recent increases, India's healthcare spending is still low when compared to developed nations. By boosting public spending on healthcare and putting reform measures into place, the government is attempting to improve the healthcare system, but there are still many obstacles to overcome.

india bioinformatics market analysis

Market Dynamics

Market Growth Drivers

India has been collaborating with other countries in the field of bioinformatics, such as the US and Canada, which has helped to attract international companies to set up operations in India. Further, India's biotechnology sector has grown by 14% in 2022 and crossed $80.12 Bn. This growth in Indian biotechnology market in recent years has helped to drive growth in the bioinformatics market, as bioinformatics is an important tool for biotechnology research and development.

Market Restraints

The factors that are limiting the growth of the market include lack of infrastructure, limited funding and despite the growth of the bioinformatics market in India, there is limited awareness of bioinformatics among the general population, which could limit its adoption and use.

Competitive Landscape

Key Players

Strand Life Science (IND)
Ocimum Biosolutions (IND)
Genotypic Technology (IND)
Agilent Technologies
Life Technologies Corporation

Notable Recent Deals

June 2021: Strand Life Sciences entered into an agreement to acquire the India medical diagnostics business of Quest Diagnostics. The acquisition adds a strong North India presence and marquee clientele that includes leading corporates, hospital chains, and pharmaceutical clients to the portfolio, making Strand Life Sciences India’s leading specialized diagnostics company

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 the Alissa Portal as a one-stop shop.

Healthcare Policies and Regulatory Landscape

The Department of Biotechnology (DBT) and the Indian Council of Medical Research is responsible for overseeing the bioinformatics market in India (ICMR). The DBT provides funding and support for research and development in the bioinformatics field, while the ICMR sets guidelines for the use of bioinformatics in the healthcare industry. In addition, the Ministry of Health and Family Welfare has a part to play in regulating the use of bioinformatics in healthcare by creating regulations and guidelines for the adoption of electronic medical records and health information systems. Regulations pertaining to the application of bioinformatics in the healthcare sector are also included in the Drugs and Cosmetics Act and the Medical Council of India.

Reimbursement Scenario

There aren't many established reimbursement policies for the bioinformatics market in India at the moment. Some bioinformatics-based diagnostic procedures and treatments are covered by the government's public health insurance programs, such as the Central Government Health Scheme (CGHS) and the Employees' State Insurance Corporation (ESIC), however, the coverage is limited and the reimbursement rates are low. Many tests and treatments based on bioinformatics are not covered by private insurance companies in India.

The National Health Policy 2017 has proposed the construction of a health funding strategy that involves expanding coverage under public health insurance schemes and boosting the reimbursement rates for bioinformatics-based tests and treatments.

The Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), also known as Ayushman Bharat is a government-funded health insurance program in India that intends to offer coverage for secondary and tertiary care hospitalization of INR 5 Lakhs per family yearly. The program's inclusion of bioinformatics-based diagnostic and therapeutic procedures in its list of covered services may help to enhance the market's reimbursement environment.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Bioinformatics Market Segmentation

By Technology (Revenue, USD Billion):

Knowledge Management Tools
Bioinformatics Platforms
Bioinformatics Services

By Application (Revenue, USD Billion):

Metabolomics
Molecular phylogenetics
Transcriptomics
Chemoinformatic & drug design
Genomics
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.