North America Bioinformatics Market Analysis Report 2022 to 2030

North America Bioinformatics Market Analysis

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North America's Bioinformatics market is projected to grow from $7.68 Bn in 2022 to $23.97 Bn by 2030, registering a CAGR of 15.30% during the forecast period of 2022-30. The main factors driving the growth would be technological advancements, an increase in investment for research, strong healthcare infrastructure, and increasing demand for nucleic acid and molecular sequencing. The market is segmented by technology and by application. Some of the major players include Biovia, IBM Life Sciences, 3rd Millennium, Illumina, Agilent Technologies, and Affymetrix.

ID: IN10NAHS001 CATEGORY: Healthcare Services GEOGRAPHY: North America AUTHOR: Neha Davda

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North America Bioinformatics Market Executive Summary

North America's Bioinformatics market is projected to grow from $7.68 Bn in 2022 to $23.97 Bn by 2030, registering a CAGR of 15.30% during the forecast period of 2022-30. One of the highest GDPs in the world is that of North America, which comprises the US and Canada. The World Bank estimates that North America's GDP will be at $20.5 trillion in 2020. Although the cost of healthcare varies from country to country in North America, it is generally high. The US has the greatest healthcare spending as a percentage of GDP among North American nations, according to the WHO, at 17.2%. Healthcare spending as a percentage of GDP was 10.3% in Canada and 6.2% in Mexico.

Bioinformatics, combining biology and information technology, connects biological data with methods for information storage, distribution, and analysis to serve a variety of scientific disciplines, including biomedicine. To create databases, manage data, store data, mine data, and do other things, it needs software tools. The study of genetics and genomes uses scientific discoveries enabled by mining such data. North America held the greatest share of the global bioinformatics market in 2019, and it is anticipated that this trend will continue during the forecast period.

north america bioinformatics market analysis

Market Dynamics

Market Growth Drivers

The North America bioinformatics market is expected to be driven by factors such as technological advancements, strong healthcare infrastructure, and increasing demand for nucleic acid and molecular sequencing. Moreover, rising investment in research and the presence of a big number of competitors in the market also contribute to the expansion of the market.

Market Restraints

The lack of appropriate platforms to combine bioinformatics-generated data sets, a lack of experts with the necessary skills to use bioinformatics tools, and challenges integrating data owing to frequently changing data models are the issues that are restricting the growth of the bioinformatics market in the region.

Competitive Landscape

Key Players

Biovia
IBM Life Sciences
3rd Millennium Inc
Illumina Inc.
Agilent Technologies
Affymetrix

Notable Recent Deals

February 2022: Biovia collaborated with TetraScience, a provider of R&D Data Cloud, to expand their network of partners and accelerate the data collecting for Dassault Systèmes' "Digital twin of the lab”. Through this partnership, Biovia integrates TetraScience's capabilities for connecting instruments with analytical processing, processing scientific data from various lab equipment used in research and development, and directing that processing to ONE Lab.

August 2021: Agilent entered into an agreement with Partek to provide an end-to-end, robust, customized, and adaptable analysis workflow for meeting customers’ needs. 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 regulatory environment and healthcare policies in North America have a significant impact on the development and expansion of the bioinformatics market there. The Food and Drug Administration (FDA) in the United States is in charge of overseeing goods and services in the bioinformatics industry. Any new product or service must receive FDA approval before it can be commercialized. The safety and effectiveness of bioinformatics goods and services must be guaranteed through this regulatory process, which can be time-consuming and expensive.

Additionally, there are a number of laws and rules governing the handling and storage of medical data in North America, such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States. These regulations are created to safeguard patient privacy and guarantee that delicate medical data is handled properly.

Similar rules apply in Canada, where the Personal Information Protection and Electronic Documents Act (PIPEDA) and the Canadian Food and Drugs Act are the main laws controlling the bioinformatics industry.

Reimbursement Scenario

In North America, reimbursement procedures for bioinformatics differ by nation and healthcare system. In the US, the Medicare program and private insurance plans provide for the majority of the funding for bioinformatics services, with funding decisions determined by the FDA approval status of the technology and the proof of its clinical efficacy. In Canada, the Canadian Agency for Drugs and Technologies in Health makes recommendations that the publicly funded healthcare system considers when determining reimbursement.

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.