South Korea Bioinformatics Market Analysis Report [2022-30] I Insights10

South Korea Bioinformatics Market Analysis

$ 3999

The South Korea Bioinformatics market is projected to grow from $224.29 Mn in 2022 to $803.88 Mn by 2030, registering a CAGR of 17.30% during the forecast period of 2022 - 2030. The main factors driving the growth would be the growing healthcare industry, technological advancements, growing research and development activities, and expansion of the biotechnology industry. The market is segmented by technology and by application. Some of the major players include Bioneer Corporation (KOR), Macrogen Inc. (KOR), DNALink (KOR), LabGenomics (KOR), QIAGEN, Agilent Technologies, IBM Life Sciences, and ThermoFisher Scientific.

ID: IN10KRHS001 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Neha Davda

Buy Now

South Korea Bioinformatics Market Executive Summary

The South Korea Bioinformatics market is projected to grow from $224.29 Mn in 2022 to $803.88 Mn by 2030, registering a CAGR of 17.30% during the forecast period of 2022 - 2030. In 2019, national healthcare spending in South Korea as a percentage of GDP reached 8.16% achieving $2,624.53 per capita. Though healthcare spending is constantly increasing over years, it is still lower than the OECD average.

The study of biology and information technology are combined in the discipline of bioinformatics. Data generation, data warehousing, data mining, data management, and other techniques are used in bioinformatics. Bioinformatics software and tools are used as integrated solutions to provide statistical techniques and data processing algorithms for applications including next-generation sequencing, modeling of genomic and proteomic structure, and three-dimensional drug discovery. The bioinformatics market in the Asia Pacific region is growing rapidly with the increasing use of personalized medicine and public-private sector funding.

south korea bioinformatics market analysis

Market Dynamics

Market Growth Drivers

The South Korea bioinformatics market is expected to be driven by factors such as the growing healthcare industry, technological advancements, growing research and development activities, and expansion of the biotechnology industry. Further, with greater state-led support and commitments from the business sector, investment in the biotech sector is accelerating in South Korea which will boost the bioinformatics market.

Market Restraints

The factors that are limiting the growth of the market are limited funding and collaborations. Moreover, as the bioinformatics field is highly specialized, there is a lack of experts with the necessary experience and skills in this area to hamper the market growth.

Competitive Landscape

Key Players

Bioneer Corporation (KOR)
Macrogen (KOR)
DNALink (KOR)
LabGenomics (KOR)
QIAGEN
Agilent Technologies
IBM Life Sciences
ThermoFisher Scientific

Healthcare Policies and Regulatory Landscape

The South Korean government has put into place a number of policies to encourage the development of the bioinformatics industry there. These include financial support for R&D, tax breaks for business owners operating in the sector, and the creation of research hubs and centers to encourage cooperation and innovation.

To ensure the ethical and safe application of bioinformatics technology, the government has also developed regulations. The usage and development of bioinformatics in healthcare and medicine are subject to regulation by the Ministry of Food and Drug Safety (MFDS). The MFDS is in charge of approving and registering medical items, pharmaceuticals, and clinical trial products and services, including those based on bioinformatics. Moreover, the collection, use, and storage of personal data in South Korea are governed by the Personal Information Protection Act. This law is applicable to bioinformatics businesses that deal with patient data.

Reimbursement Scenario

The National Health Insurance Service of South Korea primarily oversees reimbursement policies (NHIS). The National Health Insurance System (NHIS) is a government-run agency that offers health insurance to all people and establishes reimbursement guidelines for medical procedures and services. The NHIS's reimbursement criteria, which take into account the product or treatment's safety, efficacy, and cost-effectiveness, are often the basis for determining the reimbursement rate for bioinformatics-based goods, services, and procedures. The exact product or service, as well as the patient's health, may affect the reimbursement rate.

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.