Australia Bioinformatics Market Analysis

Australia Bioinformatics Market Analysis


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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. The main factors driving the growth would be its location, government support, and leading research organizations. The market is segmented by technology and by application. Some of the major players include Bioplatforms Australia (AUS), Agilent Technologies, Illumina Inc., IBM Life Sciences, and Thermo Fisher Scientific.

ID: IN10AUHS001 CATEGORY: Healthcare Services GEOGRAPHY: Australia AUTHOR: Neha Davda

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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.

australia bioinformatics market analysis

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.

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

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 18 January 2023
Updated by: Dhruv Joshi

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