Canada Bioinformatics Market Analysis

Canada Bioinformatics Market Analysis


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The Canada Bioinformatics market is projected to grow from $1.23 Bn in 2022 to $4.11 Bn by 2030, registering a CAGR of 16.30% during the forecast period of 2022 - 2030. The main factors driving the growth would be robust infrastructure for research and development, government funding, and a collaborative market. The market is segmented by technology and by application. Some of the major players include DNAstack (CAN), Bioinformatics Solutions Inc (CAN), ThermoFisher Scientific, Agilent Technologies, Celera Corporation.

ID: IN10CAHS001 CATEGORY: Healthcare Services GEOGRAPHY: Canada

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Canada Bioinformatics Market Executive Summary

The Canada Bioinformatics market is projected to grow from $1.23 Bn in 2022 to $4.11 Bn by 2030, registering a CAGR of 16.30% during the forecast period of 2022 - 2030. In 2019, Canada's national healthcare expenditure was seen to rise high up to 10.84% of its Gross Domestic Product (GDP) from 10.81% in 2018. Seniors incur the highest healthcare costs. Population ageing is a moderate driver of rising healthcare expenditures, contributing only about 1% year, despite the fact that per-person spending rose significantly with age, from $6,656 for those aged 65 to 69 to $20,793 for those aged 80 and older. The overall trend for health spending as a percentage of Canada's GDP is upward.

The bioinformatics market is a rapidly growing industry. In applications like next-generation sequencing, genomic and proteomic structure and modeling, and three-dimensional drug designing, bioinformatics software and tools are employed as integrated solutions that provide algorithms and statistical approaches for data analysis. The market for bioinformatics in Canada is thought to be robust and expanding.

Canada Bioinformatics Market

Market Dynamics

Market Growth Drivers

The Canada bioinformatics market is expected to be driven by the nation's robust infrastructure for research and development and its big pool of competent scientists and engineers. The Canadian government has also made investments in the bioinformatics industry, sponsoring programs like the Canadian Bioinformatics Support Program and Canadian Bioinformatics Workshops. This has promoted innovation in the sector and supported the growth of Canada's bioinformatics capabilities. Further, Canada's bioinformatics market is extremely collaborative, with numerous businesses, academic institutions, and research organizations collaborating to create new tools and software. It is anticipated that partnerships and collaborations between businesses, academia, and the government would continue to spur innovation in the sector.

Market Restraints

The Canada bioinformatics market is currently relatively small, and there aren't many businesses offering bioinformatics services. The cost of bioinformatics solutions can be considerable, which may prevent certain businesses, particularly Small and Medium-sized Enterprise (SMEs) in Canada, from adopting them. Moreover, despite government financing and support, some SMEs in Canada may have restricted access to finance, making it challenging for them to create and market novel bioinformatics technology.

Competitive Landscape

Key Players

  • DNAstack (CAN)
  • Bioinformatics Solutions Inc (CAN)
  • ThermoFisher Scientific
  • Agilent Technologies
  • Celera Corporation

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 the Alissa Portal as a one-stop shop.

December 2020: A national consortium led by DNAstack secures $5.1 Mn to expand the development of a software platform for health and genomics data and the use of COVID-19. The goal of the $5.1 Mn COVID Cloud project, which is co-funded by Canada's Digital Technology Supercluster, is to strengthen Canada's capacity to utilize the nation's rapidly expanding genomes and biomedical data resources to advance precision health.

Healthcare Policies and Regulatory Landscape

The Canadian government, through various organizations including Health Canada and the Canadian Institutes of Health Research(CIHR), controls the majority of the healthcare regulations and rules that apply to the Canadian bioinformatics industry. These organizations are in charge of governing the creation, acceptance, and application of bioinformatics technology in healthcare.

Health Canada is in charge of approving medical devices, including those that use bioinformatics. The organization also controls how bioinformatics, including pharmacogenomics and personalized medicine, is used in medication development. On the other hand, the CIHR serves as Canada's primary funding source for medical research. Through a number of programs and projects, such as the Strategic Training Program in Bioinformatics and Computational Biology, it funds bioinformatics research.

The regulatory environment for the Canadian bioinformatics business is also shaped by industry associations like the Biotechnology Innovation Organization (BIO) which collaborates with government organizations to advance legislation that will foster the sector's expansion.

Reimbursement Scenario

Canada's healthcare system is publicly funded, and the provinces and territories are in charge of providing coverage for medical services and supplies. The cost of bioinformatics services and products that are deemed medically necessary are often covered by the provinces and territories' various reimbursement procedures. For instance, Pharmacogenomic testing, for instance, may not be reimbursed by the public healthcare system in some provinces but may be in others.

Moreover, based on whether a bioinformatics product is categorized as a pharmaceutical or a medical device, various provinces have varied payment regulations.  Pharmaceuticals are jointly regulated by the Patented Medicine Prices Review Board (PMPRB) and Health Canada while medical devices are regulated by Health Canada.

In some cases, private health insurance plans also cover the costs of bioinformatics services and products that are not covered by the public healthcare plan.

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.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

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

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

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: 17 January 2023
Updated by: Dhruv Joshi

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