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.
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.
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.
Key Players
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.
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.
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
By Technology (Revenue, USD Billion):
By Application (Revenue, USD Billion):
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