Vietnam Bioinformatics Market Analysis

Vietnam Bioinformatics Market Analysis


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Vietnam's Bioinformatics market is projected to grow from $ 76.75 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022-30. The main factors driving the growth would be advancements in technology, the growing healthcare sector, and investment in research and development. The market is segmented by technology and by application. Some of the major players include LOBI Vietnam (VNM), Agilent Technologies, IBM Life Sciences, and ThermoFisher Scientific.

ID: IN10VNHS001 CATEGORY: Healthcare Services GEOGRAPHY: Vietnam AUTHOR: Neha Davda

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Vietnam Bioinformatics Market Executive Summary

Vietnam's Bioinformatics market is projected to grow from $ 76.75 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022-30. In 2019, healthcare spending in Vietnam as a percentage of its GDP increased to 5.25% from 5.03% in 2018. Vietnam is currently undergoing economic and demographic changes that provide the country's healthcare sector with huge opportunities.

Bioinformatics is a field of research that combines biology and information technology. The techniques utilized in bioinformatics include data production, data warehousing, data mining, data management, and others. For applications like next-generation sequencing, modeling of genomic and proteomic structure, and three-dimensional drug discovery, bioinformatics software, and tools are employed as integrated solutions to provide statistical approaches and data processing algorithms. In the upcoming years, the bioinformatics market in the Asia Pacific is expected to rise significantly. Vietnam's bioinformatics market is a relatively new and emerging market.

vietnam bioinformatics market analysis

Market Dynamics

Market Growth Drivers

The Vietnam bioinformatics market is expected to be driven by factors such as advancements in technology, the growing healthcare sector, and investment in research and development. Vietnam ranked 44/132 in the Global Innovation Index in 2021 with approximately 18,500 scientific and technological advancements. Further, for foreign investment in the bioinformatics industry, particularly in the fields of medication research and discovery, Vietnam is becoming more alluring.

Market Restraints

The bioinformatics sector in Vietnam is still in its early stages of development, and as a result, it lacks the infrastructure required to enable its expansion. This includes a lack of sophisticated software and tools, insufficient data storage, and poor data processing capabilities which hinders the growth of the bioinformatics market. Additionally, the bioinformatics market in Vietnam's lack of clear norms and guidelines, as well as the shortage of skilled workers, are also impeding expansion.

Competitive Landscape

Key Players

  • LOBI Vietnam (VNM)
  • Agilent Technologies
  • IBM Life Sciences
  • ThermoFisher Scientific

Healthcare Policies and Regulatory Landscape

Vietnamese bioinformatics market regulations and healthcare policies are still in the early phases of development. However, the Vietnamese government has worked to support the growth of the bioinformatics sector by putting in place laws and policies that encourage both domestic and foreign investment and R&D.

The Vietnamese government has been encouraging foreign investment in the bioinformatics sector by offering monetary aid and tax breaks to businesses that make investments in the sector. The government has also been sponsoring programs and activities targeted at enhancing the effectiveness and efficiency of healthcare delivery, including research and development in the bioinformatics sector. However, there are still regulatory issues that the Vietnamese bioinformatics sector must deal with, such as the absence of precise rules and regulations.

Reimbursement Scenario

The reimbursement policies for bioinformatics services in Vietnam are still in the early stages of development and patients may be required to pay out of pocket for many bioinformatics services. Vietnam's National Health Insurance (NHI) program covers a variety of medical services. The government, employers, and people all contribute to the program's funding, which is available to all citizens. In Vietnam, there are also private insurance firms that offer healthcare coverage. These plans, however, frequently cost more than the NHI and could come with more limitations.

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: 30 October 2023
Updated by: Dhruv Joshi

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