According to a new report published by Allied Market Research, titled, “Asia-Pacific Oncology Molecular Diagnostics Market By application, by type & end user, Opportunity Analysis and Industry Forecast, 2022–2031. The Asia-Pacific oncology molecular diagnostics market was valued at $610.17 million in 2021, and is projected to reach $1,241.00 million by 2031, registering a CAGR of 7.3% from 2022 to 2031.
Molecular diagnostics is a group of procedures applied to analyze biological markers at the molecular level such as genome and proteome in an individual's genetic code. The technique is employed by the flourishing healthcare sector to diagnose and monitor complex ailments, detect various diseases such as cancer, and most importantly decide best personalized medicines, and therapies for individual patients.
Key factors that drive growth of the market include rise in prevalence of cancer, increase in awareness and acceptance of personalized medicines, and growth in biomarker identification. However, lack of skilled professionals and stringent regulatory requirements for approval of new molecular diagnostic techniques restrain the market growth. In addition, advancements in genomics & proteomics provide opportunities for the Asia-Pacific oncology molecular diagnostics market growth.
The market is segmented on the basis of application, type, end user, and country. By application, it is segmented into colorectal cancer, hematological cancer breast cancer, lung cancer, and others. By type, it is divided into polymerase chain reaction (PCR), next-generation sequencing, fluorescence in- situ hybridization (FISH), next generation sequencing (NGS), spectrometry, and others. By end user, it is divided into hospitals, reference laboratories, and others. Country wise, the market is analyzed across Thailand, Vietnam, Singapore, Malaysia, Australia, Indonesia, the Philippines, and rest of Asia-Pacific.
By application, the lung cancer segment dominated the market in 2021, owing to increase in prevalence of lung cancer and rise in number of active smokers across the region.
By type, the polymerase chain reaction (PCR) segment dominated the market in 2021, owing to increase in adoption of PCR as it offers various advantages such as it is less time-consuming, requires low concentration of sample for test, and is easy to handle for cancer diagnosis.
By end user, the hospitals segment dominated the market in 2021, owing to increase in number of patient visits to hospitals for screening and identification of cancer.
Country wise, rest of Asia-Pacific dominated the market in 2020, owing to increase in adoption and acceptance of personalized medicine, upgradation of healthcare infrastructure, and higher investments for R&D. Furthermore, increase in prevalence of cancer in this region is expected to boost the Asia-Pacific oncology molecular diagnostics market during the forecast period.
The key players profiled in this report include Abbott Laboratories, BioMerieux S.A, Amoy Diagnostic Co Ltd, F-Hoffmann-LA Roche Ltd, Siemens Healthineers, Danaher Corporation, Diasorin SP, Thermo Fisher Scientific, Inc, Agilent Technologies Inc, Sysmex Corporation, Qiagen N.V., and Illumina Inc.
Key Findings Of The Study
- By application, the other cancer segment was the highest contributor to the Asia-Pacific oncology molecular diagnostics market in 2021.
- By type, the polymerase chain reaction (PCR) segment was the highest contributor to the market in 2021.
- By end user, the hospital segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
- By country, rest of Asia-pacific garnered the largest revenue share in 2021, whereas Indonesia is anticipated to grow at the CAGR of 6.7% during the forecast period.