As per our report, the Asia Pacific Companion Diagnostics Market size was worth USD 0.98 billion in 2023. This value is further estimated to be growing at a CAGR of 24.73% from 2023 to 2028 and worth USD 2.97 billion by 2028.
APAC was the fastest-growing regional market in 2020 in the global market due to the growing number of clinical trials for cancer and government support for new drug discovery in the pharmaceutical industry. In addition, growth in the region is favored by increasing population, increased spending on healthcare R&D by the government, and a growing base of the affluent middle-class population.
Companion diagnostics have accompanied the development of personalized medicine, an advanced approach in the clinical treatment process. Companion diagnostics are diagnostic tests used to improve the effectiveness of the drug and pre-determining the treatment's efficacy. These products are mainly in-vitro devices or imaging tools, either developed after the drug is in the market or during drug development. Benefits provided by these products are providing crucial information on an individual’s risk factors for chronic conditions and enables health care professionals to decide whether drugs it more beneficial over their risks or not.
The companion diagnostics market's key factors are accelerated drug regulatory approvals, merging new pharmaceuticals and diagnostics, improved efficacy profile of drugs, and reduced healthcare expenditure.
Complex clinical trial procedures are hindering the market growth.
This research report on the APAC Companion Diagnostics Market has been segmented and sub-segmented into the following categories:
Regionally, the rapid increase in population in developing countries like China and India is the fastest-growing market in APAC.
The Indian companion diagnostics market is predicted to showcase a healthy CAGR during the forecast period due to the Indian government's support for In-vitro Diagnostics (IVD) system for patients’ treatment. In addition, public and private partnerships and the launch of innovative schemes to improve Indian IVD technology are majorly propelling the market's demand.
The Chinese Companion Diagnostics Market is forecasted to be the fastest-growing regional market in the APAC region during the forecast period. China has the fastest growth in the APAC market due to the increasing population, demand for personalized medical care, and cancer diseases. Growing cancer, neurological and cardiovascular diseases are driving the companion diagnostics market. Also, China is recording 20% of lung cancer deaths from the past few years. Recently, the US food and drug administration approved new PD-L 1 companion diagnostics that help to treat metastasis cancer effectively.
The Japanese Companion Diagnostics Market is estimated to be another lucrative regional market in the APAC region. This is because the ministry of health labor welfare has implemented similar regulations as per the FDA. Furthermore, constant economic growth is also one of the factors for the market to grow in this country. In addition, increasing population and changes in lifestyle are greatly influencing the demand of the market.
KEY MARKET PLAYERS:
A few of the major companies operating in the APAC Companion Diagnostics Market profiled in this report are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc., Biogenex Laboratories Inc., Ventana Medical Systems Inc., and Thermo Fisher Scientific Inc.
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