The size of the genetic testing market in the Asia Pacific is expected to grow at a CAGR of 7.65% during the forecast period and the regional market size is predicted to be worth USD 4.11 billion by 2028 from USD 2.6 billion in 2023.
As the need to provide superior healthcare due to advancements in healthcare is increasing, genetic testing has become a highly attractive segment in the molecular diagnostics market. The slightest modifications to the inherited disease condition, like chromosomes, genes, or proteins, can be identified through genetic testing. Genetic testing, which analyses genes, chromosomes, or proteins, helps predict the risk of diseases, their diagnosis, the likely course of the disease, and identifying carriers (individuals not having the disease but having a copy of the disease gene) of the disease. Genetic testing has also helped easily diagnose diseases like sickle cell anemia, hemophilia, and cystic fibrosis, helping patients live normal lives.
A few significant factors promoting the APAC genetic testing market are the growing awareness among individuals regarding the potential benefits of genetic testing. In addition, advancements and huge investments in the genetic testing space, a growing aging population, a rise in the number of chronic diseases, and increasing cancer cases are the other factors aiding the growth of the genetic testing market.
Cancer genetic testing is estimated to witness high growth and is most likely to accelerate the growth rate of the genetic testing market in this region during the forecast period. The market for screening newborns, diagnosing rare and fatal disorders, and estimating the probability of diseases is likely to expand. Particularly, genetic tests to screen newborns are expected to expand immensely. The growing frequency of genetic diseases unravels new opportunities for genetic testing and its related applications. It is anticipated that the transformation of genetic testing from a service-driven market to a product-driven market will push diagnostic companies to expand their operations.
However, a few factors affect the growth of the genetic testing market, like the authenticity of genetic reports being questioned due to a lack of credible standard procedure. And also, many individuals are concerned about the high cost associated with testing.
This research report on the APAC genetic testing market has been segmented and sub-segmented into the following categories:
Geographically, the Indian genetic testing market is the fastest-growing country in the Asia Pacific market due to various diseases and developments in the healthcare sector.
The Chinese genetic testing market is predicted to account for a promising share of the APAC market due to rising genetic disorders in China. Recently, the Chinese government has taken the initiative in genetic science development.
The Japanese genetic testing market is expected to grow healthy in the coming years. Life sciences companies focus on screening tests for cancer and the introduction of DNA testing in Japan and South Korea, driving the demand for the genetic testing market. The growing patient population suffering from chronic diseases in Japan is driving the Japanese market growth. As per the Journal of Medical Internet Research, about 80% of the population is suffering from multiple chronic diseases like Cerebrovascular disease, cancer, and heart-related diseases. The demand for the genetic testing market in Japan is growing with the increasing aspects of R&D activities in healthcare.
The genetic testing market in South Korea is likely to have a prominent share of the APAC market in the coming years. High investments in genomic and precision medicine by both private and public organizations are enhancing the demand for the market in this country. Government initiatives to promote awareness of the benefits of genomic testing in various fields are escalating the market growth. Focus on early detection of the diseases is also ascribed to boost the demand for the genetic testing market.
The genetic testing market in Singapore is estimated to grow at a healthy CAGR during the forecast period. A growing number of cancer patients and increasing demand for diagnostics procedures to improve the quality of healthcare are anticipated to fuel the market growth rate. Genetic testing has become one of the best diagnostic tests for the cancer disease. Genetic testing helps healthcare providers make good decisions in providing the best suitable treatment to the patient based on the reports. The contract research organization (CRO) PPD and Neo genomic specialize in cancer genetic testing, and it started new laboratory services in Singapore for clinical trials. Also, development in healthcare sectors and implementation of innovative techniques in the Singapore genetic testing market foresee growth in Asia-Pacific.
KEY MARKET PLAYERS:
A few of the prominent companies dominating the APAC Genetic Testing Market profiled in this report are Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems Inc.
The genetic testing market in the APAC region is estimated to be worth USD 15.33 billion by 2027.
Factors such as increasing awareness of genetic testing, advancements in technology, increasing government initiatives and growing healthcare infrastructure are driving the genetic testing market growth in the Asia-Pacific region.
Illumina, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., Agilent Technologies, Inc., and Roche Diagnostics are some of the promising companies in the APAC genetic testing market.
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