The Asia Pacific Molecular Diagnostics Market size is forecasted to be growing at a CAGR of 12.64% between 2023 to 2028.
The market is primarily driven by the factors such as an increase in the prevalence of cancers in APAC, growth in the biomarkers identification market, and rising acceptance of personalized medicine and companion diagnostics. In the APAC region, China has witnessed a spike in the aging population. It is expected to increase the molecular diagnostic market. In recent periods, an increase in chronic conditions such as diabetes, cancer, and heart disease across the APAC region is anticipated to augment the molecular diagnostics market. Government initiatives to make precision medicine approach a standard practice and growing awareness among the people in this region about molecular diagnostics are projected to propel the market growth.
The market growth is restricted by challenging factors such as lack of professionals for the molecular diagnostic procedures and stringent regulatory requirements for new molecular diagnostic techniques to hinder the Asia Pacific oncology molecular diagnostic market growth. The knowledge of molecular diagnostics technologies is essential for carrying out molecular diagnostic tests, which is considered one of the challenging market growth factors. Rapid mutation of microbes and the rising outbreak of epidemics further restricted the market growth.
Impact of COVID-19 on the APAC molecular diagnostic market:
The emergence of COVID-19 has been affecting millions of people and led to devastating mortality worldwide.
The pandemic had negatively impacted the molecular diagnostics market's market growth during the first quarter of 2020. The sudden emergence of the outbreak led to a reduction in testing rates and decreased cancer patient visits to the hospital. It impacted the labs involved in oncology testing due to lab resources' realignment towards proving COVID-19 testing. Reports show a decline in newly diagnosed cancer patients of 8.4% during the pandemic period and a reduction by 31% of patients diagnosed with lung cancer since the outbreak.
This research report on the Asia-Pacific molecular diagnostics market has been segmented and sub-segmented into the following categories.
By Products and Service:
By Technology:
By End-User:
By Country:
Geographically, The Asia Pacific molecular diagnostic market recorded a substantial market share in 2019, and it is expected to hold the largest market share during the forecast period. The market size is estimated to reach USD 712.05 million by 2027 and grows at a CAGR of 12.6% during the forecast period. In the APAC region, China, India, Japan, and Australia are significant contributors to the molecular diagnostics market.
In APAC, the Australian market is projected to hold the leading market share during the forecast period and was worth USD 91.26 million in 2020. It is projected to reach USD 175.55 million by 2027. The Australian market growth is attributed to the increase in the incidence of cancer. Moreover, with the accelerating demand for faster cancer diagnosis, the Australian market is estimated to contribute its share to the APAC region.
China accounted for the largest market share of the molecular diagnostic market over the forecast period and is anticipated to continue its stake in the coming years. In the APAC region, a spike in China's aging population is more likely to expand the molecular diagnostic market's market growth. China is involved in launching innovative devices with technologies for multiple therapeutic areas to create market growth.
India has been showing a significant spike in the molecular diagnostic market over the forecast period. Increasing government initiatives in India and rising molecular diagnostic procedures proliferate due to the rising demand to accelerate the market growth.
Japan is more likely to raise its market growth of the molecular diagnostic market during the forecast period. Japan announced its launch of a new product, in-vitro diagnostics. Increasing infectious diseases and the adoption of innovative personalized medicines are projected to influence market growth.
Abbott Laboratories, Agilent Technologies, Becton, Dickinson And Company, Biomérieux SA, Danaher Corporation, Diasorin, Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens Healthineers, and Thermo Fisher Scientific are some of the companies playing a prominent role in the APAC molecular diagnostics market.
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