As per our analysis, the Genomics Market size in the Asia Pacific was worth USD 3.62 billion in 2022 and estimated to be growing at a CAGR of 10.5%, to reach USD 5.97 billion by 2027.
Within molecular biology, genomics is the study of genomes, the complete set of genetic material within an organism. Genomics involves the sequencing and analysis of genomes. Genomics is also concerned with the structure, function, comparison, and evolution of genomes.
The Asia Pacific genomics market is expected to grow at the highest CAGR during the forecast period due to increasing awareness and adoption of various genomics techniques in emerging countries such as India and China for detection, prognosis, and treating various genetic disorders like cancer, diabetes, and others. In addition to this, improving healthcare infrastructure, high unmet medical needs, rising patient disposable incomes, and growing health care expenditures are also the drivers for the growth of this market.
However, the expensive genomic instruments pose a major problem to the growth of the APAC genomics market.
This research report on the APAC Genomics Market has been segmented & sub-segmented into the following categories:
By End User:
Geographically, the Asia Pacifica genomics market is one of the fastest-growing regional markets in the global market. The market is anticipated to witness a significant share in the Genomics market during the forecast period. The market is growing is attributed to the improving healthcare infrastructure, supportive government initiatives, and investments. The Asia Pacific market would benefit from human genetic research in public health programs such as consumer health programs and population screening to maximize the preventative treatment of prevalent chronic diseases. Also, developing countries such as China, India, and Japan are rapidly contributing to the APAC regional market growth.
The Chinese genomics market is expected to lead the APAC market during the forecast period and will account significant share during the forecast period. However, the market is expected to witness the largest share during the forecast period. The increasing advances in genetic and genomic technology have changed healthcare services. Therefore, the country is focusing on prevention through carrier screening, genetic counseling, and prenatal diagnosis.
On the other hand, the Indian genomics market is anticipated to witness a promising market share and contribute to the APAC regional market growth. Increasing research and development activities and favorable reimbursement policies are fuelling the market growth. Indian scientists have begun genome sequencing of coronavirus strains as part of a major sequencing effort coordinated by the National Centre for Disease Control in New Delhi. Moreover, the Indian government is assisting Haystack Analytics in utilizing genome sequencing methods to study viral transmission. The increasing number of startups and similar efforts is expected to boost the market growth in the future years.
Similarly, the Japanese genomics market is projected to showcase a promising share in the APAC market. The market players are implementing various strategies such as partnerships, collaborations, and mergers to gain a competitive advantage. For instance, the National Cancer Center of Japan (NCC) and Chugai Pharmaceutical, Ltd. partnered in February 2020 to utilize FoundationOneLiquid in the third stage of Japan's cancer genomic screening collaboration. The genetic testing services market in Japan grew as a result of this.
KEY MARKET PLAYERS:
Companies playing a significant role in the APAC genomics market profiled in this report are Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid.
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