Meticulous Research®—a leading market research company, published a research report titled, ‘Asia-Pacific Molecular Diagnostics Market by Product & Service (Kits, Instruments) Test Type (Lab, PoC) Technology (PCR, ISH, Sequencing, INAAT, Microarray) Application (Infectious Diseases, Oncology) End User (Hospitals, Diagnostic Lab) - Forecast to 2030’.
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According to this latest publication from Meticulous Research®, the Asia-Pacific molecular diagnostics market is projected to reach $11.87 billion by 2030, at a CAGR of 7.2% from 2023 to 2030. The growth of the Asia-Pacific molecular diagnostics market is primarily driven by factors such as rising healthcare expenditure, growing use of PoC diagnostics tests, technical advancements in molecular diagnostics, and increasing funding for R&D of molecular diagnostics products. Furthermore, the increasing focus on companion diagnostics to offer new growth potential is expected to create significant market growth opportunities. However, stringent regulatory framework and the high cost of molecular diagnostics tests are expected to restrain the market’s growth. In addition, the lack of skilled professionals is a major challenge to the market’s growth.
Key Players:
The key players profiled in the Asia-Pacific molecular diagnostics market report are F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (U.S.), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), bioMérieux S.A. (France), Becton, Dickinson and Company (BD) (U.S.), Siemens Healthineers AG (Germany), DiaSorin S.p.A. (Italy), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), and Seegene, Inc. (South Korea).
Asia-Pacific Molecular Diagnostics Market: Future Outlook
The Asia-Pacific molecular diagnostics market is segmented based on Product & Service [{Kits & Reagents, Instruments, Software & Services}, Test Type {Laboratory Tests, Point of Care (PoC) Tests}, Technology {Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Sequencing, Mass Spectrometry, Other Technologies}, Application {Infectious Diseases (COVID-19, Hepatitis, HIV, Chlamydia Trachomatis/Neisseria Gonorrhoeae (CT/NG), Human Papillomavirus (HPV), Tuberculosis, Influenza, Healthcare-associated Infections, Other Infectious Diseases), Oncology (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, Other Cancer Types), Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications}, and End User { Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, Other End Users}]. The study also evaluates industry competitors and analyzes the market at the country level.
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Among all the products & services covered in the report, in 2023, the kits & reagents segment is expected to account for the largest share of the Asia-Pacific molecular diagnostics market. The frequent and repetitive use of diagnostic kits, the large portfolio of disease-specific kits for the early diagnosis of chronic and infectious diseases, and technological advancements in molecular diagnostics support the large market share of this segment.
Among all the test types covered in the report, in 2023, the laboratory tests segment is expected to account for the largest share of the Asia-Pacific molecular diagnostics market. The large market share of this segment is attributed to increased lab testing, availability in hospitals, laboratories, and academic & research institutes, and higher accuracy and reliability. Laboratory equipment and analyzers have high sensitivity and specificity. Additionally, lab testing can be performed on all tests and is usually less expensive.
Among all the technologies covered in the report, in 2023, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the Asia-Pacific molecular diagnostics market. PCR is a sensitive technique that allows rapid amplification of a specific segment of DNA. This technology is effective for low-number targets and is less expensive than other technologies, such as sequencing. The huge demand for PCR devices further contributes to the largest share of this segment.
Among all the applications covered in the report, in 2023, the infectious diseases segment is expected to account for the largest share of the Asia-Pacific molecular diagnostics market. The large market share of this segment is attributed to the rising incidence rates of infectious diseases and the increase in initiatives by government organizations toward their prevention by early diagnosis.
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Among all the end users covered in the report, the Asia-Pacific molecular diagnostics market is segmented into hospitals & clinics, diagnostic laboratories, academic and research institutes, and other end users. In 2023, the hospitals & clinics segment is expected to account for the largest share of the Asia-Pacific molecular diagnostics market. Hospitals & clinics perform a wide range of tests to diagnose various medical conditions, including communicable and non-communicable diseases and other medical conditions to ensure proper clinical planning of treatment and prevention. Thus, the large number of patients going to hospitals & clinics contributes to the large market share of this segment.
Among all the countries covered in the report, in 2023, China is expected to account for the largest share of the Asia-Pacific molecular diagnostics market. The large market share of this segment attributed to favorable reimbursement policies, growing government initiatives, an aging population coupled with rising chronic diseases, increased accessibility to healthcare, and increasing demand for molecular assays contribute to this market's large share.
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Key questions answered in the report:
• What are the high-growth market segments in terms of product & service, test type, technology, application, end user, and country?
• What was the historical market for molecular diagnostics in Asia-Pacific?
• What are the market forecasts and estimates for 2023–2030?
• What are the major drivers, restraints, opportunities, and challenges in the Asia-Pacific molecular diagnostics market?
• Who are the major players in the Asia-Pacific molecular diagnostics market?
• What is the competitive landscape like, and who are the market leaders in the Asia-Pacific molecular diagnostics market?
• What are the recent developments in the Asia-Pacific molecular diagnostics market?
• What are the strategies adopted by the major players in the Asia-Pacific molecular diagnostics market?
• What are the geographical trends and high-growth countries?
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