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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As per the latest release by Meticulous Research®, the Asia-Pacific molecular diagnostics market is anticipated to achieve a valuation of $11.87 billion by 2030, with a projected compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. The market's expansion is primarily fueled by factors such as escalating healthcare expenditure, the increasing utilization of Point of Care (PoC) diagnostics tests, continuous technological advancements in molecular diagnostics, and augmented funding for Research and Development (R&D) initiatives related to molecular diagnostics products. Furthermore, the growing emphasis on companion diagnostics to unlock fresh growth prospects is poised to present substantial opportunities for market development. However, obstacles such as stringent regulatory frameworks and the high costs associated with molecular diagnostics tests are anticipated to impede market growth. Moreover, the scarcity of skilled professionals poses a significant challenge to market advancement.
Key Players:
The prominent entities outlined in the Asia-Pacific molecular diagnostics market report include 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).
Future Outlook of Asia-Pacific Molecular Diagnostics Market:
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, Oncology, Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications), and End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, Other End Users). The study also includes a comprehensive analysis of industry competitors and examines the market at the country level.
Among the various products & services highlighted in the report, the kits & reagents segment is projected to dominate the Asia-Pacific molecular diagnostics market in 2023. This dominance is attributed to the frequent use of diagnostic kits, the wide array of disease-specific kits available for early diagnosis of chronic and infectious diseases, and the technological advancements in molecular diagnostics supporting this segment's substantial market share.
In terms of test types, laboratory tests are anticipated to hold the largest share of the Asia-Pacific molecular diagnostics market in 2023. The prominence of this segment stems from increased lab testing, widespread availability in hospitals, laboratories, and academic & research institutes, as well as its higher accuracy and reliability. Laboratory equipment and analyzers are renowned for their high sensitivity and specificity, and lab testing is generally more cost-effective.
Regarding technologies, the polymerase chain reaction (PCR) segment is expected to lead the Asia-Pacific molecular diagnostics market in 2023. PCR technology enables the rapid amplification of specific DNA segments and is highly sensitive, making it effective for detecting low-number targets. Moreover, PCR devices are in high demand, further bolstering this segment's dominance.
In terms of applications, infectious diseases are projected to command the largest share of the Asia-Pacific molecular diagnostics market in 2023. This dominance can be attributed to the escalating incidence rates of infectious diseases and the increased efforts by government organizations to prevent them through early diagnosis.
The end-user landscape of the Asia-Pacific molecular diagnostics market encompasses hospitals & clinics, diagnostic laboratories, academic and research institutes, and other end users. In 2023, hospitals & clinics are expected to hold the largest share of the market. These institutions conduct a wide range of tests to diagnose various medical conditions, ensuring proper clinical planning for treatment and prevention.
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