Asia-Pacific Oncology Molecular Diagnostics Market Size Expected to Reach US $732 million by 2026
Pune, Maharashtra, India, February 26 2021 (Wiredrelease) Allied Analytics –:Many medical diagnostic product manufacturing companies are investing in R&D for development of advanced molecular diagnostics tests. Moreover, rise in well-equipped hospitals and clinics for the treatment of cancer patients and surge in awareness among people about personalized medicines in the region is responsible for the growth of the Asia-Pacific oncology molecular diagnostics market. Conversely, high growth potential in the emerging markets offers lucrative opportunities for key market players operating in this segment.
“Asia-Pacific Oncology Molecular Diagnostics Market by Application, End user, and Country : Regional Opportunity Analysis and Industry Forecast, 2019–2026,” the Asia-Pacific oncology molecular diagnostics market was valued at $318.84 million in 2018 and is projected to reach $732 million by 2026, growing at a CAGR of 9% from 2019 to 2026.
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The hospitals segment was the highest contributor to the market, and is estimated to reach $354.46 million by 2026, at a CAGR of 9.0% during the forecast period
Molecular diagnosis is a method used to identify a disease at the molecular level, such as proteins, DNA, and RNA, in a tissue or fluid. Various tools are used to detect specific sequences of DNA or RNA that may or may not be associated with the disease such as single nucleotide polymorphism (SNP), deletions, rearrangements, and insertions, which are used for diagnosis and prediction of various infectious diseases, cancer, and other genetic disorders.
Factors such as increase in prevalence of various types of cancer, increase in awareness and acceptance of personalized medicines, and growth in biomarker identification drive the growth of this market. Whereas, lack of skilled professional and stringent regulatory requirements for approval of new molecular diagnostic techniques restrain the market growth.
Growth in funding by governments and numerous organizations for Research & Development (R&D) activities in molecular diagnostics is anticipated to drive the demand for the molecular diagnostics market. In addition, funding plays an important role in product development, product expansion, and product enhancement process.
Among application, lung cancer segment held a dominant portion in the market, accounting for about two-thirds share of the Asia-Pacific Oncology Molecular Diagnostics market. This is attributed to rise in incident rate of lung cancer cases with sub-standard prediction of diagnosis and elevated mortality rate, in addition need for timely diagnosis of cancer will drive the overall market during the forecast period. Lung cancer is the most common cause of cancer-related deaths in Asia. It is categorized by cell type such as non-small cell lung cancer (NSCLC) and small cell lung cancer. NSCLC is responsible for around 85% of cases and, as a result, is the primary focus in the development of personalized therapies.
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Among end user, the hospital segment is expected to grow at a significant CAGR of 9% during the forecast period. Most diagnostic tests are carried out in hospital laboratories, hence molecular diagnostic products are often used in hospitals. The presence of molecular diagnostics instruments in hospitals give total cure to patients by quick analysis and diagnosis of cancer to start required treatment at the right time. Therefore, easy accessibility of molecular diagnostics at hospitals majorly drive the molecular diagnostics market in hospitals.
The report provides a comprehensive analysis of the key players operating in the Asia-Pacific Oncology Molecular Diagnostics market, namely F. Hoffmann-La Roche AG, BioMérieux SA, Abbott Laboratories, Qiagen N.V., Illumina, Danaher Corporation, S.A., Novartis AG, and Siemens Healthcare.
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