Asia-Pacific Oncology Molecular Diagnostics Market Insight 2022-2031
The Asia-Pacific oncology molecular diagnostics market was valued at $610.17 Million in 2021, and is projected to reach $1,241.00 Million by 2031, registering a CAGR of 7.3% from 2022 to 2031. Oncology molecular diagnostics methods are applied for the treatment of various kinds of cancers such as breast cancer, prostate cancer, colon cancer and others based at their molecular level .This methods are used for identification and screening of cancer cells by analyzing their biomolecules such as protein, DNA or RNA .There are several molecular diagnostics tests are performed by using blood sample, saliva and sample from tumor tissue for detection and measurement of specific genetic sequence of the normal cell and infected cells. Oncology molecular diagnostics help to perform rapid analysis and provide detailed information about disease, and it will help to further cancer treatment.
Increase in prevalence of different kinds of cancers, increase in geriatric population, and growth in biomarker identification system and changed lifestyle, as well as technological advancements in molecular diagnostics techniques accelerate the oncology molecular diagnostics market growth. Apart from this, the increased demand for rapid and accurate diagnosis, along with advancements in next generation sequencing (NGS) techniques, is contributing to the growth of the market. Furthermore, increased surge in awareness about personalized medication and rise in number of patients suffering from different type of cancers also boost market growth. The support of government and key players for the development of the advanced technologies for the diagnosis and management of cancer population also boost the Asia-Pacific oncology molecular diagnostics market growth.
Lack of healthcare insurance and less awareness among individuals regarding the benefits of skilled professionals for handling of the molecular diagnostics techniques which will impede the growth of the oncology molecular diagnostics market. Moreover, governments introduce programs for awareness about cancer to reduce the burden of cancer population, which create lucrative opportunities for key market players.
COVID-19 Impact on Asia-Pacific oncology molecular diagnostics market
Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans.
After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has high potential of lethality in geriatric population. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as pandemic. In addition, only a few vaccines received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.
The COVID-19 outbreak has negatively impacted the Asia-Pacific oncology molecular diagnostics market, owing to decline in number of patient visits in hospitals and clinics for cancer diagnosis. As hospitals and clinics are giving first priority to COVID-19 patients so the appointment for diagnosis of cancer and their treatment are cancelled, which has negatively impacted the Asia-Pacific oncology molecular diagnostics market.
COVID-19 condition has disturbed the health care system and management of cancer treatment is affected by these disruptions. For instance, according to the Clinical Laboratory data in Australia, it was estimated that number of cancer patient visits for diagnosis has decreased by 17.3 % in 2020. As per, the Lancet Oncology, in 2020, it was estimated that the number cancer patient visits in Asia-Pacific decreased by 46% and these reduction in numbers are marked between April-October 2020. Thus, decline in number of cancer patient visits for diagnosis has led to decline in demand for oncology molecular diagnostic products.
The Asia-Pacific oncology molecular diagnostics market is segmented based of application, by type, end user, and country. By application, it is segmented into colorectal, lung, hematological, breast, and others. By type, polymerase chain reaction (PCR), Next Generation Sequencing (NGS), Fluorescence In situ Hybridization (FISH), spectrometry and others. By end-user, it is categorized into hospitals, reference laboratories, and others (research institutes and academic institutes).By country it is categorized into Australia, Vietnam, Indonesia, Philippines, Thailand, Malaysia, and rest of Asia-Pacific.
By Application Segment Review
By application, the market is divided into colorectal, lung, hematological, breast, and others. The other cancer segment holds the largest market share in 2021. Owing to increase in the prevalence of different type of cancer such as prostate cancer, gastric cancer, pancreas cancer among others across the world drive the growth of Asia-Pacific oncology molecular diagnostics market.
By Application
Opioids segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
By Type Segment Review
By type, the market is classified into polymerase chain reaction (PCR), Next Generation Sequencing (NGS), Fluorescence In situ Hybridization (FISH), spectrometry and others. The polymerase chain reaction (PCR) has dominated market in 2021. Owing to it is increase in adoption of polymerase chain reaction (PCR) as it offers various advantages such as less time-consuming process, requires low concentration of sample for test and easy to handle.
By Type
PCR Segment hold the dominant position and would continue to maintain the lead over the forecast period.
By End User Segment Review
By end user, the Asia-Pacific oncology molecular diagnostics market is categorized into hospitals, reference laboratories and others (research institute and academic institute. The hospitals segment has dominated market in 2021. Owing to increase in number of cancer patients visits for diagnosis and treatment drives the growth of market in upcoming years.
By End User
Hospital Segment hold the dominant position and would continue to maintain the lead over the forecast period.
By Country Segment Review
By country, the oncology molecular diagnostics market is analyzed across Australia, Vietnam, Indonesia, Philippines, Thailand, Malaysia, Singapore and rest of Asia-Pacific. Rest of Asia-Pacific has dominated market in 2021, owing increase in adoption and acceptance for personalized medicine, up gradation of healthcare infrastructure, and higher investments for R&D. Furthermore, the increase in prevalence of cancer in this country is expected to boost the market growth in upcoming years.
By Region
Rest of Asia pacific region would exhibit the highest CAGR of 7.7% during 2020-2031.
This report provides comprehensive competitive analysis and profiles of prominent market players such as Abbott Laboratories, BioMerieux, Amoy Dx, F.Hoffmann-LA Roche Ltd, Siemens Healthcares, Danaher Corporation, Diasorin SP, Thermo Fisher, Agilent Technologies Inc. and Sysmex Corporation.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the Asia-Pacific oncology molecular diagnostics market with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides a quantitative analysis from 2022 to 2031 to enable stakeholders to capitalize on prevailing Asia-Pacific oncology molecular diagnostics market opportunities.
- Extensive analysis by technology, application, and end user help understand various trends and prevailing opportunities in the respective market.
- Key players within the market are profiled in this report and their strategies are analyzed thoroughly, which predict the competitive outlook of global Asia-Pacific oncology molecular diagnostics market.
- Quantitative analysis of the current market and forecasts would assist stakeholders to design business strategies accordingly.
- Porter’s five forces analysis examines the competitive market structure and provides a deeper understanding of the influencing factors for entry and expansion.
Asia-Pacific Oncology Molecular Diagnostics Market Report Highlights
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Analyst Review
According to perspectives of CXOs, the market for Asia-Pacific oncology molecular diagnostics is growing, owing to advancements in technology, development of radiotracers, rise in prevalence of various type of cancers, and growth in awareness toward benefits of early diagnosis in the market
In addition, increase in funding by governments, rise in awareness and acceptance of personalized medicines, and growth in biomarker identification accelerate growth of the market. However, lack of skilled professional and stringent regulatory requirements for approval of new molecular diagnostic techniques restrains the market. Furthermore, many medical diagnostic product manufacturing companies are investing in R&D for development of advanced oncology molecular diagnostics tests. Moreover, rise in well-equipped hospitals and clinics for treatment of cancer patients and surge in awareness among people regarding personalized medicines in the region are responsible for growth of the Asia-Pacific oncology molecular diagnostics market.
The total market value of Asia-Pacific oncology molecular diagnostics market is $1,241.00 million in 2031.
Top companies such as Abbott Laboratories, Amoy Diagnostics Co Ltd, Danaher Corporation,Thermo Fisher Qiagen N.V. and Illumina Inc. held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
The lungs cancer segment is the most influencing segment owing to advancements in R&D activities in the healthcare sector, increase in lung cancer population, advancements in the diagnostic products and the launch of new products.
The forcast period for Asia-Pacific oncology molecular diagnostics market is 2022 to 2031
The market value of Asia-Pacific oncology molecular diagnostics market in 2021 is $610.17 million.
The base year is 2020 in Asia-Pacific oncology molecular diagnostics market
Increase in the prevalence of different kinds of cancers, increase in geriatric population, and growth in biomarker identification system and changed lifestyle, as well as technological advancements in molecular diagnostics techniques are the key trends in the Asia-Pacific oncology molecular diagnostics market report.
Rest of Asia pacific is expected to exhibit the fastest growth rate of CAGR 7.7% due to the increase in adoption and acceptance for personalized medicine, up gradation of healthcare infrastructures.
Yes, the Asia-Pacific oncology molecular diagnostics market companies are profiled in the report.
Yes, the Asia-Pacific oncology molecular diagnostics market provides PORTER Analysis in the report.
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