Oncology Segment has the Largest Share of Disease Area in the Asia Pacific Molecular Diagnostics Market during 2020–2028
According to The Insight Partners market research study on “Asia Pacific Molecular Diagnostics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Disease Area, Technology, Type, Product and Services, and End User” is expected to reach US$7,488.95million by 2028 from US$ 3,072.95million in 2021. The market is estimated to grow at a CAGR of 13.6% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific Molecular Diagnostics market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to increase in Demand for Point-of-Care and Developments by Market Players are the key factors driving the market growth. However, the market is expected to experience slow growth during the forecast period owing to limitations associated the Molecular Testing.
Countries in the Asia Pacific are facing challenges due to increasing incidences of COVID-19. As per the data of World meter, as of March 16, 2021, China reported a total of 90,066 COVID-19 cases, while in Japan it stood at 448,688, India recorded 11,438,734 cases, South Korea recorded 96,849 cases and Australia reported 29,151 confirmed cases. The shrinking economy of many countries is also going to affect many sectors including pharmaceuticals. As per the Asian Development Bank (ADB), a group of 45 countries in the Asia-Pacific region, is expected to post growth of just 0.1 per cent in 2020. The spread of the pandemic coupled with uncertainty around economic recovery has affected the pharmaceutical industry in the region. This economic impact is expected to have a negative effect on investments in research and development. However, the focus on the treatment of coronavirus is expected to offer new avenues for the point of care diagnostics.
The Asia Pacific molecular diagnostics market is segmented on the basis of disease area, technology, type, product and services, and end user. By disease area, the market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders, and others. The infectious diseases segment held the largest share of the market in 2021; however, the oncology segment is anticipated to register the highest CAGR in the market during the forecast period.
Abbott, Agilent Technologies, Inc. Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., TBG Diagnostics Limited, QIAGEN, bioMérieux SA, Siemens Healthiness AG, Illumina, Inc., and Danaher, Novartis AG. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for Asia Pacific molecular diagnostics market is segmented into disease area, technology, type, product and services, and end user. Based on disease area, the Asia Pacific molecular diagnostics market is segmented into infectious disease, oncology, genetic testing, cardiac diseases, immune system disorders, and others. Based on Technology, the Asia Pacific molecular diagnostics market is segmented into polymerase chain reaction (pcr), in situ hybridization, isothermal nucleic acid amplification technology (inaat), dna sequencing and next-generation sequencing (ngs), dna microarrays, and others. Based on type, the Asia Pacific Molecular Diagnostics market is segmented into RT-PCR, qPCR, Multiplex PCR, and Others. Based on product & services the Asia Pacific molecular diagnostics market is segmented into assays and kits, instruments, and services and software, and based on end user the asia pacific molecular diagnostics market is segmented into diagnostic laboratories, hospitals and clinics, research and academic institutes, and others. Regionally, the Asia Pacific Molecular Diagnostics market is segmented into (China, Japan, India, Australia, South Korea, Malaysia, Thailand, Singapore, Philippines, Vietnam, Indonesia, and the Rest of Asia Pacific.).
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