Asia Pacific Oncology Molecular Diagnostics Market is Predicated to Cross USD 1.24 Billion by 2031; 7.3% CAGR, Claims AMR

Allied Market Research published a report, titled, “Asia–Pacific Oncology Molecular Diagnostics Market, By Application (Colorectal Cancer, Hematological Cancer, Breast Cancer, Lung Cancer, and Others), Type (Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), Fluorescence In-situ Hybridization (FISH), Spectrometry, and Others), and End User (Hospitals, Reference Laboratories, and Others) – Global Opportunities and Industry Forecasts, 2022-2031.”

According to the report published by Allied Market Research, the Asia-Pacific oncology molecular diagnostics industry was estimated at 610.17 million in 2021, and is expected to hit $1.24 billion by 2031, registering a CAGR of 7.3% from 2022 to 2031.

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Drivers

The growth of the Asia-Pacific oncology molecular diagnostics market is driven by several factors, including the rising prevalence of various cancers, an increasing geriatric population, advancements in biomarker identification, lifestyle changes, and high-end technological progress in molecular diagnostics techniques. However, the market’s expansion is somewhat hindered by a lack of healthcare insurance and limited awareness among individuals about the benefits of skilled professionals in handling molecular diagnostics. Nevertheless, government initiatives aimed at raising cancer awareness and reducing its burden are expected to create lucrative opportunities within the industry.

The lungs cancer segment to retain the lion’s share-

By application, the lung cancer segment dominated the Asia-Pacific oncology molecular diagnostics market in 2021, accounting for approximately one-fourth of the market share. This segment is also anticipated to experience the fastest compound annual growth rate (CAGR) of 7.9% throughout the forecast period, driven by an aging population, lifestyle changes, and advancements in biomarker identification systems.

Regional Trends

By region, the Rest of Asia-Pacific led the market in 2021, capturing more than four-fifths of the Asia-Pacific oncology molecular diagnostics market. This region is also projected to achieve the fastest compound annual growth rate (CAGR) of 7.7% throughout the forecast period. The growth is attributed to increased adoption and acceptance of personalized medicine, enhancements in healthcare infrastructure, and higher investments in research and development activities across the region. The report also analyzes other countries, including Australia, Vietnam, Indonesia, Thailand, the Philippines, Malaysia, and Singapore.

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Asia-Pacific Oncology Molecular Diagnostics Market Report Highlights

Key players in the industry-

• BioMerieux
• Amoy Dx
• Sysmex Corporation
• F.Hoffmann-LA Roche Ltd.
• Siemens Healthcares
• Danaher Corporation
• Thermo Fisher
• Agilent Technologies Inc.
• Abbott Laboratories
• Diasorin SP

Key Findings Of The Study

• By application, the other cancer segment was the highest contributor to the Asia-Pacific oncology molecular diagnostics market in 2021.
• By type, the polymerase chain reaction (PCR) segment was the highest contributor to the market in 2021.
• By end user, the hospital segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By country, rest of Asia-pacific garnered the largest revenue share in 2021, whereas Indonesia is anticipated to grow at the CAGR of 6.7% during the forecast period.

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.

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