Asia-Pacific Oncology Molecular Diagnostics Market to Reach $1.24 Bn, Globally, by 2031 at 7.3% CAGR: Allied Market Research

Rise in prevalence of different kinds of cancers, increase in geriatric population, and high-end technological advancements in molecular diagnostics techniques drive the growth of the Asia-Pacific oncology molecular diagnostics market. 

PORTLAND, Ore., June 23, 2022 /PRNewswire/ -- 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, restraints, and opportunities-

Rise in prevalence of different kinds of cancers, increase in geriatric population, growth in biomarker identification system, changes in lifestyle, and high-end technological advancements in molecular diagnostics techniques drive the growth of the Asia-Pacific oncology molecular diagnostics market. On the other hand, lack of healthcare insurance and less awareness among individuals regarding the benefits of skilled professionals for handling of the molecular diagnostics techniques impede the growth to some extent. However, rise in government introduce programs to raise proper awareness about cancer so as to reduce the burden of cancer population is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• Steep decline in the number of patient visits in clinics and hospitals for cancer diagnosis during the pandemic impacted the Asia–Pacific oncology molecular diagnostics market negatively.
• However, the market has almost recovered and got back to its previous track.

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

By application, the lungs cancer segment held the major share in 2021, garnering around one-fourth of the Asia-Pacific oncology molecular diagnostics market. The same segment is also projected to cite the fastest CAGR of 7.9% throughout the forecast period, due to increase in geriatric population, changing lifestyle, and growth in biomarker identification system.

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The PCR segment to dominate by 2031-

By application, the PCR segment contributed to the lion's share in 2021, holding more than one-third of the Asia-Pacific oncology molecular diagnostics market. Increase in adoption of polymerase chain reaction (PCR) as it offers various advantages such as less time-consuming process drives the segment growth. However, the NGS segment is expected to manifest the fastest CAGR of 8.0% from 2022 to 2031. This is because it is easy to handle and requires low concentration of sample for test.

Rest of Asia-Pacific held the major share in 2021-

By region, the market across Rest of Asia-Pacific dominated in 2021, garnering more than four-fifths of the Asia-Pacific oncology molecular diagnostics market. The same region is also expected to cite the fastest CAGR of 7.7% throughout the forecast period. This is due to increase in adoption and acceptance for personalized medicines, up gradation of healthcare infrastructure, and higher investments for R&D activities across the province. The other countries analyzed in the report include Australia, Vietnam, Indonesia, Thailand, Philippines, Malaysia, and Singapore.

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

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SOURCE Allied Market Research