Innovative Solutions Drive Double-digit Growth Opportunities in Asia-Pacific Molecular Diagnostics Market
MDx adoption is fueled by shift from evidence-based to information-based medicine, finds Frost & Sullivan's Transformational Health team
SINGAPORE, May 10, 2017 /PRNewswire/ -- The molecular diagnostics (MDx) market in the Asia-Pacific (APAC) region is growing rapidly. Supported by the adoption of MDx tests for infectious disease applications, innovative diagnostic solutions in cancer and next-generation sequencing (NGS), the MDx market in the region is witnessing double-digit growth and transformation. Globally, MDx is gaining prominence in the pharmaceutical value chain, with newer areas of adoption such as pharmacogenomics for patient stratification, changing the current healthcare practice from evidence-based to information-based medicine.
"Companies aiming to enter APAC or expand regionally have to devise tailor-made strategies for successful market penetration. They should actively seek out joint ventures and strategic partnerships to gain wider market share and remain sustainable in a tech-driven industry," said Transformational Health Industry Analyst M Shaillender. "Early movers such as Qiagen have succeeded with viable business opportunities and solid revenue returns."
APAC Molecular Diagnostics Market, Forecast to 2021, a recent research from Frost & Sullivan's Life Sciences Growth Partnership Service program, examines the APAC MDx market and identifies growth segments, trends driving adoption, and strategic measures taken by market majors such as Roche, Thermofisher, Qiagen and Sysmex. The market, which stood at US$1.72 billion in 2016, is expected to generate US$2.86 billion by 2021, growing at a compound annual growth rate (CAGR) of 10.7 percent.
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China and India will drive the future of the APAC MDx market, with tremendous growth opportunities gaining prominence in the global pharmaceutical industry. Other developments in the APAC MDx market include:
- MDx test market for infectious diseases is growing at a CAGR of 9.2 percent due to increased adoption in emerging markets such as China, Indonesia and India.
- MDx oncology testing is expected to be the next emerging segment in APAC due to increasing awareness of, and demand for, personalized healthcare, and the governments' emphasis on prevention and early detection of various types of cancers.
- MDx testing for genetic disorders is expected to reach US$290.4 million at a CAGR of 11.1 percent from 2016 to 2021. Non-invasive prenatal genetics is the hottest segment gaining widespread market acceptance in the private healthcare sector.
- Point-of-care testing (POCT) in hospital settings is booming as it offers short turnaround time and quick treatment decisions in cases like sepsis.
- Companies such as Sysmex are establishing their own sales force, strengthening market presence, service offerings, and distribution networks in APAC.
- The MDx market in China is burgeoning with rapid growth in private healthcare and is expected to reach US$1,073.6 million in 2021, at a CAGR of 12.4 percent.
"MDx tests for oncology diagnostics and pharmacogenomics are key areas to watch as they redefine treatment and expand the panel of diagnostics toward particular diseases, leading to personalized medicine," observed Shaillender.
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APAC Molecular Diagnostics Market, Forecast to 2021
P92E-52
Contact:
Carrie Low
Corporate Communications – Asia-Pacific
P: +603 6204 5910
F: +603 6201 7402
E: [email protected]
Melissa Tan
Corporate Communications – Asia-Pacific
P: +65 6890 0926
F: +65 6890 0999
E: [email protected]
SOURCE Frost & Sullivan
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