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According to the latest release by Meticulous Research®, the Asia-Pacific molecular diagnostics market is projected to reach a valuation of $11.87 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This market growth is primarily driven by increasing healthcare expenditure, the rising use of Point of Care (PoC) diagnostic tests, continuous advancements in molecular diagnostics technology, and increased funding for Research and Development (R&D) in molecular diagnostics products. Additionally, the growing focus on companion diagnostics is expected to provide significant growth opportunities for the market. However, challenges such as stringent regulatory frameworks, high costs of molecular diagnostic tests, and a shortage of skilled professionals may hinder market growth.
Key Players:
The key companies in the Asia-Pacific molecular diagnostics market include:
- Hoffmann-La Roche Ltd (Switzerland)Hologic, Inc. (U.S.)QIAGEN N.V. (Netherlands)Danaher Corporation (U.S.)bioMérieux S.A. (France)Becton, Dickinson and Company (BD) (U.S.)Siemens Healthineers AG (Germany)Dia Sorin S.p.A. (Italy)Abbott Laboratories (U.S.)Thermos Fisher Scientific Inc. (U.S.)Agilent Technologies, Inc. (U.S.)Illumina, Inc. (U.S.)Seegene, Inc. (South Korea)
Future Outlook:
The Asia-Pacific molecular diagnostics market is segmented based on Product & Service (Kits & Reagents, Instruments, Software & Services), Test Type (Laboratory Tests, Point of Care (PoC) Tests), Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Sequencing, Mass Spectrometry, Other Technologies), Application (Infectious Diseases, Oncology, Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications), and End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, Other End Users). The report also includes a detailed analysis of industry competitors and examines the market at the country level.
Product & Service Segment: In 2023, the kits & reagents segment is expected to dominate the market due to the frequent use of diagnostic kits, the availability of a wide range of disease-specific kits for early diagnosis of chronic and infectious diseases, and technological advancements in molecular diagnostics.
Test Type Segment: Laboratory tests are projected to hold the largest share in 2023, driven by increased lab testing, widespread availability in hospitals, laboratories, and academic & research institutes, and higher accuracy and reliability of lab tests.
Technology Segment: The polymerase chain reaction (PCR) segment is anticipated to lead the market in 2023 due to its ability to rapidly amplify specific DNA segments and its high sensitivity, making it effective for detecting low-number targets. The high demand for PCR devices further supports this segment's dominance.
Application Segment: Infectious diseases are expected to account for the largest share of the market in 2023, attributed to the rising incidence of infectious diseases and increased efforts by government organizations for early diagnosis.
End User Segment: Hospitals & clinics are expected to hold the largest share of the market in 2023, as these institutions conduct a wide range of tests to diagnose various medical conditions, ensuring proper clinical planning for treatment and prevention.
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