Emerging Trends: Asia-Pacific Molecular Diagnostics Market Set to Surpass $11.87 Billion by 2030

[Redding, California, 19-02-2024 ] - Meticulous Research®, a renowned name in market research, has unveiled its latest report titled, 'Asia-Pacific Molecular Diagnostics Market by Product & Service (Kits, Instruments), Test Type (Lab, PoC), Technology (PCR, ISH, Sequencing, INAAT, Microarray), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Lab)-Forecast to 2030'.

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According to the latest findings from Meticulous Research®, the Asia-Pacific molecular diagnostics market is projected to surge to a valuation of $11.87 billion by 2030, registering an impressive CAGR of 7.2% from 2023 to 2030.

The growth trajectory of the Asia-Pacific molecular diagnostics market is fueled by several factors including escalating healthcare expenditure, the widespread adoption of PoC diagnostic tests, technological advancements in molecular diagnostics, and amplified R&D funding for molecular diagnostics products. Moreover, the burgeoning focus on companion diagnostics promises new avenues for market expansion. However, stringent regulatory frameworks and the high costs associated with molecular diagnostics tests pose challenges to market growth. Furthermore, the scarcity of skilled professionals remains a notable impediment to market progression.

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The Asia-Pacific molecular diagnostics market boasts a lineup of key players including F. 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), DiaSorin S.p.A. (Italy), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), and Seegene, Inc. (South Korea).

Asia-Pacific Molecular Diagnostics Market: Insights and Future Prospects

The Asia-Pacific molecular diagnostics market is meticulously 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). Additionally, the report evaluates industry competitors and conducts thorough analyses at the country level.

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Among all the products & services covered in the report, the kits & reagents segment is anticipated to spearhead the market in 2023, buoyed by their repetitive usage, disease-specific portfolios, and technological advancements.

The laboratory tests segment is projected to dominate the market in 2023 among all test types, owing to increased usage, widespread availability, and superior accuracy and reliability.

In terms of technology, the polymerase chain reaction (PCR) segment is poised to maintain its dominance in 2023, attributed to its sensitivity, rapid amplification capabilities, and cost-effectiveness.

Among applications, the infectious diseases segment is expected to hold the largest share in 2023, driven by escalating incidence rates and governmental initiatives towards prevention through early diagnosis.

Hospitals & clinics are anticipated to lead among end users in 2023, reflecting their pivotal role in diagnosing a wide array of medical conditions and facilitating proper clinical planning.

Among countries, China is forecasted to dominate the Asia-Pacific molecular diagnostics market in 2023, owing to favorable reimbursement policies, governmental initiatives, an aging population, increased healthcare accessibility, and growing demand for molecular assays.

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