Press release
Southeast Asia Molecular Diagnostics Market Set to Surpass $891.87 Million by 2031: Meticulous Research® Unveils Groundbreaking Insights
The report forecasts a remarkable surge in the Southeast Asia molecular diagnostics market, projecting a valuation of over $891.87 million by 2031, exhibiting a robust CAGR of 7.8% from 2024 to 2031. Molecular diagnostics, with its ability to detect targeted genetic material in human, viral, and bacterial genomes, is revolutionizing disease diagnosis across various domains including infectious diseases, oncology, and clinical genetics.
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Driving Forces and Growth Trajectory
The Southeast Asia molecular diagnostics market is propelled by a multitude of factors, including the burgeoning geriatric population, escalating prevalence of communicable and non-communicable diseases, technological advancements in molecular diagnostics, and increased healthcare expenditures. Moreover, emerging opportunities such as medical tourism in Southeast Asian countries and a growing focus on companion diagnostics are poised to catalyze market expansion. Nonetheless, challenges such as a shortage of skilled professionals and the lack of harmonization of medical device regulations across Southeast Asian countries present hurdles to market growth.
The report delves into a comprehensive assessment of leading market players' product portfolios, geographic analysis, and key growth strategies implemented over the past three to four years. Notable players profiled in the report include Sansure Biotech, Inc. (China), F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Hologic, Inc. (U.S.), Illumina, Inc. (U.S.), Xiamen Zeesan Biotech Co., Ltd (China), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), Abbott Laboratories (U.S.), and Agilent Technologies, Inc. (U.S.).
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Elevating the Standard: Companion Diagnostics and Personalized Medicine
Companion diagnostics (CDx), a cornerstone of personalized, stratified, and precision medicine, are gaining prominence in Southeast Asia. CDx measures levels of proteins, genes, or specific mutations to tailor specific and effective therapies for individual conditions. While adoption of CDx in the region is currently lower compared to developed countries, Southeast Asian countries are gradually embracing CDx. For instance, Malaysian Genomics Resource Centre Bhd (Malaysia) collaborated with ICARTAB Biomedical Co Ltd (iCARTab) (U.S.) and Advanced Immune Therapeutics Sdn Bhd (AIT) (Malaysia) to integrate companion diagnostics and cancer immunotherapy based on Chimeric Antigen Receptor (CAR) T-cells into their portfolio of products and services.
Segmentation and Market Dynamics
The Southeast Asia molecular diagnostics market is segmented based on Offering, Test Type, Technology, Application, and End User. Key insights include:
Offering: The reagents & kits segment is anticipated to lead the market in 2024, driven by recurrent use in disease detection and technological advancements.
Test Type: Laboratory tests are poised to dominate the market in 2024, owing to their higher accuracy and reliability compared to point-of-care tests.
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Technology: The polymerase chain reaction (PCR) segment is expected to hold the largest market share in 2024, owing to its sensitivity and cost-effectiveness.
Application: Infectious diseases are projected to command the largest market share in 2024, fueled by rising prevalence and increased funding for diagnostic research.
End User: Hospitals & clinics are expected to be the key end users in 2024, driven by increased hospitalizations and the high prevalence of healthcare-associated infections.
Regional Outlook
Indonesia is poised to emerge as the frontrunner in the Southeast Asia molecular diagnostics market in 2024, fueled by growing adoption, rising prevalence of diseases, and improvements in healthcare infrastructure.
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