Oncology Molecular Diagnostics Market is Experience Fastest Growth in Asia-Pacific Region In Coming Years

Surge in awareness of personalized medicines and rise in number of patients suffering from different types of cancer drive the growth of the Asia-Pacific oncology molecular diagnostics market. However,unavailability of skilled professionals and stringent government regulations for product approval shinder the market growth. On the other hand,increasing technological advancements in proteomics and genomics create new opportunities for the market playersin the coming years.

Asia-Pacific oncology molecular diagnostics market generated $381.84 million in 2018, and is estimated to reach $732.05 million by 2026, registering a CAGR of 9.0% from 2019 to 2026.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

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Covid-19 scenario:

- During the Covid-19 pandemic,there is a reduction in testing rates and decrease in number of patients diagnosed with cancer.

- The realignment of lab resources toward providing Covid-19 testing has impacted the ability of labs involved in oncology testing. Due to this, the testing rate has been declined.

According to Diacuetics, newly diagnosed breast cancer patients have been dropped 8.4% during COVID-19 pandemic. In addition, new patients diagnosed with colorectal cancer patients have been dropped by 14%. The number of patients diagnosed with lung cancer has been dropped by 31% since the outbreak.
The report offers a detailed segmentation of the Asia-Pacific oncology molecular diagnostics market based on application,provider, and countries.

Based on application, the lung cancer segment accounted for the largest share in 2018, holding more than one-fifth of the total share, and is expected to maintain the largest share throughout the forecast period. In addition,this segment is expected to register the highest CAGR of 9.5% from 2019 to 2026. The report also analyzes segments including breast cancer, colorectal cancer, hematological cancer, and others.

Based on provider, the hospitals segment contributed to the largest share in 2018, accounting fornearly half of the total share, and is estimated to maintain its dominant position during the forecast period.However, the reference laboratories segment is estimated to portray the highest CAGR of 9.3% during the forecast period.

Based on countries, Australia contributed the highest share, accounting for nearly one-fourth of the total market share in 2018, and will maintain its dominance throughout the forecast period. In addition, it is also expected to grow at the highest CAGR of 9.0% from 2019 to 2026. The report also discusses segments including Australia, Vietnam, The Philippines, and Thailand.

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Leading market players analyzed in the research include BioMérieux SA, Abbott Laboratories,Hoffmann-La Roche Ltd,Qiagen N.V., Danaher (Cepheid), Siemens Healthineers, Illumina Inc.,Diasorin SPA,Sysmex Corporation, and Agilent Technologies Inc.