The Asia-Pacific Genetic Testing market was expected to grow with a CAGR of 11.0%. Certain factors that are driving the market growth include a growing demand for personalized medicine and the increased application of genetic testing in oncology.
The FDA has approved several drugs for the treatment of lung cancer. Genetic discoveries over the past decade have transformed the way doctors treat and interpret this disease. Personalized medicine and genetic services play a vital role in wellness, prevention, and selection of cost-saving therapy.
The diagnostic and pharmaceuticals sector in the Asia-Pacific region has gained momentum, owing to speedy adoption and rising technological advancements. This has resulted in the adoption of personalized medicine across the region, including the creation of a pharmacogenomics research network, across the globe.
Key Market Trends
Diagnostic Testing is Expected to Hold its Highest Revenue Share in the Testing Type Segment
- By type, diagnostic testing is believed to have the largest market size. The is due to the detection of diseases and treatment at an early stage to minimize the severity of diseases, leading to a reduced mortality rate. Treatment at an early stage requires diagnostic testing and this is expected to increase the market demand over the forecast period.
- In recent years, China has been concentratring increasingly on genetic science, with several trials underway. The country is also quietly at work, building the world’s biggest DNA database. Thus, China is rapidly increasing the appetite for DNA-reading technology, which is helping companies that can help unravel the genetic code grow.
- DNA labs in India are ranked as India’s number one Genetic DNA Testing Laboratories. There are 3,000 sample collection centers and tie-ups with 500 hospitals across India. This network performs more than 5,000 tests per day. Hence, all the aforementioned factors are contributing to the growth of the market.
The Asia-Pacific genetic testing market is highly competitive and consists of several major players. In terms of market share, a few major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by introducing new ingredients at lower prices. Companies like Abbott Laboratories Inc., Bio-Rad Laboratories Inc., Myriad Genetics Inc., Genomic Health Inc., and Mapmygenome hold the substantial market share in the Asia-Pacific genetic testing market.
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