Asia Pacific: 3487 million USD (2030), CAGR: 12.20%
A genetic test is a type of medical testing that is carried out with the purpose of determining whether or not there have been any alterations to the chromosomal structure or the DNA sequence. Either the gene included within the DNA sequence can be directly recognised through the sequencing process or indirectly identified through a variety of methods of genetic testing. The use of genetic testing in the diagnosis of rare diseases and the practise of customised medicine is expanding at a rapid rate.
The pandemic caused by COVID-19 has had a substantial influence on the expansion of the market for genetic testing during the course of the crisis. According to the study report that was published in Genetics in Medicine 2020, all clinical genetic testing was halted, and consultations and counselling based on telemedicine were implemented worldwide. According to the findings of this research, a total of 156 clinical genetics and cancer patients as well as 112 pregnant patients were assessed over the course of one month at the Columbia University Irving Medical Center (CUIMC). In order to stop the spread of the SARS-CoV2 virus, the vast majority of genetic testing businesses have begun using virtualization, and many of them also provide home testing kits and collect samples from patients in their own homes. However, according to the research article that was published in the Journal of Medical Genetics 2020, there was a hindrance reported in accessing genetic testing blood draws. As a consequence of this hindrance, the genetic testing was tremendously impacted, wherein a reduction in genetic testing from 97.7% to 74.1% was observed during the period in which virtual care was provided. As a result, it is anticipated that COVID-19 will have both a direct and an indirect influence on the market for genetic testing during the current crisis time.
In addition, the growing number of technology improvements that have occurred over the course of the previous few years have made various prospects for market development available. The rapid expansion of the market is being aided by a number of factors, including an increase in the incidence of chronic illnesses and the creation of specialised testing kits for specialised treatment areas. According to the World Population Prospects 2020 Highlights published by the United Nations, there will be more than 1.5 billion people over the age of 65 years by the year 2050, which is an increase from 727 million in the year 2020. Because of the rising number of elderly people and their increased risk of developing chronic illnesses, there has been an uptick in the need for preventative diagnostics, in particular genetic testing.
The increased attention that governments of various countries are placing on regulating genetic testing and raising knowledge about them has effectively resulted in a speedier acceptance of these tests all around the world. Increased spending on research and development, along with large firms' already established footholds in the market, has made it difficult for new companies to break into the industry. Maintaining a competitive advantage in the market requires a number of critical characteristics to be satisfied, including innovation in product design, improvement in quality, and strong distribution relationships. For instance, in August 2020, Ricoh Company Ltd. and DNA Chip Research Inc. produced RICOH Standard DNA Series EGFR mutation Type001, which is a reference DNA plate to be utilised in the blood-based genetic testing in the diagnosis of lung cancer. This plate is intended to be used by many companies.
The rise in healthcare sector is escalating the growth of Asia-Pacific cancer diagnostics market.
The expansion of the cancer testing market is being driven in large part by a number of reasons, one of the most important of which is the rising incidence of cancer across the area. The increase in the number of private diagnostic centres as well as the rise in the number of healthcare experts concentrating on the creation of efficient diagnostic and therapeutic solutions to check the prevalence level both contribute to the acceleration of market growth. The proliferation of recommendations for cancer screening, in addition to the availability of non-invasive diagnostic solutions such as computed tomography (CT) scans and magnetic resonance imaging (MRI), both of which are quick and don't cause any discomfort to patients, are also factors that influence the market. Additionally, growth in the healthcare infrastructure, the availability of reimbursement, an increase in population, as well as an increase in knowledge and acceptance of tailored therapy, all have a favourable impact on the market for cancer diagnostics.
Growing awareness among individuals regarding the possible advantages of genetic testing is one of the important reasons that is propelling the growth of the Asia Pacific genetic testing market in the region. Other factors that are aiding the expansion of the Asia Pacific genetic testing market include an ageing population that is growing in number, an increase in the number of chronic diseases, and an increase in the number of cases of cancer. These factors are in addition to technological advancements and large investments in the genetic testing space.
During the period covered by this projection, the market for genetic testing for cancer is expected to have substantial growth and is most likely to increase the growth rate of the overall Asia Pacific genetic testing market in this area. There is a good chance that the market for screening babies, detecting uncommon and deadly conditions, and forecasting the probability of illnesses will grow. In particular, genetic screenings of infants are anticipated to see enormous growth in the years to come. The increasing prevalence of genetic illnesses opens up new doors for the field of genetic testing and the applications that are closely tied to it. It is projected that the transition of the market for genetic testing from one driven by services to one driven by products would encourage diagnostic businesses to expand their operations.
It is anticipated that large capital expenditures as well as high costs associated with diagnostic imaging systems will impede the growth of the market. It is anticipated that the market for cancer testing would face competition from inadequate infrastructure as well as the adoption of refurbished diagnostic imaging technologies.
The expansion of the market for genetic testing is influenced by just a few aspects, such as the fact that the veracity of genetic reports is called into doubt owing to the absence of a reliable standard technique. In addition, a significant number of people are concerned about the high expense that is linked with the testing.
China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) are the nations that are there on the Asia-Pacific cancer testing market. Other countries in the Asia-Pacific region are also included (APAC).
Because of the significant technology developments in Asia and the Pacific area, Japan has a commanding lead in the cancer testing industry. Because of the rising demand for technologically sophisticated products, China is anticipated to see rapid expansion over the period of projection, which runs from 2022 to 2029.
Because of the various illnesses and advances in medical technology, the market for genetic testing in India is expanding at a rate that makes it the most rapidly expanding country in the Asia Pacific region.
Because of the increased prevalence of genetic illnesses in China, the market for genetic testing in China is seeing the fastest expansion among other APAC markets. Recently, the government of China has taken the lead in driving forward developments in genetic research.
In the future years, it is anticipated that the market for genetic testing in Japan will expand at a rate that is both healthy and significant. The need for genetic testing is being driven by firms in the life sciences industry that are working on a screening test for cancer as well as the introduction of DNA testing in Japan and South Korea.
PPD and Neo genomic, both of which are contract research organisations (CROs) that specialise in cancer genetic testing, have recently begun offering novel laboratory services in Singapore for the purpose of clinical trials. Growth is also anticipated in Asia and the Pacific region as a result of developments in healthcare sectors and the application of novel techniques in the Asia Pacific genetic testing market in Singapore.
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