APAC Cancer Diagnostics Market By Technology (ELISA, ELFA, PCR, NGS, Immunohistochemistry, Microarray, Imaging (MRI, CT, PET, Ultrasound, Mammography), Biopsy), By Application (Breast Cancer, Lung Cancer, Colorectal Cancer, Melonoma), By Geography (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Singapore, Indonesia, Philippines and Rest of APAC) – Industry Trends and Forecast to 2024
APAC Cancer Diagnostics Market is expected to reach USD 7.10 billion by 2024 from USD 2.70 billion in 2016, at a CAGR of 12.7% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The major factors driving the growth of this market are the increasing medical tourism in Asia Pacific regions and technological development and increasing market reach by Asian countries. These factors increase the demand for cancer diagnostic products. On the other hand, stringent regulations imposed by international and local authorities and shortage of skilled and trained professionals may hinder the growth of the market.
Market Segmentation: APAC Cancer Diagnostics Market
- The APAC cancer diagnostics market is segmented on the basis of technology, application and geography. The APAC cancer diagnostics market is segmented into 2 types- platform based and instrument based. In 2017, the cancer diagnostics instrument based segment is expected to dominate the market with a share of 70.2% and is expected to continue this trend till 2024.
- Cancer diagnostics platform based market is segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next generation sequencing (NGS), DNA microarrays, flow cytometry and others. Cancer diagnostics instrument based market is segmented into imaging and biopsy. Imaging is further segmented into magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography- computed tomography (PET-CT), mammography and ultrasound.
- On the basis of application, the market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma and others.
Key Drivers: APAC Cancer Diagnostics Market
Some of the major factors driving the market for cancer diagnostics market are increasing medical tourism in Asia pacific regions and technological development and increasing market reach by ASIAN countries. These factors increase the demand for cancer diagnostics products. Increasing prevalence of cancer, key players focusing are on strategic decisions is the major factor driving the growth of the cancer diagnostics market.
- Stringent regulations imposed by the international and local authorities and shortage of the skilled and trained professionals are the factors which may hinder the growth of this market.
- Many companies are increasingly focusing on next generation sequencing (NGS) and biopsy products in order to strengthen their product portfolios in the cancer diagnostics market.
- Increasing demand for magnetic resonance imaging (MRI) and next generation sequencing (NGS) will drive the market in future.
Key Points: APAC Cancer Diagnostics Market
- Hoffman-La Roche Ltd is going to dominate the cancer diagnostics market, by platform based following with Abbott Laboratories Inc along with QIAGEN.
- Next generation sequencing (NGS) market is growing with the highest CAGR.
- APAC biopsy is driving the market with the highest market share.
- Magnetic resonance imaging (MRI) is dominating the cancer diagnostics imaging market.