Asia-Pacific Diagnostic Tests Market Share Is Projected To Reach At … – InvestorsObserver

Asia-Pacific Diagnostic Tests Market Share Is Projected To Reach At a CAGR Of 10.31% and Size to Surpass 351.8 billion by 2030

Houston, TX, May 03, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled Asia-Pacific Diagnostic Tests Market By Technology (Next-Generation Sequencing, Immunoassay-Based, Substrate Technology, Spectroscopy-Based, Microfluidics, And Others), By Approach (In-Vitro Diagnostic Instrument, Molecular Diagnostic Instrument, And Point Of Care Testing Instrument), By Application (Gynecology, Cardiology, Orthopedics, Oncology, Odontology, Gastroenterology, Neurology, And Others), By End-User (Specialty Clinics, Hospitals & Diagnostic Center, Blood Banks, Homecare, Research Institute, Ambulatory Surgical Centers, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 2030 in its research database.

According to the latest research study, the demand of global Asia-Pacific Diagnostic Tests Market size & share in terms of revenue was valued at USD 160.6 billion in 2022 and it is expected to surpass around USD 351.8 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 10.31% during the forecast period 2023 to 2030.

What is Asia-Pacific Diagnostic Tests? How big is the Asia-Pacific Diagnostic Tests Industry?

Report Overview:

The Asia-Pacific diagnostic tests market size was worth around USD 160.6 Billion in 2022 and is predicted to grow to around USD 351.8 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 10.31% between 2023 and 2030.

The Asia-Pacific diagnostic tests industry refers to the research, designing, production, and distribution of diagnostic tools that are used for several medical purposes. However, the market only deals with issues in the Asia-Pacific region and focuses majorly on countries such as China, Japan, India, Australia, South Korea, and others. Diagnostic tests are medicinal tools that are used for accurate diagnosis of several medical conditions, diseases, or infections in patients. It includes a wide range of equipment with some devices being more general in terms of diagnosis while some tools are produced for specific conditions.

The regional market plays a crucial role in the global industry due to the ongoing rise in investment directed toward more research along with a higher potential for further expansion in Asian countries. During the forecast period, the industry may witness high growth but will also face certain restrictions and challenges.

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Global Asia-Pacific Diagnostic Tests Market: Growth Factors

The Asia-Pacific diagnostic tests market is projected to grow owing to the increasing geriatric population in the regions of Japan, China, and other countries. The elderly population is more vulnerable to contracting several conditions some of which are age-induced and some may be due to previous medical conditions. As per official reports, more than 28% of Japans population is over 65 years of age which directly impacts the countrys healthcare system.

In addition to this, the increasing investment toward developing new and accurate diagnostic tools, especially in the oncology segment could lead to higher growth revenue. For instance, in 2020, India spent nearly INR 2300 crore on the treatment of oral cancer in the region. In addition to this, the regions of Japan, India, South Korea, and China are investing in drastic technological improvements and focusing on breakthrough diagnostic tests such as molecular diagnostic and point-of-care testing. The increasing prevalence of medical diseases such as cancer and diabetes is another leading cause of the regional market size.

However, the Asia-Pacific diagnostic test industry also deals with several restraints in terms of lack of awareness and education. A large part of the population, especially in underdeveloped countries, does not have the necessary awareness about the different types of diagnostic tools for specific medical conditions. This part of the patient group solely relies on government drives or initiatives by healthcare agencies. The frequency of such programs may be less as compared to the population strength. Furthermore, the increasing regulatory hurdles against approval and commercial sale of diagnostic tests are another significant barrier that greatly restricts market growth.

The growing efforts toward self-dependence could provide growth opportunities, while the large market fragmentation could challenge market growth.

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Report Scope

Asia-Pacific Diagnostic Tests Market: Segmentation Analysis

The Asia-Pacific diagnostic tests market is segmented based on technology, approach, application, end-user, and region.

Based on technology, the regional market segments are next-generation sequencing, immunoassay-based substrate technology, spectroscopy-based, microfluidics, and others.

Based on approach, the Asia-Pacific diagnostic tests market segments are in-vitro diagnostic instrument, molecular diagnostic instrument, and point of care testing instrument. In 2022, the industry witnessed the highest growth in the in-vitro diagnostic instrument segment. This approach includes performing diagnostic tests using samples of urine, blood, or other bodily fluids outside of the body. The tests are performed for a variety of medical conditions, ranging from mild to serious such as infectious diseases, cancer, and genetic disorders.

In-vitro tests are conducted across several healthcare settings, including hospitals and dedicated diagnostic centers. Another significant contributor in this segment is molecular diagnostic instruments that are used for diagnosing infectious diseases and genetic disorders. In 2020, India reported more than 1.39 million new cases per countrys healthcare agency.

Based on application, the regional market is divided into gynecology, cardiology, orthopedics, oncology, odontology, gastroenterology, neurology, and others.

Based on end-user, the Asia-Pacific diagnostic tests market divisions are specialty clinics, hospitals & diagnostic center, blood banks, homecare, research institute, ambulatory surgical centers, and others. The hospitals & diagnostic center segment is expected to witness the highest growth during the forecast period. These facilities provide excellent healthcare services and access to several diagnostic tools under one roof. They are also, generally, the first point of contact for the patients. Specialty clinics often tend to the needs of patients with specific conditions since they specialize in the treatment of these issues and the segment may generate high growth in the coming years. As per WHO, India spent nearly 3.6% of its gross domestic product (GDP) on healthcare in 2020.

The global Asia-Pacific Diagnostic Tests market is segmented as follows:

By Technology

By Approach

By Application

By End-User

Browse the full Asia-Pacific Diagnostic Tests Market By Technology (Next-Generation Sequencing, Immunoassay-Based, Substrate Technology, Spectroscopy-Based, Microfluidics, and Others), By Approach (In-Vitro Diagnostic Instrument, Molecular Diagnostic Instrument, and Point of Care Testing Instrument), By Application (Gynecology, Cardiology, Orthopedics, Oncology, Odontology, Gastroenterology, Neurology, and Others), By End-User (Specialty Clinics, Hospitals & Diagnostic Center, Blood Banks, Homecare, Research Institute, Ambulatory Surgical Centers, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 2030 - Report at https://www.zionmarketresearch.com/report/asia-pacific-diagnostic-tests-market

Competitive Landscape

Some of the main competitors dominating the global Asia-Pacific Diagnostic Tests market include -

Key Insights from Primary Research :

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Asia-Pacific Diagnostic Tests Market: Opportunities

Growing efforts toward self-dependence to provide growth opportunities

The Asia-Pacific diagnostic test market is expected to benefit from the shifting power dynamics between the Western and Eastern nations across the globe. For instance, several Asian countries are working toward reducing their dependence on other nations such as the US and European countries for the import of advanced diagnostic tools. They are aiming at producing world-class devices domestically by assisting local manufacturers and suppliers. This could assist in higher growth in Asia-Pacific as countries become more self-reliant and reduce their cost of importing goods.

Regional Analysis :

The Asia-Pacific diagnostic tests market is expected to witness the highest growth in Japan mainly due to the protective care approach adopted by the regional government to ensure 100% accessibility to quality medical care for its residents. China is expected to emerge as one of the highest contributing nations in the regional market due to the growing emphasis on developing the countrys medical infrastructure.

Some of the largest medical diagnostic tool manufacturers are present in China that have currently amplified their spending on further research & development. India is witnessing a surge in healthcare expenditure from the governments side as demand for medical diagnosis and care has increased over the years. The country is focusing on the domestic production of diagnostic tests for several conditions including cancer and other serious issues.

By Region

Recent Developments

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