Report : Asia Pacific Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Genetic Tests, Esoteric Tests, and Others), Application (Oncology, Cardiology, Respiratory Diseases, Immunology, and Others), and End User (Clinical Laboratories, Hospitals, Homecare, and Others)
At 13.8% CAGR, the Asia Pacific Precision Diagnostics Market is speculated to be worth US$ 33,007.52 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific precision diagnostics market was valued at US$ 15,157.61 million in 2022 and is expected to reach US$ 33,007.52 million by 2028, registering an annual growth rate of 13.8% from 2022 to 2028. The growing advancement in digital solutions and usage of artificial intelligence and machine learning in precision diagnostics are the critical factors attributed to the market expansion.
The use of digital solutions is increasing as digitization continues to sweep the diagnostic arena. Precision diagnostics have grown rapidly as companies seek to develop diagnostics tailored to specific patient populations, and players in the digital pathology space are releasing new software. The increasing emphasis on digital solutions is driving the growth of the precision diagnostics market. Moreover, Roche launched two digital pathology image analysis algorithms (uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis) for precision patient diagnosis in breast cancer to help determine the best treatment strategy for each patient in January 2021. In March 2021, Philips partnered to incorporate the Lunit INSIGHT CXR chest detection suite into Philips’ diagnostic X-ray suite. The partnership was the extension of Philips’ AI-enabled portfolio of solutions in precision diagnosis, which leverages the company’s and third-party AI solutions to deliver optimized workflows that empower providers, patients, and administrators to turn data into actionable insights and drive the right care in the right sequence at the right time. Further, Philips launched its next-generation digital pathology solution, moving digital pathology into the heart of enterprise-wide healthcare informatics in October 2021. The newly released Philips Digital Pathology Suite- IntelliSite includes a comprehensive, scalable suite of software tools and capabilities designed to help streamline imaging workflows, boost diagnostic confidence, integrate artificial intelligence (AI), and increase pathology lab efficiency. In February 2022, Crosscope Inc., a leading provider of AI-enabled digital pathology software to empower pathology laboratories with precision diagnostics and Mindpeak Gmbh, partner to integrate MIndpeak's image analysis tools into the Crosscope's Digital Pathology platform. This enabled Crosscope to expand its portfolio of AI applications and provide end-to-end digital pathology solutions. Crosscope Dx, would incorporate Mindpeak's CE-marked BreastIHC and follow-on products as a supplementary module within the workflow software, providing pathologists with diagnostic support in the evaluation of histology images or image sections. Thus, technological advancement in precision diagnosis that helps in product innovation will provide significant growth opportunities to the players operating in the market during the forecast period.
On the contrary, high investments involved in the R&D of precision medicine and diagnostic kits hurdles the growth of Asia Pacific precision diagnostics market.
Based on type, the Asia Pacific precision diagnostics market is segmented into genetic tests, esoteric tests, and others. The genetic tests segment held 45.8% market share in 2022, amassing US$ 6,941.88 million. It is projected to garner US$ 15,531.85 million by 2028 to expand at 14.4% CAGR during 2022–2028.
Based on application, the Asia Pacific precision diagnostics market is fragmented into oncology, cardiology, immunology, respiratory diseases, and others. The oncology segment held 37.9% market share in 2022, amassing US$ 5,741.16 million. It is projected to garner US$ 12,840.12 million by 2028 to expand at 14.4% CAGR during 2022–2028.
By end user, the Asia Pacific precision diagnostics market is fragmented into hospitals, clinical laboratories, home care, and others. With 36.3% share of the domain, the clinical laboratories segment dominated the market in 2022. It accrued US$ 5,502.09 million in 2022 and is estimated to generate US$ 12,293.69 million by 2028 to grow at a CAGR of 14.3% over the forecast period.
Based on country, the Asia Pacific precision diagnostics market is categorized into China, Japan, India, South Korea, Australia, and the rest of Asia Pacific. Our regional analysis states that China captured 37.5% market share in 2022. It was assessed at US$ 5,690.38 million in 2022 and is likely to hit US$ 12,937.53 million by 2028, exhibiting a CAGR of 14.7% during the forecast period.
Key players dominating the Asia Pacific precision diagnostics market are Abbott, Bayer AG, Koninklijke Philips N.V., Novartis AG, QIAGEN, Quest Diagnostics Incorporated, Sanofi, Siemens Healthineers AG, and Swiss Precision Diagnostics GmbH among others.
In April 2022, Bayer received approval for precision oncology treatment in China. The Centre of Drug Evaluation of China's National Medical Products Administration approved larotrectinib under the brand name Vitrakvi for the treatment of adult and pediatric patients with advanced solid tumors.
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