Growth Opportunities in APAC Oncology Diagnostics Market, Forecast to 2021

Innovation, Technology Integration, and New Customer Segments to Drive New Business Growth
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Published: 6 Jul 2017

There is high growth in the Asia-Pacific (APAC) oncology diagnostics market due to increasing incidence of cancer and the drastic reduction in incidence age owing to a plethora of reasons in the regional market. The major drivers for the APAC cancer diagnostics market are increase in adoption of technology platforms, access to targeted cancer therapeutics and increased demand from patients for affordable and quality care. Furthermore, the global push toward precision medicine has gradually propelled the uptake of innovative platforms such as Next-generation Sequencing (NGS) and liquid biopsy for gradual adoption into mainstream clinical diagnosis. The study examines the APAC oncology diagnostics market, focused on 6 high-prevalence cancers, namely, breast, lung, prostate, colorectal, cervical, and ovarian cancer. The scope of the study includes 10 countries: Japan, China, India, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, and Vietnam, with country-level market share and top trends and opportunities driving the oncology diagnostics market. Furthermore, the study identifies the top growth opportunities and market trends that are set to transform the future landscape of oncology diagnostics in APAC. NGS solutions are gradually moving from research to clinical applications, with major regional companies investing in molecular diagnostics as a future growth segment. Luye Pharma’s acquisition of Vela Diagnostics, the Genome Asia 100K initiative by Macrogen, multiplexed diagnostic solutions from Seegene Diagnostics, and liquid biopsy tools from Sysmex Inostics are a few examples of trending topics in APAC that will impact the oncology diagnostics market. The market, whose revenue stood at $873.7 million in 2016, is expected to generate a revenue of $1,149.1 million by 2021, growing at a Compound Annual Growth Rate (CAGR) of 5.6%. In addition to the above-mentioned data points, the study also provides information in terms of the key participants across the market by different cancer types as well as some of the new entrants in the market. The following are some key questions that this study will answer. • What is the current market scenario for oncology diagnostics in Asia? • What are the emerging cancers in Asia with high-growth opportunities in In-vitro Diagnostics (IVD)? • What are the regional dynamics currently trending in Asia to combat the rising prominence of cancer, precisely through early screening and surveillance programs? • What is the penetration of novel diagnostic solutions across the oncology care continuum? • What are the challenges and barriers to address in accelerating the uptake of novel screening or cancer diagnostic tests in Asia? • What are the growth opportunities for IVD companies to tap into in the APAC oncology diagnostics market?

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