KUALA LUMPUR, Malaysia, June 5, 2013 /PRNewswire/ -- The Asia-Pacific molecular diagnostics market is poised for rapid growth owing to the high prevalence of diseases, increase in the aged population, economic development, and the rising need for better healthcare services. Although several challenges related to cost, regulations and reimbursement policies exist, the market offers immense opportunities for molecular diagnostics vendors.
New analysis from Frost & Sullivan (http://www.lifesciences.frost.com), Analysis of the Asia-Pacific Molecular Diagnostics Market, finds that the market earned revenues of more than US$846.5 million in 2012 and estimates this to reach US$2,528.1 million in 2019.
Public awareness on new, cutting-edge technologies and preventive medicine is increasing in several Asia-Pacific countries. Recognition that molecular diagnostics tests are more accurate, cost-effective, and short turnaround time compare to conventional diagnostics has spurred market growth.
"Newer, automated technologies such as microarrays, Real time PCR technology, mass spectrometric proteomic analyses and protein chips have transformed the way physicians detect and diagnose cancers and genetic diseases at an early stage," said Frost & Sullivan Healthcare Industry Analyst Gulifeiya Abuduxike. "This has also paved the way for personalized medicine, which can identify the predisposition of a patient to a disease based on genetic variants, and target therapy at the right time."
While these advanced, automated and integrated technologies widen the application scope of molecular diagnostics, they also lead to high test costs, which a huge section of patients in Asia-Pacific are unable to afford.
The lack of healthcare insurance and reimbursement schemes for diagnostics, usually not considered as important as drugs, further limits adoption in the region. The shortage of skilled technicians and insufficient infrastructure adds to the challenge.
Therefore, clinicians and patients must be educated on the medical value and benefit of molecular diagnostics as well as the need for early detection and preventive medicine. Governments need to establish reimbursements for molecular tests to boost test volumes as well as to reduce the treatment costs.
"Expanding testing menus and application areas, as well as developing automated instruments through research and development are also crucial," noted Gulifeiya. "Molecular diagnostic companies must look to enhance the accuracy of test results and reduce time consumption."
As focus shifts to oncology testing, pharmacogenomics and the co-development of companion diagnostics will be key business strategies for Asia-Pacific pharmaceutical companies to maximize the cost-effectiveness of cancer drugs.
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Analysis of the Asia-Pacific Molecular Diagnostics Market is part of the Life Sciences Growth Partnership Service program. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Asia-Pacific Molecular Diagnostics Market
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