Oncology Molecular Diagnostics Market Overview:
Molecular diagnosis is a method used to identify a disease at the molecular level, such as proteins, DNA, and RNA, in a tissue or fluid. Various tools are used to detect specific sequences of DNA or RNA that may or may not be associated with the disease such as single nucleotide polymorphism (SNP), deletions, rearrangements, and insertions, which are used for diagnosis and prediction of various infectious diseases, cancer, and other genetic disorders.
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The Asia-Pacific oncology molecular diagnostics market was valued at $381.84 million in 2018 and is estimated to reach $732 million by 2026 growing at a CAGR of 9% for the forecast period of 2019–2026. The market is segmented on the basis of application, end user, and country. By application, it is segmented into colorectal, lung, hematological, breast, and others.. By end-user, it is categorized into hospitals, reference laboratories, and others (research institutes and academic institutes).
Country wise, the Asia-Pacific oncology molecular diagnostics market is analyzed across Australia, Vietnam, the Philippines, Thailand, and rest of Asia-Pacific. Australia was the highest contributor with $91.26 million in 2018, and is estimated to reach $175.55 million by 2026, registering a CAGR of 9.0% during the forecast period. This is attributed to rise in incidences of cancer cases and surge in demand for faster diagnosis of cancer.
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