Latest News- Genetic Testing Market in APAC: Cancer diagnosis is expected to lead the Application segment during 2024-2028
The Genetic Testing Market in APAC is being driven by Rising approval of advanced genetic testing products
The Genetic Testing Market in APAC is expected to grow at a CAGR of 17.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2487.6 million. The Human Genome Project's completion and the emergence of advanced next-generation sequencing (NGS) technologies have significantly impacted the APAC genetic testing market. These innovations have granted vendors access to a comprehensive human genome database, facilitating a deeper comprehension of genetic functionalities and structures. NGS technology has revolutionized genetic research by enabling large-scale human genome sequencing, enabling the detection of mutations and gene variants associated with diseases or disorders. Furthermore, NGS has substantially decreased the cost of sequencing, genomic analysis, and genomic database management, leading to a paradigm shift in the APAC genetic testing industry.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Cancer diagnosis, Genetic disease diagnosis, Cardiovascular disease diagnosis, Others) Product (Equipment, Consumables) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Genetic Testing Market in APAC Research Report
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The Genetic Testing Market in APAC is witnessing significant growth due to the increasing prevalence of genetic disorders such as Thiopurine Toxicity and cytogenetics. Newborn Screening and Prenatal Genetic Testing, including Non-invasive Prenatal Testing, are major applications. Pharmacogenomics, Predictive Testing, and Clinical Genotyping Assays are driving the market. Next-Generation Sequencing, High-throughput sequencing, Bioinformatics tools, and Digital health platforms are key technologies. Consumer-initiated genetic tests, Electronic health records, and Online Testing Kits are emerging trends. Chronic Diseases and Drug Assessment are other significant applications. Kits & reagents, Genome Mapping, Genomics, and Genotoxic Testing are also part of this market.
The Genetic Testing Market in APAC is a significant segment of the global Healthcare Equipment Market, focusing on advanced technologies such as Newborn Screening, Pharmacogenomics Testing, Clinical Genotyping Assays, Thiopurine Toxicity, Genotoxic Testing, Drug Assessment, and Next Generation Sequencing for Genome Mapping. Technavio, a leading global technology research and consulting firm, categorizes this market as part of the broader healthcare equipment industry, which encompasses manufacturers of capital equipment, instruments, implants, accessories, and consumables used for disease diagnosis, monitoring, and treatment. The global healthcare equipment market size is determined by the combined revenue generated from these manufacturers across various therapy areas. The Genetic Testing Market in APAC is witnessing significant growth due to the increasing prevalence of genetic disorders and the rising demand for personalized medicine.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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