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Sep 29, 2020 (Market Insight Reports) —
Selbyville, Delaware According to the research report titled ‘Asia Pacific Genetic Testing Market Size By Application, Test Type, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, Asia Pacific genetic testing market is anticipated to be appraised at USD 4.4 billion by the year 2026.

Growing inclination towards direct-to-consumer (DTC) tests along with government initiatives for reducing the cost of tests while improving healthcare infrastructure are aiding the growth of Asia Pacific genetic testing market size. According to World Health Organization, approximately 21 million cases of gestational diabetes and 230 million cases of cardiovascular diseases were recorded across APAC in recent past. Rising prevalence of health conditions in the region, in tandem with development of technologically advanced tests with efficient & accurate results by industry players will augment the market outlook.

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Notably, genetic testing helps to identify molecular basis of diseases, hence enabling physicians to prescribe personalized drugs for better treatment. Besides, consumer preference for precision medicine will impel the growth of genetic testing market in Asia Pacific. However, dearth of skilled medical professionals will arrest the sales traction in the ensuing years.

Speaking of test type, diagnostic testing segment is reckoned to grow with a CAGR of 15% through 2026, owing to usage of genetic testing for oncology diagnosis. Surging demand for personalized drugs as well as increasing instances of chronic disorders and inherited diseases will boost the segmental share.

Based on application spectrum, Asia Pacific genetic testing market from cancer segment was worth USD 680 million in 2019 and will continue to grow further over the analysis timeframe. Higher risk of cancer due to changing lifestyle and focus towards reducing cancer burden across Korea and Japan will stimulate the demand for genetic testing. Rising cognizance of early detection benefits will further facilitate the market outlook.

From regional frame of reference, Japan genetic testing market is projected to expand at 14% CAGR over 2020-2026, attributable to widespread popularity of DNA testing devices which help in diagnosis of the smallest DNA mutations. Also, preference for precision medicine among Japanese population is swaying the business dynamics in Japan.

Major contenders in Asia Pacific genetic testing market are Zimmer Biomet, Wright Medical Group N.V., Stryker Corp., Smith & Nephew plc, Integra LifeScience Holdings Corp., DePuy Synthes, CONMED Corp., Bioretec Oy, B. Braun Melsungen, and Acumed LLC.

Question & Answer: Asia Pacific Genetic Testing Market

Q1: Which factors are impelling the growth of Asia Pacific genetic testing market?

A: Growing inclination towards direct-to-consumer (DTC) tests along with government initiatives for reducing the cost of tests while improving healthcare infrastructure are propelling the growth of Asia Pacific genetic testing market share.

Q2: Why are diagnostics tests for genetic testing recording escalated demand?

A: Surging preference for personalized drugs as well as increasing instances of chronic disorders and inherited diseases will boost the demand for diagnostic genetic tests.

Q3: How is the competitive hierarchy of APAC genetic testing market defined?

A: Major contenders influencing Asia Pacific genetic testing market outlook are Zimmer Biomet, Wright Medical Group N.V., Stryker Corp., Smith & Nephew plc, Integra LifeScience Holdings Corp., DePuy Synthes, CONMED Corp., Bioretec Oy, B. Braun Melsungen, and Acumed LLC.

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The MarketWatch News Department was not involved in the creation of this content.