MARKET OVERVIEW- ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET
In Asia-Pacific, the syndromic multiplex diagnostic market is expected to witness growth at a specific growth rate over the estimated time period. Asia-Pacific is one of the major regions that has a rising burden of infectious diseases, and respiratory diseases, COVID-19 which has indeed created huge demand for diagnostic market products. Likewise, the rise in awareness for diagnostic and use of syndromic multiplex diagnostics is another major factor that contributes to the growth of the Asia-Pacific Syndromic multiplex diagnostics market.
MARKET DRIVERS
Driven by factors such as growing population with median incomes, rising economic growth, increasing urban population and supportive government, demand for syndromic approach is flourishing the demand for market at highest pace in the Asia Pacific region. Besides, the prevalence of various chronic diseases is anticipated to provide ample new growth demand for the market. Likewise, the growing awareness for diagnostic of different diseases like infectious diseases, COVID-19, and other respiratory has indeed fuelled the demand for diagnostic which has led the requirement for syndromic multiplex diagnostic market. Therefore, the Asia-Pacific syndromic multiplex diagnostic is anticipated to witness growth at a rapid pace over the estimated time period.
MARKET OPPORTUNITIES
The Asia-Pacific syndromic multiplex diagnostic market is expected to find new growth opportunities with a rise in the number of infectious diseases cases and a higher incidence of COVID-19. This has created new growth opportunities for the market. Besides, rapid growth in aging populations, escalating prevalence rates of lifestyle diseases, and growth in the healthcare sectors have provided ample new growth opportunities for the market. Likewise, the presence of developed and developing manufacturers in the Asia Pacific is accelerating the market’s growth to a major extent.
MARKET RESTRAINTS
The major restraining factor for the market are lack of healthcare insurance and a lack of skilled professionals for handling molecular diagnostics as well as false positives in the detection of infectious cases. This is expected to act as a hurdler for the market growth over the forecast period.
MARKET GROWTH CHALLENGES
The lack of skilled professionals for the use of syndromic multiplex diagnostics in various applications with improper results is anticipated to be one of the major challenges for the market’s growth.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Asia-Pacific syndromic multiplex diagnostic market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various Asia Pacific syndromic multiplex diagnostics in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR from 2022-2028.
ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET SEGMENTAL OVERVIEW
The Asia Pacific syndromic multiplex diagnostic market comprises of different market segments like infectious diseases, type of syndrome, end user and country.
ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY INFECTIOUS DISEASES
By Infectious Diseases, the Asia Pacific Syndromic Multiplex Diagnostic includes key segments of
- Respiratory Infections
- Human Immunodeficiency Virus (HIV)
- Hepatitis B (HBV)
- Hepatitis C (HCV)
- Human Papillomavirus (HPV)
- Chlamydia/Gonorrhea (CTGC)
- Methicillin-Resistant Staphylococcus Aureus (MRSA)
- Vancomycin-Resistant Enterococcus (VRE)
Respiratory Infections are anticipated to witness growth at a specific growth rate over the estimated time period. The respiratory diseases like TB, COVID-19 has uplifted the requirement for diagnostic products which has led new demand for market products like syndromic multiplex diagnostic market. Besides, with changing lifestyle of population, environmental pollutions has increased the symptoms of respiratory diseases. Similarly, rising infectious diseases among the population is likely to boost the sales and distribution of syndromic multiplex diagnostic market products to major extent. On the other side, human immunodeficiency virus (HIV) is anticipated to hold second position in the market owing growing cases of STI, HIV which has led the rising requirement for syndromic multiplex diagnostic market.
ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY TYPE OF SYNDROME
The Asia Pacific Syndromic Multiplex Diagnostic market has type of syndrome present which includes
- Respiratory
- Gastrointestinal
- Bloodstream
- Central Nervous System
The respiratory type of syndrome is anticipated to gain the majority of market share in 2021 and is expected to witness growth at a specific compound annual growth rate. The respiratory type of syndrome is currently emerging in Asia and the Pacific with the rising cases of respiratory diseases. Respiratory diseases represent a significant impact on healthcare where different countries like China, India, and others have a rising number of adults receiving the primary diagnosis of respiratory diseases, which has further accentuated the requirement for syndromic multiplex diagnostic market products. On the other hand, gastrointestinal type syndromes are expected to witness growth at a rapid pace over the forecast period.
ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY END USER
The Asia Pacific Syndromic Multiplex Diagnostic market has end users like
- Hospitals
- Diagnostics Laboratories
- Research Institutes
- Others
In Asia-Pacific, the hospital end user is the leading segment for syndromic multiplex diagnostic market attributing to rising patient inflow in hospitals for diagnostics of different diseases like infectious diseases, T.B, COVID-19 has flourished the demand for syndromic multiplex diagnostic market. Besides, most hospitals have a constant requirement for different diagnostic products. Therefore, the syndromic multiplex diagnostic market is anticipated to find ample of new growth opportunities over the estimated time period. Likewise, diagnostics laboratories is likely to contribute healthy growth in the market over the forecast period.
ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY GEOGRAPHY
The Asia Pacific Syndromic Multiplex Diagnostic market is studied for the following region
- China
- Japan
- India
- Rest of APAC
The Chinese market is expected to witness increasing demand for the Asia-Pacific Syndromic multiplex diagnostic market owing to the escalating prevalence of diseases, infectious diseases, lifestyle diseases, and rapid growth in healthcare sectors has fuelled the demand for the market. Besides, emerging diagnostic facilities, demand for hospitals, and advanced technologies-based diagnostics tests are anticipated to provide new growth avenues for the syndromic multiplex diagnostic market over the estimated time period. This factor is expected to provide ample new growth opportunities for the market during the estimated time period. Likewise, Japan is the second leading country in the Asia-Pacific Syndromic multiplex diagnostic market. In Japan, infectious diseases such as influenza, and Hepatitis B (HBV) is are common in the country, which makes the country a potential market for the syndromic multiplex diagnostic market. Furthermore, the lowering cost of syndromic multiplex diagnostics has fuelled the demand for the market. Alternatively, India, followed by Rest of APAC is anticipated to witness growth at a rapid pace over the estimated time period.
COVID-19 IMPACT ANALYSIS ON ASIA PACIFIC SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia-Pacific Syndromic Multiplex Diagnostic market. In addition, a complete analysis of changes in the Asia Pacific Syndromic Multiplex Diagnostic market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Likewise, COVID-19 effect on the syndromic multiplex diagnostic market was moderately significant in the initial phase of the pandemic. However, post COVID-19, the market has witnessed a new growth avenue for market products.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Asia Pacific Syndromic Multiplex Diagnostic market is majorly focused on expanding the growth of the Asia Pacific market with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Asia Pacific has led to the growing demand for the market. Besides, the market offers a range of products for different end users to fulfil the required demand of consumer, which is further contributing to healthy growth in the market.
The key players studied in market are
- Luminex Corp
- Applied biocode corporation
- Akonni biosystems inc.
- Thermo fisher scientific inc.
- Abbott Laboratories
- Becton, Dickinson and Company
- Hologic, Inc.
- GenMark Diagnostics
- Bio-Rad Laboratories
- Cepheid
- Quidel Corporation
- Bosch Healthcare Solution
- BioFire Diagnostics Company
- Qiagen NV
- OpGen, Inc.
- Quantumdx
RECENT DEVELOPMENT:
June 2021: Bio-Rad Laboratories, Inc. announced a collaboration with Seegene, Inc., a global leader in multiplex molecular diagnostics, to develop and commercialise infectious disease molecular diagnostic products. Seegene assays provide multiplex real-time PCR detection and differentiation of up to seven targets in a single reaction, with high sensitivity and specificity. The assays produce results in about four hours.
