What's Happening?
The Asia-Pacific region is projected to experience the fastest growth in the global companion diagnostics market, driven by the increasing cancer burden and expansion of genetic testing services. According
to a report by Mordor Intelligence, localised diagnostic solutions in China, Japan, and India are contributing significantly to this growth. National initiatives aimed at integrating precision medicine into healthcare systems are further bolstering demand in the region. Globally, the companion diagnostics market is expected to surpass $15.62 billion by 2030, growing at a compound annual rate of 12.42%. The expansion is largely attributed to the growing applications of precision medicine and the increasing need for biomarker-based testing.
Why It's Important?
The rapid growth in the companion diagnostics market in the Asia-Pacific region highlights the increasing importance of precision medicine in global healthcare. This trend could lead to significant advancements in personalized treatment options, particularly for cancer patients. The expansion of genetic testing services and biomarker-based testing is likely to improve diagnostic accuracy and treatment efficacy, potentially reducing healthcare costs and improving patient outcomes. As the market grows, U.S. companies involved in diagnostics and precision medicine may find new opportunities for collaboration and expansion in the Asia-Pacific region.
