|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD275.76
million
|
|
CAGR
(2023-2028)
|
4.25%
|
|
Fastest
Growing Segment
|
Next-Generation
Sequencing (NGS)
|
|
Largest
Market
|
China
|
Market Overview
Asia Pacific Multicancer Screening Market has
valued at USD275.76 million in 2022 and is anticipated to project robust growth
in the forecast period with a CAGR of 4.25% through 2028.The rising market
value of the Asia Pacific Multicancer Screening Market can be attributed to
several key factors. Firstly, there is an increasing demand for early cancer
detection, driven by the growing emphasis on early detection and prevention of
cancer. As more people become aware of the benefits of early detection, the
demand for multi-cancer screening tests continues to rise.
Furthermore, advancements in diagnostic technology
have played a crucial role in driving the market's expansion. With the
development of more accurate and efficient diagnostic tools, healthcare
professionals are able to detect cancer at earlier stages, leading to improved
patient outcomes.
Notably, the region is witnessing a growing
prevalence of various types of cancer. This is due to a combination of factors
such as lifestyle changes, aging populations, and environmental factors. As a
result, there is a pressing need for effective screening methods to detect
cancer in its early stages, when it is most treatable.
It is important to highlight that the upward trend
in the Asia Pacific Multicancer Screening Market is not limited to China alone.
The entire Asia-Pacific region, with its diverse population and varying
healthcare systems, presents a significant opportunity for the growth of the
market. As healthcare systems continue to evolve and become more accessible,
the demand for multi-cancer screening tests is expected to keep increasing.
In conclusion, the Asia Pacific Multicancer
Screening Market is on a growth trajectory with promising prospects ahead. The
rising incidence of cancer, coupled with advancements in diagnostic technology
and an increased awareness about the benefits of early detection, are driving
the market's expansion. As healthcare systems across the region continue to
evolve and improve, the demand for multi-cancer screening tests is likely to
grow even further, making the market an attractive opportunity for investors
and healthcare providers alike.
Key Market Drivers
Growing Prevalence of Cancer
The Asia Pacific multicancer screening market is
experiencing significant growth, a trend that is expected to continue over the
coming years. This surge is driven by several factors, including the growing
prevalence of cancer in the region and the increasing demand for more
accessible and precise cancer diagnosis.
With the rising number of cancer cases in the Asia
Pacific region, the need for early detection and prevention of cancer is
becoming increasingly crucial. As a result, the demand for multicancer
screening services is on the rise. These screening services not only help
detect cancer at an early stage but also aid in determining the type of cancer,
enabling targeted treatment plans.
The Asia Pacific region, with its diverse
population and varying healthcare systems, presents a significant opportunity
for the growth of the multicancer screening market. As awareness about the
benefits of early detection and precise diagnosis increases, more individuals
are seeking out these services. Advancements in technology, such as the use of
multi-cancer early detection techniques, are also contributing to the market's
growth.
In conclusion, the growing prevalence of cancer in
the Asia Pacific region is a significant driver of the multicancer screening market.
As the demand for early detection and precise diagnosis continues to rise, the
market is expected to maintain its upward trajectory. With further advancements
in technology and increased awareness, the potential for growth in this market
is promising.
Surge in Technological Advancements
Cancer remains a significant global public health
concern, with particular emphasis on the Asia Pacific region. The increasing
number of cancer cases has heightened the urgency for effective screening and
early detection methods. As a result, the Asia Pacific multicancer screening
market has experienced rapid growth. This growth can be attributed, in part, to
the surge in technological advancements within the healthcare sector.
Technological innovation has played a pivotal role
in transforming the landscape of cancer diagnosis and treatment. Cutting-edge
technologies such as artificial intelligence (AI), machine learning (ML), and
next-generation sequencing (NGS) have revolutionized the field of oncology.
AI and ML algorithms have the capability to analyze
vast amounts of data, identifying patterns that may indicate the presence of
cancerous cells. These technologies have shown promising potential in improving
the accuracy and speed of diagnosis. Notably, Google's DeepMind AI has
demonstrated the ability to diagnose breast cancer with the same level of
accuracy as human radiologists, showcasing the power of AI in healthcare.
Next-generation sequencing offers scientists the
ability to sequence DNA and RNA at a faster pace and lower cost compared to
previous methods. This technology is particularly valuable in identifying
genetic mutations that could indicate a higher risk of developing certain types
of cancer.
The integration of these advanced technologies into
cancer screening methods has had a profound impact on the Asia Pacific
multicancer screening market. It has not only enhanced the accuracy of
diagnoses but also facilitated the early detection of multiple types of cancer
simultaneously.
Furthermore, the adoption of these technologies has
been bolstered by the support of various governments in the region. Countries
like China and Japan have made significant investments in AI and precision
medicine, further propelling the growth of the multicancer screening market.
With the continuous advancements in technology and
the collaborative efforts of healthcare professionals and researchers, the
fight against cancer in the Asia Pacific region is steadily progressing. The
ongoing development and application of innovative technologies hold the promise
of improving cancer outcomes and ultimately saving lives.
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Key Market Challenges
Uneven Distribution of Healthcare Resources
The Asia-Pacific region is incredibly diverse,
encompassing countries at various stages of economic development. This
diversity extends to the healthcare sector, where some countries boast highly
advanced healthcare systems, while others continue to grapple with providing
even basic healthcare services. The stark disparity in healthcare resources,
including infrastructure, personnel, and access to advanced medical technology,
is a palpable reflection of this diversity.
For instance, countries like Japan and Singapore
have long-established healthcare systems that are renowned for their
excellence. These countries boast state-of-the-art medical facilities, a high
doctor-to-patient ratio, and a comprehensive range of healthcare services. On
the other hand, nations like Cambodia and Laos face significant challenges in
resource allocation. Limited access to advanced medical facilities, coupled
with a scarcity of healthcare professionals, poses obstacles for effective
healthcare delivery.
This uneven distribution of healthcare resources
poses a substantial challenge for the Asia Pacific multicancer screening
market. Disparities in access to healthcare services, including cancer
screening, have profound implications for early detection and treatment of the
disease. The scarcity of healthcare resources in certain regions directly
impacts the availability and accessibility of multicancer screening services.
Consequently, late diagnosis, reduced survival rates, and increased mortality
rates from cancer emerge as alarming consequences.
Moreover, even when screening services are
available, numerous barriers hinder their accessibility to all segments of the
population. Factors such as exorbitant costs, geographic remoteness, and lack
of awareness contribute to diminished uptake of screening services. This, in
turn, results in missed opportunities for early detection and treatment,
ultimately leading to poorer health outcomes.
In summary, the Asia-Pacific region's healthcare
landscape is characterized by remarkable diversity and discrepancies in
healthcare resources. Addressing these challenges requires concerted efforts to
bridge the gaps in healthcare provision, enhance accessibility to screening
services, and ensure equitable health outcomes for all individuals across the
region.
Key Market Trends
Growing Adoption of Liquid Biopsy
A liquid biopsy, a non-invasive procedure for
cancer detection, involves analyzing a sample of body fluid, typically blood,
to identify genetic mutations and other DNA changes commonly found in malignant
tumors. This approach offers a patient-friendly alternative to invasive and
painful traditional tissue biopsies.
The growing trend of adopting liquid biopsy in the
Asia Pacific multicancer screening market is driven by multiple factors.
Firstly, the region's rising cancer incidence has created a demand for
effective screening methods. Secondly, advancements in genomics and
personalized medicine have enabled the use of liquid biopsies to identify
specific genetic mutations, providing valuable insights for treatment
decisions.
As ongoing research and development in the field of
liquid biopsy continue, its adoption is expected to persist in the coming
years. Additionally, with increasing awareness about the benefits of early
cancer detection, the demand for non-invasive and effective screening methods
like liquid biopsy is likely to surge.
Furthermore, the COVID-19 pandemic has underscored
the importance of minimally invasive testing methods. The ability to conduct
liquid biopsies remotely, without the need for hospital visits, offers a
significant advantage. This advantage is expected to further fuel the adoption
of liquid biopsies.
In conclusion, the growing adoption of liquid
biopsy presents a significant trend in the Asia Pacific multicancer screening
market. As research progresses and these tests become more accessible and
affordable, they are poised to play a crucial role in cancer diagnosis and
treatment in the region, offering enhanced precision and patient comfort.
Segmental Insights
Cancer Type Insights
Based on the category of cancer type, the breast
and gynecologic segment emerged as the dominant player in the Asia Pacific
market for multicancer screening in 2022. Breast cancer has emerged as one of
the most prevalent forms of cancer affecting women in Asia, with a rising
incidence rate. Alongside breast cancer, gynecologic cancers, such as cervical,
ovarian, and uterine cancers, also exhibit a high prevalence. This alarming
increase in the occurrence of these cancers has spurred a surge in the demand
for effective screening methods, thereby propelling the growth of the
multicancer screening market segment.
The region has witnessed a growing awareness
regarding the significance of early detection in improving cancer outcomes.
Governments and healthcare organizations have launched numerous awareness
campaigns and initiatives, emphasizing the importance of regular screening for
breast and gynecologic cancers. These efforts aim to empower individuals with
the knowledge to take proactive steps towards their health.
Furthermore, governments in the Asia Pacific region
have allocated substantial funds to combat the prevalence of cancer. These
investments often encompass the establishment and implementation of screening
programs, further bolstering the demand for multicancer screening tests. This
proactive approach reflects the commitment of governments to prioritize public
health and facilitate timely detection of cancer cases.
As the fight against cancer intensifies, the region
is witnessing a collective effort to address the growing burden of breast and gynecologic
cancers. By fostering awareness, investing in screening programs, and promoting
early detection, stakeholders aim to enhance the overall health outcomes and
well-being of individuals across Asia.
Technology Insights
The next-generation sequencing (NGS) segment is
projected to experience rapid growth during the forecast period. Next-Generation
Sequencing (NGS) technology has emerged as a powerful tool with the potential
to revolutionize cancer screening. By enabling the detection of multiple types
of cancer from a single test, NGS offers a breakthrough approach to early
detection, a critical factor in improving cancer outcomes.
With NGS, healthcare professionals can identify
genetic mutations associated with various types of cancer, paving the way for
early diagnosis and personalized treatment plans. The rapid advancements in NGS
technology have significantly enhanced its accuracy and efficiency. Now, an
entire genome can be sequenced at once, providing comprehensive genetic information
to guide targeted interventions.
Moreover, the increased efficiency and reduced cost
of NGS have made it more accessible, fueling its adoption in the market. This
accessibility has opened doors to widespread implementation, benefiting
patients and healthcare providers alike. NGS is empowering clinicians to make
informed decisions and develop tailored treatment strategies, ultimately
improving patient care outcomes.
Notably, the Asia Pacific region's healthcare
sector has been witnessing substantial investments, particularly in diagnostic
services. Governments and private entities are channeling resources into
advanced technologies like NGS to fortify healthcare infrastructure and enhance
patient care. These strategic investments are fostering the widespread adoption
of NGS in multicancer screening, bolstering the region's efforts in combating
cancer.
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Regional Insights
China emerged as the dominant player in the Asia
Pacific Multicancer Screening Market in 2022, holding the largest market share
in terms of value. China, with its vast population, is unfortunately burdened
with one of the highest rates of cancer incidence in the world. This alarming
fact has prompted a growing need for effective cancer screening methods to
combat this widespread health concern. Consequently, China has emerged as a
significant player in the multicancer screening market, driven by the urgent
demand for reliable screening options.
Recognizing the severity of the situation, the
Chinese government has taken proactive measures to promote early cancer
detection. Through various initiatives and campaigns, they aim to raise
awareness about the importance of screening and encourage individuals to
undergo regular check-ups. These government-driven efforts have not only
contributed to the well-being of the population but have also fueled the growth
of the multicancer screening market, as more people are now actively seeking
screening services.
Recent Developments
- In March 2021, Agilent Technologies, Inc., a
leading provider of analytical instruments and solutions, made an exciting
announcement. The company entered into an agreement to acquire Resolution
Bioscience Inc., a renowned player in the field of next-generation sequencing
(NGS)-based cancer diagnostics. This strategic move is aimed at expanding
Agilent's presence in the fast-growing precision medicine segment.
- Moving ahead to December 2022, another significant
acquisition took place in the genomics industry. Integrated DNA Technologies,
Inc. successfully acquired Invitae Corporation.'s next-generation sequencing
(NGS) research assays, along with the renowned Archer trademark, for a total
sum of USD 48 million. This strategic move strengthens Integrated DNA
Technologies' position in the NGS market and enhances their ability to provide
cutting-edge research solutions to scientists and researchers worldwide.
- In January 2023, Laboratory Corporation of America
Holdings. (LabCorp), a global leader in healthcare diagnostics, made a
substantial investment in the field of next-generation sequencing. LabCorp
acquired Personal Genome Diagnostics (PGDx), a renowned next-generation
sequencing test maker, for a staggering USD 450 million, with an additional USD
125 million slated as contingent milestone payments. This strategic acquisition
significantly expands LabCorp's NGS testing portfolio and reinforces their
commitment to delivering advanced genomic solutions to healthcare providers and
patients.
- The beginning of 2023 also witnessed a
groundbreaking development in the field of precision medicine. FOUNDATION
MEDICINE, INC., a subsidiary of F. Hoffmann-La Roche Ltd., received FDA
approval for its FoundationOne Liquid CDx as a companion diagnostic for Rozlytrek.
This remarkable achievement represents a major milestone in the field of
personalized medicine, specifically for patients with ROS1+NSCLC and NTRK
fusion-positive solid tumors. The FoundationOne Liquid CDx test offers a
non-invasive and comprehensive approach to identifying genetic alterations and
guiding targeted therapy decisions, thus revolutionizing patient care in these
specific oncology indications.
- Lastly, in January 2023, Burning Rock DX, a leading
genomics company, achieved a significant milestone in the field of cancer
diagnostics. Their Multi-Cancer Detection Blood Test, known as OverC, received
FDA Breakthrough Device Designation. This innovative test is designed to detect
lung, liver, ovarian, esophageal, and pancreatic cancers in adults aged between
50 and 75 years. The FDA's recognition of the test's breakthrough potential
underscores its importance in early cancer detection and highlights Burning
Rock DX's commitment to advancing precision medicine for the benefit of
patients worldwide.
Key Market Players
- Danaher Corporation
- Exact
Sciences Corporation
- F.
Hoffmann-La Roche Ltd
- Genecast
Biotechnology Co., Ltd
- Guardant
Health, Inc.
- Konica
Minolta, Inc.
- Myriad
Genetics, Inc.
- Thermo
Fisher Scientific Inc.
|
By Cancer Type
|
By Technology
|
By Country
|
- Breast and
Gynecologic
- Gastrointestinal
- Endocrine
- Genitourinary
- Skin
- Brain/Nervous
System
- Sarcoma
- Hematological
Malignancies
- Lung
- Head and
Neck
- Others
|
- Next-Generation
Sequencing (NGS)
- Polymerase
Chain Reaction (PCR)
- Immunohistochemistry
(IHC)
- Fluorescence
In-Situ Hybridization (FISH)
- Other
|
- China
- Japan
- South Korea
- Australia
- India
- Rest of
Asia-Pacific
|
Report Scope:
In this report, the Asia Pacific Multicancer
Screening Market has been segmented into the following categories, in addition
to the industry trends which have also been detailed below:
- Asia Pacific Multicancer Screening Market, By Cancer Type:
o Breast and Gynecologic
o Gastrointestinal
o Endocrine
o Genitourinary
o Skin
o Brain/Nervous System
o Sarcoma
o Hematological Malignancies
o Lung
o Head and Neck
o Others
- Asia Pacific Multicancer Screening Market, By Technology:
o Next-Generation Sequencing (NGS)
o Polymerase Chain Reaction (PCR)
o Immunohistochemistry (IHC)
o Fluorescence In-Situ Hybridization (FISH)
o Other
- Asia Pacific Multicancer Screening Market, By Country:
o China
o Japan
o South Korea
o Australia
o India
o Rest of Asia-Pacific
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Asia
Pacific Multicancer Screening Market.
Available Customizations:
Asia Pacific Multicancer Screening Market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Asia Pacific
Multicancer Screening Market is an upcoming report to be released soon. If you
wish an early delivery of this report or want to confirm the date of release,
please contact us at [email protected]