The Asia Pacific molecular point of care diagnostics market is predicted to record growth, projecting a CAGR of 15.33% during the forecast period, 2019-2028. The regulatory authorities, diagnostic companies, pharmaceutical industry, service providers, are collaborating to provide an international platform for harmonized protocols, so as to allow access to precision medical technologies. The growing health awareness, and steady economic prospects resulting in affordable and accessible healthcare facilities, are among the major factors propelling the growth of the market.
The Asia Pacific molecular point of care diagnostics market growth analysis entails the market evaluation of China, Australia & New Zealand, Japan, Vietnam, Indonesia, India, Thailand, and the rest of Asia Pacific. In Japan, the Pharmaceutical Medical Devices Agency (PMDA) and the Ministry of Health, Labor, and Welfare (MHLW) play decisive roles in the precision medicine initiative. The approved molecular diagnostics in the country are covered under the National Health Insurance. The availability and articulation of reimbursement, regulatory approval, and companies like Abbott Laboratories and Danaher Corporation working in sync to ensure the adoption of molecular diagnostics, are set to favor market growth in Japan. The commercialization of molecular diagnostics and the growing demand for point of care diagnostics by physicians and multiplex assays by research organizations, are estimated to be beneficial for the growth of the market in the country. Japan is deemed to be a conducive region when it comes to novel molecular diagnostics point of care technology development and commercialization. In countries like South Korea, the aging population has grown considerably, which is predicted to result in an increased number of related diseases. This calls for the need for diagnostics devices in the country. Such factors are set to drive the growth of the market.
Some of the leading companies in the market are, Quantumdx Group Ltd, Hologic Inc, Luminex Corporation, Mesa Biotech, Spartan Biosciences Inc, etc.
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