The Asia-Pacific companion diagnostics market is predicted to register a CAGR of 13.55% during the forecast period of 2022 to 2030. Key factors such as the rise in healthcare awareness, collaborations between diagnostic companies, the pharmaceutical industry, regulatory authorities, and service providers to provide an international platform, and the significant development in precision medicine technology are primarily ascribed to the region’s market growth.
The Asia-Pacific companion diagnostics market growth analysis includes the study of China, Singapore, India, Japan, Australia & New Zealand, South Korea, Indonesia, and Rest of Asia-Pacific. The public healthcare system in the Republic of Korea is termed the National Health Insurance. It is offered to all citizens via the National Health Insurance Corporation, under the Ministry of Health and Wellness. As per a report issued by the World Health Organization (WHO), the Ministry of Health and Wellness undertakes the policy decisions, the operations of the National Health Insurance Program, and the supervision of the health system, as well.
In addition, the Ministry of Health also oversees and directs Medicare institutions in charge of delivering healthcare services in South Korea. Aligning with this, the MFDS published guidelines for the evaluation of companion diagnostics as well as corresponding therapeutics in the year 2018. Similarly, the MFDS also issued a more specific set of guidelines for the analysis of blood-based companion diagnostics with liquid biopsy. Hence, these factors are set to play a vital role in fueling the market growth in the Asia-Pacific over the forecast period.
Eminent enterprises operating in the market are Sysmex Corporation, ICarbonX, Amoy Diagnostics, etc.
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