The Asia preimplantation genetic diagnostic market manifests a scenario of intense competition owing to the presence of a large number of established players in the market. The market players are on a quest to increase their profit margins, which has brought them neck and neck in the race for market share. The competition is expected to further intensify over the coming years as the leading players resort to a range of strategies to establish their worth in the minds of the consumers.
Furthermore, the market is highly fragmented on account of a large host of small-. Medium-, and large-scale service providers in the market. There are no significant barriers to the entry of new players which creates a situation of rapid entry and exit of small or local players.
As regional market players enter the market, the bar of competition is expected to elevate to new heights over the coming years. It is anticipated that the Asian market for preimplantation genetic diagnostic would witness key product innovations over the course of the next few years. Perkin Elmer Inc., Thermo Fisher Scientific Inc., Illumina Inc., F. Hoffmann-La Roche, Natera Inc., and Abbott Laboratories are some of the key players operating in the Asian market.
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The estimates outlined by the researchers at Transparency Market Research (TMR) reveal that the market for preimplantation genetic diagnosis in Asia would grow at a CAGR of 6.80% over the period from 2015 to 2023. The market was valued at US$16.0 mn in 2014 and is projected to touch a value of US$28.8 mn by the end of 2023. East Asia registered a high growth rate over the past years with a total opportunity worth US$ 6.0 mn in 2014.
Medical Tourism Aids Market Growth
Vitro-fertilization has emerged as a key reproductive procedure in Asia, which has given a boost to the demand within the regional market for preimplantation genetic diagnosis. Medical tourism has emerged as a key trend across the entire world, and Asia has become the prime destination to travel for globally-reckoned medical experts. This has played a major role in propelling demand within the Asian market for preimplantation genetic diagnosis.
Rising awareness about genetic disorders has persuaded the masses to resort to preimplantation genetic diagnosis, which has enhanced the growth of the regional market. Single gene disorder screening has replaced prenatal diagnostic testing due to the proven advantages of the former. Thereby, the Asian market is reaping commendable benefits from multiple avenues within the medical and healthcare sector.
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Economic Advantage of Treatment to Bolster Demand
The healthcare industry in Asia has attracted a large host of patients from across the globe because of dual reasons. Primarily, the skill and proficiency of the medical practitioners in India and China has resulted in a greater success rate of medical treatments. Secondly, the costs of treatments in Asia are relatively lower than the rates in developed regions. It can be safely estimated that the market in Asia would tread along an immensely lucrative growth path over the course of the coming years.