APAC In Situ Hybridization Market worth $744 million by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 10, 2023 /PRNewswire/ -- APAC In Situ Hybridization Market is projected to reach USD 744 million by 2027 from USD 363 million in 2022, at a CAGR of 15.4% during the forecast period according to a new report by MarketsandMarkets™. Key drivers of the APAC in situ hybridization market include growing cases of cancer in the region coupled with rising incidence of genetic disorders. Moreover, growing adoption of companion diagnostics will also propel the market growth. However, lack of skilled professionals will hinder the market growth over the forecast period.

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APAC In Situ Hybridization Market Scope:

The FISH segment dominates the in situ hybridization (ISH) market through 2020-2027.

The Asia Pacific in situ hybridization market is segmented into product, technology, application, end user, and country. The FISH segment is expected to witness significant growth during the forecast period due to various advantages, such as high resolution, speed, safety, and cost-effectiveness. It has also paved the way for the development of simultaneous detection of multiple targets, quantitative analyses, and live-cell imaging.

In 2021, the hospitals and diagnostic laboratories ranked first in terms of revenue in the in situ hybridization market.

On the basis of end users, the APAC in situ hybridization market is segmented into academic & research institutes, hospitals and diagnostic laboratories, contract research organizations (CROs), and pharmaceutical & biotechnology companies. In 2021, the hospitals and diagnostic laboratories segment accounted for the largest share of the in situ hybridization market, owing to easy accessibility of hospital-based laboratories coupled with high patient footfall in the hospitals. Moreover, Diagnostic labs are equipped with advanced technologies and capabilities, such as efficient billing and collection management. They offer a lower cost per test and a higher level of automation.

China is the fastest-growing country of the Asia Pacific in situ hybridization market.

China is estimated to grow at the highest CAGR in the Asia Pacific in situ hybridization market during the forecast period. China is the key revenue contributors to the Asia Pacific in situ hybridization market. Favorable government support for product approvals and the presence of major players in these countries are anticipated to drive the market growth.

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APAC In Situ Hybridization Market Dynamics:

Drivers:

1. Increasing incidence of genetic disorders and cancer
2. Growing awareness about companion diagnostics

Opportunities:

1. Untapped markets in developing countries

Challenges:

1. Shortage of skilled professionals

Key Market Players:

The Asia Pacific in situ hybridization market is consolidated in nature with prominent players in the in situ hybridization market including Abbott Laboratories (US), Thermo Fisher Scientific (US), Danaher Corporation (US), Merck (Germany), F. Hoffmann-La Roche (Switzerland), BioView (Israel), Agilent Technologies (US), Biocare Medical (US), Bio-Techne Corporation (US), QIAGEN (Germany), PerkinElmer (US), Enzo Biochem (US), Bio-Rad Laboratories (US), Abnova Corporation (Taiwan), BioGenex Laboratories (US), OpGen (US), Bio SB (US), Abcam (UK), Zytomed (Germany), 10x Genomics Inc. (US), and NeoGenomics Laboratories (US).

Recent Developments:

• In 2022, RNAscope ISH Detection Kit manufactured by Bio-Techne received CE-IVD approval for the BOND-III platform (Leica Biosystems).
• In 2021, Applied Spectral Imaging (ASI) and KromaTiD, Inc. entered a strategic commercial partnership granting ASI worldwide rights to market KromaTiD's proprietary Pinpoint FISH (PPF) probes and assay services.
• In 2020, Creative Bioarray introduced an advanced FISH probe to detect the 2019 Novel Coronavirus.

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