The plastic segment by material is estimated to lead the market growth during the forecast period.
According to The Insight Partners market research study of “Asia Pacific Blood Collection Tubes for Liquid Biopsy Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type, Application, End User and Country.” The Asia Pacific blood collection tubes for liquid biopsy market is expected to reach US$ 50.25 million by 2028 from US$ 14.93 million in 2021; it is estimated to grow at a CAGR of 18.9% from 2021-2028. The report highlights trends prevailing in the Asia Pacific blood collection tubes for liquid biopsy market and the factors driving market along with those that act as hindrances.
The rising demand for liquid biopsies for cancer diagnosis is increasing the sales of blood collection tubes for liquid biopsies. Leading market players increase their penetration across emerging markets by expanding their distribution networks and augmented manufacturing capabilities. Emerging markets in India and South Korea are expected to offer potential growth opportunities for crucial blood collection tubes for liquid biopsy manufacturers in the years to come. This can be attributed to the large patient population, high prevalence of cancer types (such as skin, breasts, lungs, pancreas, and other organs and glands), increasing disposable income, improving healthcare infrastructure, and growing medical tourism in these countries.
Asia Pacific has become a business-friendly and adaptable hub due to relatively less stringent regulations and data requirements. As the US and European markets mature, most players are shifting their focus to emerging markets. High investments in life science and health research in emerging countries play a key role in upgrading the latest technologies in these countries. This factor, in turn, supports the inclination toward a cancer diagnosis.
Health systems globally are witnessing a substantial increase in the prevalence of cancer. As per the Globocan report, in 2018, there were 911,014 breast cancer cases and 310,577 deaths due to breast cancer, of which 367,900 and 162,468 breast cancer cases were reported in China and India, respectively.
Liquid biopsies are used for diagnosing non–small cell lung cancer (NSCLC) and screening or as a companion diagnostic for other types of cancers such as colorectal, breast, gastrointestinal, prostate, and ovarian. Early prognosis, reduced cost, therapy monitoring, acquired drug resistance, detection of tumor heterogeneity, and patient comfort are benefits of liquid biopsy over traditional cancer diagnostics approaches (by eliminating the need for surgery). As a result, the preference for liquid biopsy increases parallelly with the rise in cancer prevalence. As a result, blood collection tubes for liquid biopsy contribute to the organization's strategy to detect cancer early and precisely, allowing for quick treatment and enhancing cancer patients' survival rates, thereby boosting the growth of the Asia Pacific blood collection tubes for liquid biopsy market.
The COVID-19 pandemic largely affected the economies in the Asia-Pacific region. Countries such as India, China, Japan, and South Korea had been affected by the COVID-19 pandemic. The spread of the COVID-19 pandemic emphasized health data sharing and interoperability under the microscope. The interruptions in the supply chain and the massive demand for efficient treatments for the therapy of COVID-19 had put the health research industry in the Asia-Pacific region in a crucial position.
Prohibited measures had been taken to contain the spread of the COVID-19 pandemic. The cancer screening, diagnosis, and treatment either got postponed or delayed due to the COVID-19 pandemic, thereby declining demand for blood collection tubes for liquid biopsy. In addition, the socio-economy was severely hit, with negative inflation, GDP, and unemployment rising in the region. The pandemic had affected three main aspects of the global economy, including manufacturing, supply chain, and business and financial markets. Japan, China, South Korea, India, and Australia were the hardest-hit countries due to the rising number of COVID-19 cases and related deaths. Medical device manufacturers and suppliers had shifted their focus to developing and supplying COVID-19 essentials and medical devices for respiratory diseases.
The Asia Pacific blood collection tubes for liquid biopsy market, based on product, has been classified into ccfDNA tubes, cfRNA tubes, CTC tubes, gDNA tubes, intracellular RNA tubes, and others. The Asia Pacific blood collection tubes for liquid biopsy market, based on material, is segmented into glass and plastic. The Asia Pacific blood collection tubes for liquid biopsy market, based on application, is segmented into In-vitro diagnostics (ivd), and research. Geographically, the Asia Pacific blood collection tubes for liquid biopsy market is sub-segmented into Japan, China, India, South Korea, Australia and Rest of Asia Pacific.
PreAnalytiX GmbH, Biocept, Inc., F. HOFFMANN-LA ROCHE LTD., STRECK, Norgen Biotek Corp, Exact Sciences Corporation, Greiner AG, MagBio Genomics, Inc and Zymo Research Corporation are among the leading companies operating in the Asia Pacific Blood Collection Tubes for Liquid Biopsy Market.
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