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North America's Molecular Diagnostics Market Primed for Astronomical Growth by 2030

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Robert Tavares

March 27, 2024 - 01:15 am

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North America Molecular Diagnostics Market Set to Reach New Heights by 2030

DUBLIN, March 26, 2024 – The comprehensive analysis titled "North America Molecular Diagnostics Market Size, Share & Trends Analysis Report By Product (Instruments, Reagents, Others), By Test Location, By Technology (PCR, ISH, INAAT, Sequencing), By Application, By Country, And Segment Forecasts, 2024 - 2030" has been meticulously crafted and is now available on ResearchAndMarkets.com's extensive repository.

This report highlights that the molecular diagnostics market in North America is forecasted to surge to a remarkable USD 7.23 billion by the year 2030, expanding at a compound annual growth rate (CAGR) of 4.2% over the period from 2024 to 2030.

Cutting-Edge Advancements Propel Market Forward

The aforementioned growth in the market is primarily propelled by the introduction of cutting-edge molecular diagnostic products. These technological advancements have significantly enhanced early disease detection, effectively diminishing both the economic and social burdens affiliated with various health conditions. Molecular diagnostics stand at the forefront of identifying a wide array of diseases, including cancer, genetic disorders, and infectious diseases, by utilizing sophisticated technologies such as Polymerase Chain Reaction (PCR), sequencing, and genetic analysis.

Chronic and Infectious Diseases: A Catalyst for Expansion

An uptick in the prevalence of chronic conditions and infectious illnesses, alongside an increase in genetic disorders such as Alzheimer's disease, Turner syndrome, and Parkinson's disease, is anticipated to be a key driver for market demand. Data from the Centers for Disease Control and Prevention (CDC) points to chronic diseases like cancer and diabetes, as well as chronic kidney and respiratory diseases, as culprits for 70% of deaths in the U.S. annually. Moreover, the CDC reports that chronic diseases affect six out of every ten American adults. Furthermore, disease incidence such as influenza A and B has shown to be impactful, as evidenced by the 2021-2022 flu season which saw approximately nine million people affected.

Financial Injections to Spur Clinical Research

The market is also predicted to receive a boost from increased external funding for clinical research in molecular diagnostics. Funding is a cornerstone in product development, often serving as a catalyst for innovation. One such instance was in April 2023 when Promega Corporation dedicated a grant of USD 15,000 to academic life sciences research utilizing qPCR methodologies. In a similar vein, Accelerate Diagnostics, Inc. received a whopping USD 24 million in June 2023 to expedite the development of their Wave platform and pioneering rapid testing methods. Movements such as these are set to stimulate small and medium-sized enterprises (SMEs) to play an active role in creating novel molecular diagnostic tests.

Innovative Product Launches and Strategic Collaborations Steer the Market

To achieve a sustainable competitive edge, key companies within the molecular diagnostics sphere are perpetually striving to introduce new products in North America. These endeavors are aimed at catering to the evolving and sophisticated needs of the market. An instance of such an initiative was when Cepheid, a subsidiary of Danaher, introduced its Multiplex Vaginal Panel (MVP) in November 2022, an advanced PCR test for the detection of conditions including trichomoniasis, bacterial vaginosis, and vulvovaginal candidiasis.

Additionally, the market is witnessing a surge in strategic partnerships between manufacturers and companies aimed at developing novel therapeutics. In February 2023, for example, Thermo Fisher Scientific Inc. collaborated with MyLab to secure RT-PCR kits designed to tackle numerous infectious diseases, with tuberculosis and HIV being amongst them. January 2023 saw QIAGEN and Helix come together in an exclusive alliance aimed at propelling next-generation sequencing companion diagnostics for genetic disorders forward.

Market Report Highlights

Dominant Segments

The comprehensive report sheds light on various dominating segments within the market. In context to the product category, the reagents segment was the frontrunner in revenue generation for the North American molecular diagnostics landscape in 2023, attributed to their improved efficiency and cost-effectiveness.

When considering test locations, central laboratories held the lion's share of the market due to their extensive penetration and substantial procedural volumes.

In the realm of technology, PCR stood out as the most dominant and the preferred choice amongst medical professionals and patients when it came to clinical diagnostics in 2023.

Furthermore, the infectious disease segment led the application segment. This lead is owed to the relatively high occurrence rate of infectious diseases in North American regions.

Regional Dominance

Geographically, the United States has been the most significant contributor to the regional market's dominance, thanks in part to favorable reimbursement policies, the presence of industry-leading players, and an established healthcare infrastructure.

Featured Companies

The report showcases a compilation of leading players that are shaping the trajectory of the North American molecular diagnostics market, which includes:

  • BD
  • Bio-Rad Laboratories, Inc.
  • Abbott
  • Agilent Technologies, Inc.
  • Danaher
  • Hologic Inc. (Gen Probe)
  • Illumina, Inc.
  • Johnson & Johnson Services, Inc.
  • Thermo Fisher Scientific Inc.
  • F. Hoffmann-La Roche, Ltd.

These entities play pivotal roles by contributing to industry advancements and setting standards in molecular diagnosis innovation and technology.

In-Depth Report Chapters

From methodologies to the comprehensive scope of the North America Molecular Diagnostics Market, the report is divided into detailed chapters:

Chapter 1: Methodology and Scope

Deliberating on market segmentation, regional impact, research methodology, and data analysis procedures, this chapter establishes the structural framework of the comprehensive study.

Chapter 2: Executive Summary

Providing a concise overview, this section presents market snapshots and technological advancements poised to redefine molecular diagnostics across North America.

Chapter 3: Market Variables, Trends, & Scope

An insightful exploration into market dynamics, including drivers such as the increase in geriatric populations, advanced product introduction, and demand for point-of-care testing, along with restraint analyses, such as pricing and regulatory challenges.

Chapter 4-7: Business Analyses

These sections delve into product-based, test location-based, technology-based, and application-based analyses, offering a meticulous breakdown of market movement and forecasting across sectors such as oncology, pharmacogenomics, and infectious diseases.

Chapter 8: Country Business Analysis

Focusing on the market within specific countries, this chapter examines factors such as disease prevalence, competitive scenarios, and regulatory frameworks, especially in the U.S. and Canada.

Chapter 9: Competitive Landscape

A comprehensive evaluation of market players categorized by strategic importance, financial performance, product benchmarking, and strategic initiatives.

Chapter 10: Analyst View

A closing commentary from the report's analysts, providing unique perspectives and key takeaways.

For further insights into the North America Molecular Diagnostics Market, the full report is available on the ResearchAndMarkets.com website.

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With extensive coverage of the evolving landscape of molecular diagnostics, this report underscores burgeoning opportunities, driven by technological innovation, strategic industry dynamics, and the urgent need for advanced healthcare solutions. As the market gears up for growth and transformation, stakeholders within the sector are equipped to make informed decisions that could shape the future of healthcare diagnostics in North America.