Meticulous Research® has unveiled a new report titled, "North American molecular diagnostics market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology, Neurological), End User—Forecast to 2030." This report estimates that the North American molecular diagnostics market will achieve a valuation of $18.13 billion by 2030, growing at a CAGR of 5.3% from 2023 to 2030.
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Key Growth Factors
The market is expanding due to the increasing elderly population, the growing prevalence of various diseases, technological advancements in diagnostics, and higher healthcare spending. Challenges such as regulatory hurdles and high test costs are limiting market growth.
Emerging Trends and Challenges
There is a growing focus on companion diagnostics and DTC genetic testing, which presents new growth opportunities. However, a shortage of skilled professionals poses a challenge. Additionally, the integration of AI and machine learning in diagnostics is a significant trend influencing the market.
Market Segmentation Analysis
The market is segmented by products & services, test types, technologies, applications, and end users. Products include kits & reagents, instruments, and software & services. Test types encompass laboratory and point-of-care tests. Technologies include PCR, ISH, INAAT, microarrays, mass spectrometry, sequencing, among others. Applications span infectious diseases, oncology, genetic testing, neurological diseases, and more. End users include hospitals & clinics, diagnostic laboratories, academic & research institutes, and others.
Segment Insights
In 2023, kits & reagents are projected to lead the market due to the development of diagnostic tests for various infections and the expansion of diagnostic platforms. Sequencing technology is anticipated to grow the fastest, with advancements such as nanopore technology enhancing its capabilities.
Testing Approaches
Laboratory tests are expected to dominate the market in 2023, providing higher accuracy and reliability than point-of-care tests. Laboratory equipment offers greater sensitivity and specificity, making it suitable for a wide range of diagnostic applications.
Oncology Market Potential
The oncology segment is set to grow the fastest, driven by the importance of molecular diagnostics in cancer detection and personalized treatment. This segment's growth reflects the increasing use of molecular diagnostics in oncology.
Regional Insights
In the U.S., the aging population is significantly impacting the molecular diagnostics market. The growing number of seniors and those with age-related diseases is driving demand for diagnostic tests, contributing to the market's expansion.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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