North America Molecular Diagnostics Market is expected to reach USD 7.2 billion by 2024. Molecular diagnostics is a branch of clinical pathology or laboratory medicine that uses techniques of molecular biology to diagnose disease, monitor the effectiveness of therapies, predict diseases course, and select therapy. North America molecular diagnostics industry is estimated to grow at a significant CAGR in the upcoming period as the scope and its applications are increasing enormously.
Growth Drivers:
The factors that are playing a major role in the growth of North American molecular diagnostics market area technological enhancement in molecular diagnostic kits and rising R&D activities by manufacturers. North America molecular diagnostics market is segmented based on product type, rest location, technology, application, and region.
Key Players:
The key players of North America molecular diagnostics market are QIAGEN, Abbott Laboratories, Dako, Roche Diagnostics, Danaher Corporation, Hologic, Inc., Dickinson and Company (BD), Novartis AG, BioMérieux SA, Bio-Rad Laboratories, Inc., Siemens Healthineers GmbH, Alere, Sysmex Corporation, and Johnson & Johnson Services, Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Product Outlook:
Reagents, instruments, and the other product types could be explored in North American molecular diagnostics in the forecast period. Reagents sector accounted for the significant market share of North America molecular diagnostics and is estimated to continue with its dominance in the years to come. The reason could be increasing use of these tests in a nonmedical sector like home and molecular diagnostic sector.
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Location Outlook:
Central laboratories, point-of-care, self-test, and others could be explored in North America molecular diagnostics in the forecast period. Central laboratories sector accounted for the significant market share of North America molecular diagnostics. The reason behind the overall market growth could be the presence of ancillary support. In addition, the point-of-care sector is estimated to grow at the highest CAGR in the years to come.
Technology Outlook:
Based on technology, transcription mediated amplification, polymerase chain reaction (PCR), sequencing, in situ hybridization, mass spectrometry, isothermal nucleic acid amplification technology (INAAT), chips and microarrays, and others could classify North America molecular diagnostics in the forecast period. The polymerase chain reaction (PCR) sector accounted for the significant market share of North America molecular diagnostics and is estimated to lead the overall market in the years to come. The reason could be high demand in molecular diagnostics.
Application Outlook:
The market could be categorized based on applications like microbiology, oncology, cardiovascular disease, pharmacogenomics, neurological disease, infectious disease, genetic testing, and others could be explored in the forecast period. Oncology sector accounted for the substantial market share of North America molecular diagnostics and is estimated to continue its dominance in the years to come. The reason could be the rising occurrence of cancer and increasing enhanced diagnostic tests. The sector is also estimated to grow at the highest CAGR in the years to come.
Country Outlook:
The United States accounted for the substantial market share of North America molecular diagnostics and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in this region and raised awareness of personalized medicines. Canada is estimated to follow the suit.
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