North America Molecular Diagnostics Market Set to Reach $18.13 Billion by 2030

[Redding, California, 16-02-2024] - Meticulous Research®, a renowned global leader in market research, has unveiled a comprehensive report titled "Decoding the North America Molecular Diagnostics Market: Insights into Product, Test Type, Technology, Application, and End User Dynamics-Forecast up to 2030." This exhaustive report delves into various aspects shaping the market landscape, covering Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology, Neurological), and End User.

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According to the latest findings by Meticulous Research®, the North America molecular diagnostics market is poised to soar to $18.13 billion by 2030, registering a commendable CAGR of 5.3% from 2023 to 2030. This growth trajectory is underpinned by several factors, including the burgeoning geriatric population, the escalating prevalence of communicable and non-communicable diseases, continuous technological advancements in molecular diagnostics, and the rise in healthcare expenditures. However, challenges such as regulatory hurdles and the high costs associated with molecular diagnostic tests may pose obstacles to market expansion.

Moreover, the burgeoning emphasis on companion diagnostics and the surging popularity of direct-to-consumer (DTC) genetic testing are anticipated to usher in growth opportunities for market players. Nevertheless, the scarcity of skilled professionals emerges as a notable challenge impeding market growth. Additionally, the increasing integration of artificial intelligence and machine learning stands out as a prominent trend shaping the molecular diagnostics landscape.

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Key Insights from the Report:

Market Segmentation: The report segments the North America molecular diagnostics market by Product & Service (Kits & Reagents, Instruments, Software & Services), Test Type (Laboratory Tests, Point-of-Care Tests), Technology (PCR, ISH, INAAT, Microarrays, Sequencing), Application (Infectious Diseases, Oncology, Genetic Testing, Neurological Diseases, Cardiovascular Diseases), and End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes).

Product & Service Analysis: The kits & reagents segment is anticipated to dominate the market, fueled by the continuous development of diagnostic tests for various infections and the growing adoption of diagnostic platforms.

Technology Trends: The sequencing segment is expected to exhibit the highest CAGR, propelled by technological advancements and its superiority in hypothesis-free sequencing, offering advantages over conventional PCR- based technologies.

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Application Dynamics: The oncology segment is forecasted to register the highest CAGR, driven by the widespread utilization of molecular diagnostics for cancer screening and personalized treatment.

End User Landscape: Hospitals & clinics are poised to command the largest market share, driven by their pivotal role in diagnosing various medical conditions and the surge in hospital admissions, especially during the COVID-19 pandemic.

Market Outlook for North America:

The report comprehensively analyzes key countries in North America, with the U.S. expected to lead the market. The rapid rise in the aging population in the U.S. is projected to significantly drive market growth, as the elderly are more susceptible to various diseases necessitating frequent diagnostic testing.

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