North America Molecular Diagnostic Market Outlook
The North America Molecular Diagnostic Market size was valued at USD 9.50 Billion in 2022 and is expected to surpass USD 16.93 Billion by 2031, expanding at a CAGR of 6.63% during the forecast period, 2023 – 2031. Growth of the market is attributed to rapid urbanization, increasing overall efficiency & productivity for enterprises, and increasing demand for point of care diagnostics.
The biological indicators in the genome & proteome identification the molecular diagnostics techniques are used. To analyze as a protein how cells show their genes in medical testing by applying molecular biology. In agricultural biosecurity, detect risk, diagnose & monitor disease, and to identify which medicines & therapies good for individual patients the molecular diagnostics technique is used.
The Covid-19 pandemic affected the demand and supply of North America molecular diagnostic market.
Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
North America Molecular Diagnostic Market Trends, Drivers, Restraints, and Opportunities
-
Increasing use of molecular diagnostics equipment in laboratories is projected to boost the market.
-
Rapid innovations in molecular diagnostics technologies are the major factor fueling the market.
-
Lack of awareness about the molecular diagnostics devices is projected to restrict the market expansion during the forecast period.
-
High price of equipment’s is anticipated to hamper the market growth in the coming years.
-
R&D investment and technological advancement in small UAV market is projected to offer lucrative opportunities for the market players
Scope of the North America molecular diagnostic Market Report
The report on the North America molecular diagnostic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Molecular Diagnostic Market– North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016-2021
|
|
Forecast Period
|
2023-2031
|
|
Segmentation
|
Technologies (PCR, In Situ Hybridization, Sequencing, Chips & Microarrays, Mass Spectrometry, and Others), Applications (Blood Screening, Infectious Disease, Human Leukocyte Antigen Typing, Oncology, Genetics, Pharmacogenomics, and Microbiology), Products (Reagent, Instrument, and Others), End-users (Laboratories, Hospitals, and Others)
|
|
Geographical Scope
|
United States, Canada, Mexico, and Rest of the North America
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players covered in the Report
|
Qiagen; Illumina, Inc.; F. Hoffmann-la Roche Ltd.; Danaher Corp.[Cepheid Inc.]; Agilent Technologies; EXACT Sciences Corp.; Abbott Laboratories; Becton, Dickinson & Company; Hologic Corp.; and Myriad Genetics, Inc.
|
North America Molecular Diagnostic Market Segment Insights
The oncology segment accounts for key share of the market
On the basis of applications, the North America molecular diagnostic market is fragmented into blood screening, infectious disease, human leukocyte antigen typing, oncology, genetics, pharmacogenomics, and microbiology.
The oncology segment accounts for a key share of the market. Growth of the market is attributed to rising industrialization and increasing research & development activities in molecular diagnostics equipment.
However, the infectious disease segment is anticipated to expand at a rapid pace during the forecast period due to increasing per capita income, rapid advancement in pharmacogenomics, and increasing number of infectious diseases.
The PCR segment is anticipated to hold significant market share
Based on technologies, the market is divided into PCR, in situ hybridization, sequencing, chips & microarrays, mass spectrometry, and others. The PCR segment accounts for a significant share of the market. Growth of the market is attributed to rising prevalence of chronic diseases, identification of diseases in early stages, and rising awareness among people.
The mass spectrometry is anticipated to expand at a rapid pace during the forecast period due to factors such as rising investment by government & private sectors, rapidly growing population, and increasing spending on healthcare expenditure.
The instrument segment accounts for key share of the market
On the basis of products, the North America molecular diagnostic market is segmented into reagent, instrument, and others. The instrument segment accounts for a key share of the market.
Growth of the market is attributed to rapid economic growth and rising demand for polymerase chain reaction tests. The reagent segment is anticipated to expand at a rapid pace during the forecast period due to increasing identification of minimal residual diseases, presence of major market players, and rapid industrialization.
The hospital segment accounts for significant share of the market
Based on end-users, the North America molecular diagnostic market is classified into laboratories, hospitals, and others. The oncology segment accounts for a significant share of the market.
Growth of the market is attributed to increasing research & development activities in molecular diagnostics equipment. The laboratories segment is anticipated to expand at a rapid pace during the forecast period due to increasing healthcare expenditure.
United States is estimated to hold major market share
On the basis of region, the North America molecular diagnostic market is categorized as United States, Canada, Mexico, and Rest of the North America. The market of Canada is estimated to expand at a high CAGR during the forecast period due to factors such as increasing prevalence of chronic diseases and increasing number of viral & bacterial outbreaks.
The market of United States is estimated to hold major market share due to rapid development in healthcare infrastructure and rapid innovations in technologies.
Segments
Technologies
- PCR
- In Situ Hybridization
- Sequencing
- Chips & Microarrays
- Mass Spectrometry
- Others
Applications
- Blood Screening
- Infectious Disease
- Human Leukocyte Antigen Typing
- Oncology
- Genetics
- Pharmacogenomics
- Microbiology
Products
- Reagent
- Instrument
- Others
End-users
- Laboratories
- Hospitals
- Others
Geography
Key Players
- Qiagen
- Illumina, Inc.
- F. Hoffmann-la Roche Ltd.
- Danaher Corp.[Cepheid Inc.]
- Agilent Technologies
- EXACT Sciences Corp.
- Abbott Laboratories
- Becton, Dickinson & Company
- Hologic Corp.
- Myriad Genetics, Inc.
Competitive Landscape
Key players competing in the North America molecular diagnostics market include Qiagen; Illumina, Inc.; F. Hoffmann-la Roche Ltd.; Danaher Corp.[Cepheid Inc.]; Agilent Technologies; EXACT Sciences Corp.; Abbott Laboratories; Becton, Dickinson & Company; Hologic Corp.; and Myriad Genetics, Inc.
Some of these players are using several market strategies such as collaborations, acquisitions, partnerships, merger, product launches, and capacity expansion to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
Request For Customization
Enquiry Before Buying
Speak With Analyst
