“The North American molecular diagnostics market is anticipated to reach USD 13.51 Billion by 2030”, says Visiongain

29 November 2019
Pharma

Visiongain has launched a new pharma report ‘’North America Molecular Diagnostics Market Report 2020-2030’’ by Test (Point of Care , Self-test or Over the Counter (OTC), Central laboratories), by Product (Instruments, Reagents, Others), Technology {Polymerase Chain Reaction (Multiplex PCR, Other PCR), Chips and microarrays, Isothermal Nucleic Acid Amplification Technology (INAAT), In Situ Hybridization, Mass Spectrometry, Sequencing, Transcription Mediated Amplification (TMA), Others}, Application {Cardiovascular Disease, Genetic Testing (Newborn Screening, Predictive and Presymptomatic Testing, Other Genetic Testing), Infectious Diseases (Clostridium difficile, Candida, Clostridium difficile, Chlamydia, Flu, Gastrointestinal Panel Testing, Gonorrhea, HIV, Hepatitis B, Hepatitis C, Meningitis, Methicillin-resistant Staphylococcus Aureus, Respiratory Syncytial Virus, Tuberculosis and drug-resistant, Others), Microbiology, Neurological Diseases, Oncology (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Kidney Cancer, Liver Cancer, Blood Cancer, Lung Cancer, Other Cancer) Pharmacogenomics, Others}, and Geography.

North American molecular diagnostics market is anticipated to grow on account of the growing adoption of molecular diagnostics (MDx) for infectious diseases, combined with the beginning of new and innovative diagnostic approaches for cancer detection. The North American molecular diagnostics market is anticipated to grow at a lucrative CAGR of 10.8% and anticipated to reach USD 13.51 Billion by 2030.

Also, the molecular diagnosis has taken its place in regular medical practice and has spread from labs to the office of the doctor and clinics to all levels of health care. Thus, the presence of molecular diagnostic instruments across all healthcare facilities is anticipated to boost molecular diagnostics market growth.

According to the CDC, hospital-acquired infections in the United States accounts for over 1.5 million infections and approximately 95,000 related deaths each year. In the field of infectious disease testing, molecular diagnostics are important as it provides fast and effective results. It is therefore anticipated that the growing prevalence of infectious diseases & hospital-acquired infections will drive the North American molecular diagnostics market.

One of the major factors hindering the market growth is the regulatory framework. The risk to patient safety has motivated the U.S. FDA premarketing guidelines. The regulatory climate is already challenging and the FDA is becoming more vigilant as it is increasingly dependent on molecular diagnostics to make serious medical decisions.

Technological advancements are also anticipated to fuel market growth as they provide greater accuracy, are cost-effective and are portable. MinION's introduction, an inexpensive and compact sequencer that supplies users in small peripheral laboratories and Point-of-Care (POC) facilities, is likely to drive the market.

The North American MDx market is classified into instruments, reagents, and other services based on products. Thanks to their wide use in molecular diagnostic research, reagents led the market in 2017. Increased adoption of these measures will push the category further in non-medical facilities.

Also, it is anticipated that high demand for over-the-counter diagnostics will help accelerate market growth in this region. Also, factors such as growing demand for genetic testing and advanced cancer diagnostic testing is boosting North American molecular diagnostics market.

The development of segments will also be driven by technological advances in PCR techniques. In Situ Hybridization (ISH) segment, due to an estimated increase in the number of patients affected by cancer and the need for early diagnosis of cancer, it is projected to be the fastest-growing segment during the forecast period.

In 2018, the U.S. had the highest share of revenue as it covers most of the existing market and is the most developed in terms of molecular diagnostics. Increasing emphasis on market strategies, such as collaborations between diagnostic companies to develop companion diagnostics, has also accelerated this market's growth.

The country's regulatory and reimbursement environment continues to evolve to adapt to the rapid progress of research in this field. Also, the FDA is developing new regulatory approaches for NGS research that have fostered creativity in test design while maintaining the accuracy and reliability of the data generated by these studies. Both factors are anticipated to boost the United States' molecular diagnostics market.

With the increasing use of molecular diagnostics in the region, Canada is anticipated to witness the fastest growth over the forecast period. Also, the increasing prevalence of target diseases is expected to drive the market, coupled with the growing health consciousness among the Canadian population.

Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the North American molecular diagnostics market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the molecular diagnostics market.

The comprehensive market report features companies such as Abbott, Becton, Dickinson and Company, BioMérieux SA, Bio-Rad Laboratories, Inc., Cepheid, Dako, Danaher Corporation, Foundation Medicine, Genomic Health, Hologic, Inc. (Gen Probe), Illumina, Inc., Johnson & Johnson Services, Inc., Novartis (Grifols), Qiagen, Roche Diagnostics, Siemens Healthcare Private Limited, Sysmex Corporation among other prominent players. Also, the research study offers market estimation and forecast for the period ranging from 2020-2030 for regional markets such as U.S. and Canada.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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