March 02, 2020
According to the research report titled ‘North America Molecular Diagnostics Market Analysis by Technology, Application, Regional Outlook, Industry Report, Growth Analysis & Forecast, 2018 – 2024’, available at MarketStudyReport.com, the North America molecular diagnostics market is expected to surpass USD 5.3 billion by the year 2024.
According to the report, increased pervasiveness of various diseases among elderly population owing to impaired immune system as well as functional and anatomic changes is a major factor driving the North America molecular diagnostics market growth. Increasing awareness pertaining to early diagnosis of diseases is further aiding the market expansion. However, high cost associated with diagnostic devices may hinder the market growth.
In terms of technology, the report states that sequencing technology segment is presumed to expand with a CAGR of 14.2% during the period of 2018-2024. Sequencing devices offer better screening of alternate mutation in various genes. Moreover, rising adoption of sequencing devices in order to identify cancer genomes are contributing towards popularity of the technology across the globe.
Based on the application spectrum, genetic testing application of molecular diagnostics in North America was worth USD 464.7 million in the year 2017 and is expected to grow consistently during the forecast period. Rising prevalence of genetic disorders and growing demand for genetic testing among physicians and clinicians are fueling the segmental growth.
Considering the geographical landscape, the report cites that U.S. held 96.3% share of North America molecular diagnostic market in the year 2017 and is presumed to expand considerably during the projected timeframe. Rising adoption of fluorescent in situ-hybridization, microarray, next-gen sequencing, and PCR are augmenting the demand for molecular diagnostics across the country. Additionally, shifting preferences towards therapeutic areas such as HIV/STDs testing, infectious disease, oncology, and women’s health in tandem with favorable reimbursement policies are facilitating the business scenario in U.S.
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Sysmex, Siemens Healthcare, Rosetta Genomics, SCILOGEX LLC, Roche Diagnostics, Myriad Genetics, MDx Health, HTG Molecular Diagnostics, Agilent (Dako), Genomic Health Inc., Qiagen, Novartis, GenMark Diagnostics, Hologic (Gen Probe), Danaher Corp., Cleaver Scientific, CombiMatrix, Cephied, Bio-Techne, Biomerieux, BioFire Diagnostics, Bio-Rad Laboratories, Biocartis Group, Analytik Jena AG, Becton Dickinson, Alere Inc., and Abbott Molecular are the top companies operating in the North America molecular diagnostics market.
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