A new report from Meticulous Research®, titled ‘ North America Molecular Diagnostics Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology, Neurological), End User—Forecast to 2030,’ highlights the expected growth of the North America molecular diagnostics market, which is set to reach $18.13 billion by 2030 with a CAGR of 5.3% from 2024 to 2030.

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Key Factors Driving Growth
The market’s growth is largely driven by factors such as the aging population in North America, rising prevalence of diseases, technological advancements in diagnostics, and increasing healthcare expenditure. These factors are creating a strong demand for molecular diagnostic solutions in the region.

Market Challenges
While the market shows immense potential, unfavorable regulatory frameworks and the high cost of molecular diagnostics tests act as key restraints. The high prices associated with molecular diagnostics can limit their accessibility, particularly in low-income settings.

Growth Opportunities
Despite challenges, the future of the market remains promising. There is growing interest in companion diagnostics, which is paving the way for personalized medicine. Additionally, the popularity of direct-to-consumer genetic testing offers new opportunities for companies to expand their reach directly to consumers.

Trends Shaping the Future
A major trend reshaping the molecular diagnostics landscape is the increasing integration of AI and machine learning. These technologies are being incorporated into diagnostic processes, allowing for faster, more accurate results. AI-powered diagnostics are becoming essential tools for complex data analysis, driving the growth of molecular diagnostics in the region.

Key Companies in the Market
Leading the market are key players such as Hologic, Inc., Danaher Corporation, BioMérieux S.A., Abbott Laboratories, Thermo Fisher Scientific Inc., and Illumina, Inc. These companies are spearheading innovations in molecular diagnostics and continually expanding their offerings.

Market Segmentation Insights
The report delves into different segments of the North America molecular diagnostics market.

• Products & Services : The Kits & Reagents segment is anticipated to hold the largest market share by 2024. The increasing prevalence of communicable diseases and innovations in diagnostic platforms contribute to the demand for these products.
• Technological Advancements : The sequencing segment is set to register the highest growth over the forecast period, driven by continuous improvements in sequencing technologies, which offer better diagnostic accuracy and lower costs compared to traditional methods like PCR.
• Test Types : Laboratory tests are expected to dominate the market in 2024, offering greater accuracy and reliability compared to point-of-care testing.
• Applications in Oncology : The oncology segment is forecasted to grow at the highest rate during the forecast period. Molecular diagnostics are increasingly used for cancer screening, offering physicians critical insights for personalized treatment plans.

Regional Insights
Geographically, the report highlights the U.S. as the largest market for molecular diagnostics in North America. The aging population in the U.S. is expected to drive the demand for molecular diagnostics, particularly for diagnosing age-related diseases such as Alzheimer’s and other neurological conditions.

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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