North America Molecular Diagnostics Market, By Products (Reagents & Kits, Instruments and Services & Softwares), Technology (Mass Spectrometry (MS), Capillary Electrophoresis, Next Generation Sequencing (NGS), Chips and Microarray, Polymerase Chain Reaction (PCR)-Based Methods, Cytogenetics, In Situ Hybridization (ISH or FISH), Molecular Imaging and Others), Application (Oncology, Pharmacogenomics, Microbiology, Prenatal Tests, Tissue Typing, Blood Screening, Cardiovascular Diseases, Neurological Diseases, Infectious Diseases and Others), End User (Hospital, Clinical Laboratories and Academics), Country (U.S., Canada and Mexico) Industry Trends and Forecast to 2028.
Market Analysis and Insights: North America Molecular Diagnostics Market
The molecular diagnostics market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.9% in the forecast period of 2021 to 2028 and is expected to reach USD 17,645.46 million by 2028. Increase in prevalence of infectious diseases and cancer is expected to boost the growth of the molecular diagnostics market.
Molecular diagnosis identifies or diagnoses diseases such as infectious diseases, genetic diseases, cardiovascular diseases, neurological diseases, and others by studying molecules such as DNA, RNA, protein in a tissue or a fluid. Different technologies such as PCR, mass spectrometry, -generation sequencing, cytogenetics, in situ hybridization, molecular imaging and others are used to diagnose different diseases.
Rising demand for molecular diagnostic tools to diagnose COVID-19 is expected to boost the growth of the molecular diagnostics market. High cost of instrumentation is expected to act as a major restraint for the growth of the molecular diagnostics market. Rising geriatric population is expected to act as an opportunity for the growth of the molecular diagnostics market. High competition among market players is expected to act as challenge for the growth of the molecular diagnostics market.
The molecular diagnostics market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the molecular diagnostics market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Molecular Diagnostics Market Scope and Market Size
The molecular diagnostics market is segmented based on the products, technology, application and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of products, the molecular diagnostics market is segmented into reagents & kits, instruments and services & softwares. In 2021, the instruments segment is expected to dominate the molecular diagnostics market due to the rise in demand for advanced technology to diagnose diseases such as infectious diseases, cancer and others.
- On the basis of technology, the molecular diagnostics market is segmented into mass spectrometry (MS), capillary electrophoresis, next generation sequencing (NGS), chips and microarray, polymerase chain reaction (PCR)-based methods, cytogenetics, in situ hybridization (ISH or FISH), molecular imaging and others. In 2021, the polymerase chain reaction (PCR)-based methods segment is expected to dominate the molecular diagnostics market due to increased demand for PCR kits to diagnose COVID-19 and curb the pandemic.
- On the basis of application, the molecular diagnostics market is segmented into oncology, pharmacogenomics, microbiology, prenatal tests, tissue typing, blood screening, cardiovascular diseases, neurological diseases, infectious diseases and others. In 2021, the infectious diseases segment is expected to dominate the molecular diagnostics market due to the rise in infectious diseases such as flu, COVID-19, AIDS and others and the increased demand for highly efficient molecular diagnostics technology.
- On the basis of end user, the molecular diagnostics market is segmented into hospital, clinical laboratories and academics. In 2021, the clinical laboratories segment is expected to dominate the molecular diagnostics market due to the rising number of patients with various illnesses and the growing need for diagnostics instruments.
North America Molecular Diagnostics Market Country Level Analysis
North America molecular diagnostics market is analyzed and market size information is provided by the country, products, technology, application and end user as referenced above.
The countries covered in the North America molecular diagnostics market report are the U.S., Canada and Mexico.
The products segment in Canada region is expected to grow with the highest growth rate in the forecast period of 2021 to 2028, because of increase in demand for diagnosis instrument to diagnose COVID-19 patients and other cardiovascular diseases, infectious diseases and others. The products segment in the U.S. is dominating the North America molecular diagnostics market owing to increased healthcare expenditure. Mexico is leading the growth of the North America molecular diagnostics market for risk segment is dominating in this country due to increasing demand for point-of-care testing and precision medicine.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Strategic Activities by Major Market Players to enhance the Awareness for Molecular Diagnostics is Boosting the Molecular Diagnostics Market Growth
The molecular diagnostics market also provides you with detailed market analysis for every country growth in molecular diagnostics market. Additionally, it provides the detail information regarding the molecular diagnostics market players’ strategy and their geographical presence. The data is available for historic period 2010 to 2019.
Competitive Landscape and Molecular Diagnostics Market Share Analysis
The molecular diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to North America molecular diagnostics market.
The major companies which are dealing in the North America molecular diagnostics market report are Abbott, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., BD, bioMérieux SA, Cepheid, Hologic, Inc., Myriad Genetics, Inc., QIAGEN, Agilent Technologies, Inc., Quidel Corporation, Beckman Coulter, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., IMMUCOR, Luminex Corporation, Meridian Bioscience, F Hoffmann-La Roche Ltd and GenMark Diagnostics, Inc. among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contract, agreement and launches are also initiated by the companies’ worldwide which are also accelerating the molecular diagnostics market.
For instance,
- In June 2021, Thermo Fisher Scientific Inc. launched a new product named Attune CytPix, a fluorescent flow cytometer that offers enhanced imaging and acoustic focusing with a high-speed camera.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market players is enhancing the company footprints in the molecular diagnostics market which also provides the benefit for organization’s profit growth.
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