By 2024, the North America molecular diagnostics market share is slated to surpass USD 5.3 billion annually.
By 2024, the North America molecular diagnostics market share is slated to surpass USD 5.3 billion annually. With molecular diagnosis increasingly being recognized as a game-changing technology for laboratories, it has been receiving considerable acclaim in North America. This is because of the ability of molecular diagnosis to leverage powerful tools for achieving more accurate and earlier detection of diseases at the same time offering laboratories of all sizes a chance to play a vital role in the domain of personalized medicine.
The simplified usage of molecular instruments and assays has been observed to register a broader implementation by hospital laboratories across the region. Five prominent factors driving the industry share are discussed below:
Surging demand for genetic testing
The genetic testing segment achieved a revenue of over $464.7 million during 2017 and will retain its momentum through the coming years as well. The increasing incidence of genetic and rare diseases has been fueling the North America molecular diagnostics industry forecast from this segment.
The market scenario appears lucrative on account of the ongoing research activities toward pathogen and tumor genotypes and identification of patients that need novel gene-based therapies for cancer. Due to the crucial role of clinical laboratories in aiding physicians interpret complex data obtained from genetic testing, the North America molecular diagnostics industry outlook is expected to soar.
Chronic conditions amongst elderly population in U.S.
Owing to the impact of functional and anatomic changes, a good portion of elderly population in the U.S. has been suffering from numerous chronic conditions. Infectious diseases are accountable for over one third of the total number of deaths amongst the elderly in the U.S., as per the American Academy of Family Physicians (AAFP).
The impairment of the immune system has been partially responsible for the hospitalization of nearly 60% of the geriatric people diagnosed with influenza and pneumonia. This is pushing the North America market size.
Robust development of PCR testing devices
The PCR segment in the North America molecular diagnostics market share is poised for remarkable advancement through the forecast years. The progress is catalyzed by the growing emphasis on R&D initiatives of several major market players toward the development of cutting-edge PCR testing devices. The market share from the segment was estimated at $1.3 billion during 2017 and is likely to continue expanding through 2024.
Access sample pages of this report, “North America Molecular Diagnostics Market Analysis By Technology (PCR, In Situ Hybridization, Chips and Microarrays, Mass Spectrometry, Sequencing, Isothermal Amplification), By Application (Infectious Disease, Blood Screening, Genetic Testing, Oncology Testing), Regional Outlook (U.S., Canada), Industry Report, Growth Analysis & Forecast, 2018 – 2024” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1143/sample
Growing susceptibility to chronic infectious diseases
During 2017, the infectious diseases segment accounted for a whopping 45% of share in the total North America molecular diagnostics industry and is expected to keep growing. This is because of the notable escalation of susceptibility of elderly population to chronic infectious diseases. The support lent by the presence of beneficial reimbursements, alongside the rapid rise in the incidence of tuberculosis has also been favoring the molecular diagnostics market in North America.
Sequencing technology to register higher share
The sequencing segment is projected to exhibit a CAGR of 14.2% between 2018 and 2024. The expansion of the segment is ensured by the ability of this technology to offer massive screening capabilities for alternate mutation of genes. Several industry players have been leveraging the latest technological support from artificial intelligence (AI) and machine learning, in order to provide AI-enabled next-generation sequencing solutions, thereby improving the molecular diagnostics industry landscape in North America.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
Contact Us:
Parikhit B.
Corporate sales,
Graphical Research
Phone: 1-800-986-6917
Email: sales@graphicalresearch.com
Web: https://www.graphicalresearch.com