North America Molecular Diagnostics Market size was valued at USD 3.1 billion in 2017 and is expected to witness 7.9% growth from 2018 to 2024.
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Growing awareness about early disease diagnosis will stimulate demand for molecular diagnostic devices utilised in detection of cancer and infectious disease at early stage. Increasing number of genetic testing and detection of sexually transmitted diseases such as HIV and syphilis will drive North America molecular diagnostics industry growth. Additionally, increasing applications of molecular diagnostics will upsurge the business revenue size. Potential applications include drug regimen selection, patient stratification, therapeutic monitoring, and detection of disease thereby should accelerate the business growth.
Company’s R&D efforts to add innovations in PCR increasing specificity of diagnostic devices will trigger the North America molecular diagnostics market growth. Advancements from initial stages of single pathogen detection to nucleic acid amplification methods have been developed to deliver faster and accurate results that should impel business growth in upcoming years. However, presence of ambiguous regulatory scenario will hinder business growth.
Infectious disease segment held a momentous market share of 45.0% in 2017 and the segmental growth can be attributed to increasing elderly population that is more susceptible to chronic infectious diseases. Also, availability of favourable reimbursement scenario coupled with rising incidences of tuberculosis should drive segmental growth in forthcoming years.
PCR segment was valued at USD 1.3 billion in 2017 and this segment should have high growth trends during the estimated timeframe. Key industry players focus on developing new PCR devices that are used in detection of genetic diseases. Furthermore, increasing prevalence of rare genetic diseases in U.S. and Canada will positively impact the segmental growth in near future.
U.S. molecular diagnostics market will grow at 7.8% over the forecast timeframe and the high regional market growth can be attributed to growing preference of geriatric population for molecular diagnostics devices. According to Population Reference Bureau, in 2016, there were around 46 million people in the age group of 65 years and maximum of them suffer from one chronic disease that will influence U.S. molecular diagnostics market growth positively.
Some of the prominent industry players operating in the market include Abbott Molecular, Agilent (Dako), Alere, Analytik Jena, Becton Dickinson, Biomerieux, BioRad Laboratories, Cephied, Danaher, Johnson & Johnson, Roche Diagnostics and others. Key industry players adopt strategic initiatives that help them in maintaining sustainable profits. For instance, in October 2017, Roche’s cobas Zika test used along with cobas 6800/8800 systems received U.S. FDA approval. The approval of cobas Zika test expands company’s product portfolio for screening blood-borne diseases.
North America molecular diagnostics industry has evolved over the years and its history can be traced back in 1983. in 1983, PCR was introduced by Kary & Mullis that acts as a benchmark in this industry. Since then, the molecular diagnostics industry has experienced high growth due to rising prevalence of chronic diseases. Key industry players such as Roche Diagnostics and Johnson & Johnson will have a major influence over the molecular diagnostics market. These industry players are focused in adding innovations in the molecular diagnostics devices that should positively impact the demand for diagnostic procedures. Moreover, rising incidences of genetic diseases should enhance the molecular diagnostics industry growth in upcoming years.