Published Date: 2022-08-22
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North American Molecular Diagnostics Market size is expected to cross USD 10.69 billion by 2028, according to a latest forecast report by Graphical Research.
The market growth is owing to the rising number of elderly people with impaired immune systems. Anatomical and functional changes in elderly people can impair their immune system, making them the most vulnerable population to chronic diseases. Based on data from the Administration for Community Living, the percentage of Americans aged 65 years and above rose to 16% in 2019 from 4.1% in 1900. With the escalating geriatric population, the need for adequate prognosis, diagnosis, and treatment of diseases.
The popularity of molecular diagnostics will further be influenced by the growing awareness of early disease diagnosis and the prevalence of rare diseases. As per the National Institutes of Health, there are up to 7,000 rare diseases, affecting around 200,000 Americans.
Since genetic disorders are one of the major causes of rare diseases, their prevalence will provide a boost to the North America molecular diagnostics market expansion. However, high costs associated with diagnostic devices may hamper the demand for molecular diagnostics services in the region.
The demand for reagents and kits will remain high, owing to the accelerating healthcare investment and rising emphasis on boosting infectious disease testing. For example, in 2021, the Department of Health and Human Services, in partnership with the Department of Defense, awarded USD 562 million to 12 U.S. companies to support the manufacturing of reagents, and other supplies to detect the coronavirus in samples.
With regards to the technology spectrum, the industry is categorized into microarrays, isothermal nucleic acid amplification technology (INAAT), sequencing, hybridization, polymerase chain reaction (PCR), and others. Sequencing devices are utilized to characterize cancer genomes, attributed to benefits like screening of alternate mutations in genes. With the growing number of people diagnosed with cancer, the North America molecular diagnostics market from the sequencing segment will observe decent growth through 2028.
The genetic testing segment will witness 10% CAGR through 2028. The rapid introduction of new tests and genes will amplify the demand for genetic testing services from specialists and primary care physicians. Additionally, the high burden of rare genetic disorders will also contribute to the market growth.
Browse detailed statistical insights from the report, “North America Molecular Diagnostics Market Forecast 2028 By Technology (Polymerase Chain Reaction [PCR], Hybridization, Sequencing, Isothermal Nucleic Acid Amplification Technology [INAAT], Microarrays), By Product (Instruments, Reagents & Kits), By Application (Infectious Disease Diagnostics {COVID-19, HIV, CT/NG, Hepatitis B, Hepatitis C, RSV, Flu, Tuberculosis}, Oncology Testing, Genetic Disease Testing), By End-use (Diagnostics Laboratories, Hospitals & Clinics), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1143/north-america-molecular-diagnostics-market
The adoption of molecular diagnostic techniques across hospitals and clinics will increase exponentially over the forecast period, credited to the introduction of funding programs to support major health center construction and renovation projects in countries including the U.S.
The U.S. molecular diagnostics market is expected to surpass USD 10,160 by 2028, given the increasing reliance on PCR, microarray, next-generation sequencing, and fluorescent in situ hybridization across the country. A major emphasis has also been placed on therapeutic areas including women’s health, HIV/STD testing, and oncology across regional healthcare centers. These factors, in addition to the availability of reimbursement for molecular diagnostic procedures.
The North American molecular diagnostics market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028, for the following segments:
North America Market, By Product
North America Market, By Technology
North America Market, By Application
North America Market, By End-use
The above information has been provided for the following countries:
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