North America Molecular Diagnostics Market

How Are Advancements in Genomics Driving the North America Molecular Diagnostics Market to $18.13 Billion by 2030?

Asia-Pacific Healthcare IT Market 2023-2030 The North American molecular diagnostics market is on track to hit $18.13 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.3% from 2023. Molecular diagnostics are critical for detecting targeted genetic material in human, viral, and bacterial genomes. This advanced diagnostic approach is increasingly utilized across various medical fields, including infectious diseases, oncology, and clinical genetics. As technology evolves, molecular diagnostics will become even more integral to personalized medicine, enhancing the precision and speed of diagnosis. Request for Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5642 Technological Advancements Driving Market Growth Molecular diagnostics technology, such as polymerase chain reaction (PCR) and microarray, offers high-throughput and accurate testing capabilities. Additionally, sequencing technology is gaining traction for its diverse applications. These advancements are pivotal in improving diagnostic accuracy and turnaround times. Companies are focusing on rapid diagnostic kits, such as ultra-fast PCR tests, which significantly reduce result waiting times. For example, Thermo Fisher Scientific s Accula SARS-CoV-2 Test delivers results within 30 minutes, a significant improvement over traditional RT-PCR method. Focus on Companion Diagnostics and Direct-to-Consumer Testing The rising emphasis on companion diagnostics is fueling market growth. Companion diagnostics are used to determine the most effective treatments based on individual genetic profiles, thus supporting personalized and precision medicine. This trend is evident in oncology and expanding into other therapeutic areas. For instance, Illumina and Merck KGaA s partnership aims to develop diagnostic tests for HRD-positive tumors. Direct-to-consumer (DTC) genetic testing is also gaining popularity, providing individuals with insights into their genetic makeup without needing a healthcare provider's intervention. This trend is expected to boost market opportunities further. Challenges and Opportunities Despite its growth, the market faces challenges, including regulatory hurdles and high test costs. Additionally, a shortage of skilled professionals in molecular diagnostics presents a barrier to growth. However, the integration of artificial intelligence (AI) and machine learning (ML) in diagnostics is emerging as a significant trend, offering potential solutions to these challenges. Market Segmentation Insights Page 1 of 3 Meticulous Research| sales@meticulousresearch.com

Asia-Pacific Healthcare IT Market 2023-2030 Kits & Reagents: This segment is projected to lead the market in 2023 due to the widespread availability of diverse diagnostic reagents and test kits, spurred by the COVID-19 pandemic. Sequencing Technology: Expected to grow at the highest CAGR, thanks to its ability to detect low-frequency variants and provide comprehensive genomic coverage. Laboratory Tests: Dominating the market in 2023, attributed to their wide availability and preference among patients. Oncology: This segment is anticipated to grow at the highest CAGR due to the increasing prevalence of cancer and the need for early detection. Hospitals & Clinics: Expected to hold the largest share of the market in 2023, driven by the increased number of hospitalizations and the growing number of healthcare facilities. U.S. Market Dynamics The U.S. is set to experience the highest growth rate, driven by its extensive healthcare infrastructure, high volume of laboratory tests, and the impact of the COVID-19 pandemic. The U.S. performs around 13 billion laboratory tests annually, which fuels the demand for advanced molecular diagnostics. Competitive Landscape Key players in the North American molecular diagnostics market include Hologic, Danaher Corporation, BioM rieux, Becton, Dickinson and Company, Siemens Healthineers, DiaSorin, Abbott Laboratories, Thermo Fisher Scientific, Agilent Technologies, Illumina, F. Hoffmann-La Roche, QIAGEN, and Seegene. These companies are actively engaged in expanding their market presence and developing innovative solutions. Buy Now: https://www.meticulousresearch.com/Checkout/62458641 About Meticulous Research 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 Page 2 of 3 Meticulous Research| sales@meticulousresearch.com

Asia-Pacific Healthcare IT Market 2023-2030 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. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 Meticulous Research| sales@meticulousresearch.com