7.9%+ growth for North America Molecular Diagnostics Market to 2024

North America Molecular Diagnostics Market will grow due to Increasing number of genetic testing and detection of sexually transmitted diseases such as HIV and syphilis.

April 8, 2019 /MarketersMedia/ —

Graphical Research has launched a report on “North America Molecular Diagnostics Market Statistics By Application (Infectious Disease, Genetic Testing, Blood Screening, Oncology Testing), By Technology (PCR, In Situ Hybridization, Chips And Microarrays, Mass Spectrometry, Sequencing, Isothermal Amplification), Industry Forecast, 2018 – 2024”, predicted to cross USD 5.3 Billion By 2024.

Elderly people are more likely to suffer from several diseases due to anatomic and functional changes along with impaired immune system and will upsurge North America molecular diagnostics revenue size. As per the American Academy of Family Physicians (AAFP) one third of all deaths among elderly (aged above 65 years) result from infectious diseases. More than 60% of elderly patients are admitted for pneumonia and influenza and pneumonia are among leading causes of death in America, out of that 90% accounts for elderly population. Weakened immunity coupled with presence of other chronic conditions raises the risk of other complications in elderly population such as pneumonia will escalate North America molecular diagnostics market growth.

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Genetic testing segment was valued at USD 464.7 million in 2017 and the segmental growth can be accounted to the growing incidences of genetic diseases. As reported by Global Genes, there are around 7000 different rare diseases detected in the U.S. population that upsurge the demand for molecular diagnostics thereby, should thereby, should positively impact segmental growth. Furthermore, demand for genetic testing will keep increasing in upcoming years from primary care physicians and genetics specialists as genes are revealed and new tests are introduced.

Increasing awareness regarding initial disease diagnosis will boost demand for molecular diagnosis devices used for various rare diseases. According to Global Genes, around 30 million people suffer from rare genetic diseases that will escalate the North America molecular diagnostics industry growth in foreseeable future. However, increasing costs of diagnostic devices will hamper the North America molecular diagnostics industry growth.

Sequencing segment will grow at 14.2% over the forecast period. Segmental growth will be associated with increasing application of sequencing devices to characterize cancer genomes. Subsequently, demand for sequencing will also grow due to additional benefits provided by sequencing technology such as, the devices provides massive screening of alternate mutation screening in numerous genes thereby, should elevate the business growth.

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U.S. molecular diagnostics market accounted for 96.3% regional revenue share in 2017 due to the growing usage of PCR, next-generation sequencing, microarray, and fluorescent in situ-hybridization. Furthermore, shift in trends towards therapeutic areas such as women's health, oncology, infectious disease and HIV/STDs testing along with availability of reimbursement for diagnostic procedures will drive the business growth.

Some of the eminent industry players operating in the North America molecular diagnostics 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 implement strategic initiatives such as mergers and acquisitions that strengthens their market position. For instance, in October 2017, Company entered into partnership with HORIBA Medical to enhance its hematology product portfolio. According to the partnership, Siemens strong customer base will combine with Horiba’s innovative technology rendering competitive advantage to both the companies.

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Segments we cover:

North America Molecular Diagnostics Market Growth, By Technology
PCR
In situ hybridization
Chips and microarrays
Mass spectrometry
Sequencing
Isothermal amplification
Others

North America Molecular Diagnostics Market Statistics, By Application
Infectious disease
Flu
RSV virus
Tuberculosis
Meningitis
HIV market
Hepatitis C
Hepatitis B
HPV
STD
Dengue
H. pylori
TORCH
Others
Blood screening
Genetic testing
Oncology testing

The above information is provided for the following countries:
U.S.
Canada

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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.

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Website: https://www.graphicalresearch.com/industry-insights/1143/north-america-molecular-diagnostics-market

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