According to Meticulous Research®, the North American molecular diagnostics market is projected to achieve $18.13 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2030. The market's expansion is fuelled by several factors, including an aging population, rising prevalence of both communicable and non-communicable diseases, advancements in molecular diagnostics technologies, and increased healthcare spending. However, the market faces challenges from stringent regulatory frameworks and high costs of molecular diagnostic tests.

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Opportunities and Challenges
The market's growth potential is bolstered by an increasing emphasis on companion diagnostics and the growing trend of direct-to-consumer (DTC) genetic testing. These factors create significant opportunities for market players. Conversely, the shortage of skilled professionals poses a notable challenge to market expansion. Another prominent trend is the integration of artificial intelligence (AI) and machine learning (ML) in molecular diagnostics, enhancing diagnostic capabilities and accuracy.

Key Players
Leading companies in the North American molecular diagnostics market include Hologic, Inc., Danaher Corporation, BioMérieux S.A., Becton, Dickinson and Company, Siemens Healthineers AG, DiaSorin S.p.A., Abbott Laboratories, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Illumina, Inc., F. Hoffmann-La Roche, QIAGEN N.V., and Seegene, Inc.

Market Segmentation
The North American molecular diagnostics market is divided into several segments: Product & Service (Kits & Reagents, Instruments, Software & Services), Test Type (Laboratory Tests and Point-of-Care Tests), Technology (PCR, ISH, INAAT, Microarrays, Mass Spectrometry, Sequencing, and Other Technologies), Application (Infectious Diseases, Oncology, Genetic Testing, Neurological Diseases, Cardiovascular Diseases, and Other Applications), End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, and Other End Users), and Country. The report also evaluates market competitors and provides country-level analyses.

Product & Service Trends
In 2024, the Kits & Reagents segment is anticipated to dominate the market. This segment's large share is driven by ongoing test developments for various infections and the rising use of diagnostic platforms. The increasing prevalence of communicable and non-communicable diseases, coupled with heightened awareness of molecular diagnostic techniques, is advancing the development of diagnostic kits.

Technology Trends
Among technologies, Sequencing is expected to grow at the highest CAGR. Advancements in sequencing technology are pushing its adoption, with advantages such as hypothesis-free analysis compared to qPCR. Innovations like nanopore technology in single-molecule sequencing (SMS) are driving this segment's growth.

Test Type Trends
The Laboratory Tests segment is projected to hold the largest market share in 2024. Laboratory tests offer superior accuracy and reliability compared to point-of-care tests, with high sensitivity and specificity. They are applicable to a wide range of tests, unlike point-of-care options.

Application Trends
In terms of applications, the Oncology segment is forecasted to register the highest CAGR. Molecular diagnostics play a crucial role in cancer screening and personalized treatment, driving the growth of this segment.

End User Trends
Hospitals & Clinics are expected to capture the largest share of the market in 2024. They conduct a variety of tests for different medical conditions and have seen increased demand for diagnostic products, particularly during the COVID-19 pandemic.

Geographic Insights
The U.S. is anticipated to hold the largest market share within North America in 2024. The increasing senior population, particularly those aged 65 and above, will drive the demand for diagnostic testing. The growing number of elderly individuals is expected to lead to higher healthcare needs and diagnostic testing, further boosting market growth.

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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.
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