Meticulous Research® has released an insightful report titled, "North American molecular diagnostics market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology, Neurological), End User—Forecast to 2030." The North American molecular diagnostics market is projected to reach $18.13 billion by 2030, growing at a CAGR of 5.3% from 2023 to 2030.

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Drivers of Market Growth
Key drivers include the increasing elderly population, the rise in communicable and non-communicable diseases, advancements in molecular diagnostic technologies, and rising healthcare expenditures. However, regulatory challenges and high-test costs are significant barriers.

Opportunities and Challenges
The market presents growth opportunities through the focus on companion diagnostics and direct-to-consumer genetic testing. Nevertheless, a shortage of skilled professionals and the integration of AI and machine learning are prominent trends and challenges.

Market Segmentation
The market is segmented into products & services, test types, technologies, applications, and end users. Products & services include kits & reagents, instruments, and software & services. Test types cover laboratory and point-of-care tests. Technologies featured are PCR, ISH, INAAT, microarrays, mass spectrometry, and sequencing. Applications range from infectious diseases and oncology to genetic testing and neurological diseases. End users are hospitals & clinics, diagnostic laboratories, academic & research institutes, and more.

Segment Analysis
Kits & reagents are expected to dominate the market in 2023 due to their role in developing diagnostic tests for various infections and expanding diagnostic platforms. Sequencing technology is forecasted to grow at the highest CAGR, with advancements making it superior to PCR methods.

Testing Approaches
Laboratory tests are set to lead the market in 2023, offering superior accuracy and reliability compared to point-of-care tests. This approach benefits from high sensitivity and specificity, applicable across a broad range of diagnostics.

Oncology Segment Growth
The oncology segment is anticipated to grow the fastest, reflecting the critical role of molecular diagnostics in cancer detection and treatment. This growth highlights the increasing use of molecular diagnostics in oncology.

Regional Insights
In the U.S., the aging population is significantly impacting the molecular diagnostics market. The growing number of seniors and those with age-related diseases is driving demand for diagnostic tests, contributing to the market's expansion.

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