A new report from Meticulous Research®, titled “North America 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,” outlines the anticipated rapid growth of the molecular diagnostics market. By 2030, the market is expected to reach $18.13 billion, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2030.
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Growth Drivers
The growth of the molecular diagnostics market in North America is fueled by several key factors. The aging population is a significant driver, as older adults are more susceptible to various health conditions that require accurate diagnostics. Additionally, the rising prevalence of both communicable and non-communicable diseases increases the demand for effective diagnostic solutions. Technological advancements in diagnostic tools, alongside rising healthcare expenditures, contribute to sustained demand for innovative diagnostic products and services.
Challenges to Market Growth
Despite its promising outlook, the molecular diagnostics market faces certain challenges. One notable issue is the unfavorable regulatory environment, which can complicate the approval process for new diagnostic tests. Furthermore, the high costs associated with molecular diagnostic tests can be a barrier to widespread adoption, necessitating the need for more affordable solutions and streamlined regulatory processes.