LONDON, Sept. 26, 2016 /PRNewswire/ -- The North America molecular diagnostics market is expected to reach over USD 7.2 billion by 2024, according to a new report by Grand View Research, Inc. As a developed economy, North America has a well-equipped healthcare infrastructure. Moreover, the U.S. healthcare expenditure is projected to increase at a substantial rate over the forecast period.
Technological advancement in molecular diagnostic kits is expected to serve the as a primary driving force. Extensive R&D activities undertaken by the major companies for expansion of their product portfolio is another factor supporting growth. For instance, in 2015, a strategic collaboration was made between Sysmex Corporation and Laboratory Corporation in the field of blood-based molecular diagnostic tests to develop precision medicine in oncology.
Further Key Findings from the Report Suggest:
Reagents dominated the molecular diagnostics market with revenue of over USD 1.0 billion in 2015, owing to increasing R&D initiatives and as a result of discovery of novel biomarkers for cancer. Moreover, the fastest growing segment over the forecast period is also expected to be reagents, due to increasing adoption in the process of drug discovery.
In 2015, the largest shareholder by test location was central laboratories with around 60.0% share. The key attributes included expansion of healthcare facilities and presence of multiple clinical laboratory assays.
However, the point-of-care (PoC) segment is estimated to witness the most lucrative growth over the forecast period owing to development of fast and accurate diagnostic devices.
Infectious diseases contributed to the largest market revenue in 2015, as a result of new product development in the field of blood screening tests. HIV served as the largest market share rendering segment among infectious diseases.
The oncology segment is expected to grow at a lucrative double digit CAGR in the forecast period. This results from the high prevalence of cancer and greater opportunities in the field of cancer diagnostic tests for major players in North America.
On the basis of technology, polymerase chain reaction (PCR) dominated the market with USD 1.2 billion in 2015, owing to increasing applications of PCR in cancer tests
Sequencing is anticipated to be the fastest growing technology over the forecast period due to introduction of cost-effective and quick next-generation sequencing platforms for genetic diseases, cancer, and other chronic disorders.
The U.S. held the major share of the market in 2015 attributable to its developed economy and greater level of awareness amongst the population.
However, Canada is estimated to exhibit the fastest growth in terms of CAGR, owing to increasing prevalence of lifestyle diseases, such as cardiovascular diseases.
Some key players in the market include Abbott Laboratories; Roche Diagnostics; Hologic, Inc. (Gen Probe); Novartis AG; Bio-Rad laboratories, Inc.; Cepheid; Siemens Healthineers GmbH; Johnson & Johnson Services, Inc.; Bayer AG; Alere; bioMérieux SA; Sysmex Corporation; Becton, Dickinson and Company (BD); Danaher Corporation; Dako; and QIAGEN.
The strategies implemented by the participants include innovations through introduction of devices providing quick test results of blood samples and expansion to emerging markets.
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