The North America Point of Care Molecular Diagnostics Market would witness market growth of 9.5% CAGR during the forecast period (2023-2030).
The healthcare system in the United States is sophisticated and well-organized. Additionally, the system supports R&D. The regulations promote foreign companies' entry into the US and the North American market. A large increase has also aided the growth of the market in new introductions. Molecular diagnostics has led the response to the COVID-19 pandemic. for instance, a study titled "Point-of-Care PCR Assays for COVID-19 Detection" published in the US National Library of Medicine claimed that reverse transcriptase-polymerase chain reaction (RT-PCR) and the quantitative variant (qRT-PCR) were considered the gold standard for COVID-19 diagnosis. However, there are several restrictions on molecular diagnostic technology.
As an instance, a research paper titled "Molecular diagnostic technologies for COVID-19: Limitations and challenges," published in the US National Library of Medicine in November 2020, explained that modern molecular diagnostics are not intended for point-of-care diagnosis of COVID-19 however, offer a core diagnostic solution for carrying out a large number of tests in a reasonable amount of time. Therefore, a precise diagnosis is essential to stop the spread of the illness. Such investigations deepen our understanding of the uses and constraints of molecular diagnostic tools. Product introductions are another component in the market's expansion.
The United States has the highest rate of cancer prevalence. The American Cancer Society estimates that 608,570 cancer deaths and 1,898,160 new cancer cases will be diagnosed in the United States in 2021. The same source also said that 90,222 cancer-related fatalities and 195,499 new cancer cases are anticipated in Mexico in 2020. The market is anticipated to grow even more due to the region's strong demand being matched by companies.
The US market dominated the North America Point of Care Molecular Diagnostics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,103.2 million by 2030. The Canada market is showcasing a CAGR of 11.9% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 11% during (2023 - 2030).
Based on Product & Service, the market is segmented into Assays & Kits, Instruments & Analyzers and Software & Services. Based on End User, the market is segmented into Physicians Offices, Hospitals & ICUs, Research Institutes and Others. Based on by Technology, the market is segmented into RT-PCR, Isothermal Nucleic Acid Amplification Technology (INAAT) and Others. Based on Application, the market is segmented into Respiratory Diseases, Hospital-acquired Infections, Sexually Transmitted Diseases, Cancer, Hepatitis, Gastrointestinal Disorders and Others.Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Point of Care Molecular Diagnostics Market is Projected to reach USD 4.1 Billion by 2030, at a CAGR of 10.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd., Qiagen N.V., Danaher Corporation, Bio-Rad Laboratories, Inc., BioMerieux S.A., Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., and Nova Biomedical Corporation.
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