Market Trends of North America Molecular Diagnostics Industry
This section covers the major market trends shaping the North American Molecular Diagnostics Market according to our research experts:
Oncology Segment Expected to Hold a Significant Market Share Over The Forecast Year
Oncology deals with the diagnosis and treatment of tumors and cancers. The segment's high growth is attributed to the rising burden of various types of cancer worldwide. Cancer is one of the leading causes of morbidity and mortality.
According to the American Cancer Society, cancer statistics 2022, 1,918,030 new cancer cases are predicted to occur in the United States in 2022. Breast cancer is estimated to be 290,560 new cases, leukemia with 60,650 new cases, and lymphoma with 89,010 new cases in the United States in 2022. Also, according to the Canadian Cancer Statistics November 2021 report, an estimated 2 in 5 Canadians were likely to be diagnosed with cancer in their lifetime. It stated that an estimated 229,200 Canadians was predicted to be diagnosed with cancer in 2021. Thus, the increasing burden of cancer and rising awareness among people for early cancer detection is estimated to increase the usage of molecular diagnostics over the forecast period.
The strategic initiatives adopted by market players in the region to expand molecular diagnostics products for oncology purposes are expected to fuel market growth. For instance, in November 2022, Roche received FDA approval for VENTANA FOLR1 (FOLR1-2.1) RxDx assay as the first IHC-based companion diagnostic to identify ovarian cancer patients eligible for ELAHERE. Such advancements and approvals are expected to boost segment growth during the forecast period.
Therefore, owing to the factors such as the high prevalence of cancer, the benefits of molecular diagnostics in cancer detection, and strategic initiatives adopted by market players are expected to augment the segment during the forecast period.
United States is Expected to Hold a Significant Market Share Over The Forecast Period
The United States is expected to hold a significant market share owing to factors such as the rising incidence of cancer and infectious diseases, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the strong presence of industry players in the region.
The spending on research studies in the country on various diseases involves the use of molecular diagnostics which is expected to propel market growth. For instance, according to the National Institutes of Health (NIH) 2022 update, research expenditure in the United States for genetic testing was USD 212 million in 2021 and USD 4,666 million for emerging infectious diseases in 2021. Thus, the high spending on the research of various diseases uses molecular diagnostics such as in-situ hybridization, sequencing, and PCR which is expected to augment the market growth in the country during the forecast period.
The strategic initiatives the market players take also propel the market segment's growth. For instance, in June 2022, one of the medical diagnostic companies Visby Medical raised funding of USD 135 million. Through this funding, Visby Medical planned to scale production capacity, increase the number of products it offers and bring PCR diagnostics to consumers' homes.
Also, in December 2022, Alercell, a United States-based start-up reported launching LENA Q51(R) in January 2023. It is a leukemia diagnostic test based on sequencing DNA that will detect up to 51 gene mutations in leukemia patients. The innovation in molecular diagnostics products and expansions through initiating funding for molecular diagnostics in the country is expected to propel the market growth in the country during the forecast period.
Therefore, the high utility of PCR in recent times for the diagnosis of various infectious diseases such as HIV, hepatitis, human papillomavirus, and multiple types of cancer along with the high prevalence of such diseases in the country is expected to propel the molecular diagnostics market growth in the United States during the forecast period.
