San Francisco, California (PRWEB) September 30, 2014

The global market for molecular diagnostics is expected to reach USD 8,020.1 million by 2020, according to a new study by Grand View Research, Inc. Growing demand for personalized medicine and theranostics, and the subsequent introduction of advanced cancer diagnostic technologies are expected to be key factors driving market growth over the next six years. Moreover, the growing global base of geriatric population and chronic diseases such as cancer, coupled with disease triggering lifestyle habits such as smoking and excessive alcohol consumption will positively impact market growth.

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Molecular diagnostic reagent products dominated the overall market, accounting for over 50% of global revenue in 2013. Reagent market revenue is expected to reach USD 4,739.9 million by 2020, growing at a CAGR of 9.9% from 2014 to 2020. High consumption rates of molecular diagnostic reagents and the growing number of research and development initiatives pertaining to the field of molecular diagnostics are two key drivers of this product segment. The point of care end-use market for molecular diagnostics is expected to be the fastest growing product segment, at an estimated CAGR of 13.3% from 2014 to 2020, on account of factors such as the growing demand for point of care diagnostic procedures as an effective diagnostic tool rendering rapid and accurate results and the introduction of government initiatives such as CLIA (Clinical Laboratory Improvement Amendments) waived tests.

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Further key findings from the study suggest:

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For the purpose of this study, Grand View Research has segmented the global molecular diagnostics market on the basis of product and region:

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Global Molecular Diagnostics Market Is Expected To Be Worth $8,020.1 million by 2020: Grand View Research, Inc.