ALBANY, New York, November 19, 2015 /PRNewswire/ --
Transparency Market Research announces the release of a new research report titled "Lateral Flow Diagnostic Tests Market - APAC Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023". According to the report, the APAC lateral flow diagnostic tests market was valued at US$2.2 bn in 2014 and is estimated to reach US$3.6 bn by 2023 at a CAGR of 5.7% from 2015 to 2023.
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Lateral flow tests are performed to detect the presence of target analyte in the sample and are also known as lateral flow immunotechnology assays. The lateral flow diagnostic tests market in Asia Pacific is growing due to increasing incidence rate of infectious diseases. Moreover, lateral flow tests are extremely easy to use and have minimal operator-dependent steps and interpretation, hence propelling the demand for lateral flow test kits in Asia Pacific.
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The APAC lateral flow diagnostic tests market is categorized on the basis of application: pregnancy, hepatitis, HIV, influenza, syphilis, malaria, and others which includes lung disorders, cardiac markers, drug abuse, etc. The pregnancy application segment dominated the APAC lateral flow diagnostic tests market in 2014. Factors such as high sensitivity, specificity, and good stability of such tests kits is responsible for the dominance of pregnancy application segment in the APAC lateral flow diagnostic tests market. However, hepatitis application segment is expected witness the highest growth rate during the forecast period. The major factors driving the hepatitis application segment include increasing prevalence of immunological disorders in Asia Pacific coupled with easy handling of small volumes of multiple sample types.
Browse Press Release of Lateral Flow Diagnostic Tests Market: http://www.transparencymarketresearch.com/pressrelease/apac-lateral-flow-diagnostic-tests-market.htm
Geographically, the APAC lateral flow diagnostic tests market is segmented into 14 major countries: China, India, South Korea, Indonesia, Australia, Japan, Malaysia, Philippines, Singapore, New Zealand, Vietnam, Bangladesh, Pakistan, and Rest of APAC. Japan lead the APAC lateral flow diagnostic tests market in 2014 due to the presence of modern healthcare infrastructure and an efficient government system. However, Indonesia is anticipated to grow at the fastest CAGR. Factors such as increasing population rate, greater prevalence of malaria and other infectious diseases, as well as growing number of government projects related to health insurance would boost the growth of the market in Indonesia during the forecast period.
The APAC lateral flow diagnostic tests market exhibits intense competition among the existing players. The market is fragmented, characterized by the presence of both established as well as emerging companies.
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Major players operating in the APAC lateral flow diagnostic tests market are Alere, Inc., Beckman Coulter, Inc., Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, EMD Millipore, F. Hoffmann-La Roche Ltd., Siemens Healthcare, and QIAGEN.
The APAC lateral flow diagnostic tests market is segmented as given below:
APAC Lateral Flow Diagnostic Tests Market, by Application, 2013-2023 (USD Miilion)
APAC Lateral Flow Diagnostic Tests Market, by Country, 2013 - 2023 (USD Million)
- South Korea
- New Zealand
- Rest of APAC
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