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Global Lateral Flow Assay Market is Projected to Reach USD 8.7 Billion by 2023 from USD 6.0 Billion in 2018 Growing at a CAGR of 7.7% From 2018 to 2023

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Nov 21, 2018, 09:45 ET

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DUBLIN, Nov. 21, 2018 /PRNewswire/ --

The "Lateral Flow Assay Market by Application, Product, Technique, End User - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering. 

The global lateral flow assay market is projected to reach USD 8.7 billion by 2023 from USD 6.0 billion in 2018 growing at a CAGR of 7.7% from 2018 to 2023.

Factor such as the high prevalence of infectious diseases across the globe, rapidly increasing geriatric population, increasing usage of home-based lateral flow assay devices, and growing demand for point-of-care testing are fueling the growth of the market. However, reluctance towards changing existing diagnostic practices, the implementation of excise duty on medical devices, and stringent & time-consuming regulatory policies are restricting market growth to a certain extent.

The lateral flow readers segment is expected to register the highest CAGR during the forecast period.

On the basis of product, the lateral flow assay market is segmented into kits & reagents and lateral flow readers. The lateral flow readers segment is expected to register the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing awareness of digital/mobile readers, technological advancements, and higher accuracy offered by these readers.

Shift from lab based technique to rapid testing is expected to drive the market for food safety & environmental testing during the forecast period.

Based on application, the lateral flow assay market is segmented into clinical testing, veterinary diagnostics, food safety and environmental testing, and drug development & quality control testing. The food safety and environmental testing segment are expected to grow at the highest CAGR during the forecast period. The high growth of this segment is driven by the shifting of the food & beverage industry from lab-based conventional microbiology techniques to rapid lateral flow assay tests.

APAC is projected to witness the highest growth during the forecast period.

North America held the largest share of the global lateral flow assay market in 2017. On the other hand, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the rapidly developing healthcare industry in China and India, growth in aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, presence of a favorable regulatory environment, and growing demand for home and POC testing.

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown & Data Triangulation
2.4 Market Share Estimation
2.5 Assumptions for the Study

3 Executive Summary

4 Premium Insights
4.1 Market Overview
4.2 Market: Developed vs Developing Countries/Region
4.3 Market: Major Countries
4.4 Geographic Mix: Market
4.5 Market in the Asia Pacific, By Application and Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics: Impact Analysis
5.2.1 Market Drivers
5.2.1.1 High Prevalence of Infectious Diseases Across the Globe
5.2.1.2 Rapidly Increasing Geriatric Population
5.2.1.3 Growing Usage of Home-Based Lateral Flow Assay Devices
5.2.1.4 Growing Demand for Point-Of-Care Testing
5.2.2 Market Restraints
5.2.2.1 Reluctance Towards Changing Existing Diagnostic Practices
5.2.2.2 Implementation of Excise Duty on Medical Devices in the US
5.2.3 Market Opportunities
5.2.3.1 Evolving Applications of Lateral Flow Assays
5.2.3.2 Rising Demand for Lateral Flow Assays in the Food & Beverage Industry
5.2.4 Challenges
5.2.4.1 Limited Reimbursements for Lateral Flow Assay Products

6 Industry Insights
6.1 Introduction
6.2 Industry Trends
6.2.1 Integration of Microfluidic Technology in Lateral Flow Assays
6.2.2 Demand for Quantitative Results
6.2.3 Rising Demand for Multiplexed Lateral Flow Biosensors
6.3 Value Chain Analysis
6.4 Supply Chain Analysis
6.5 Regulatory Analysis
6.5.1 North America
6.5.2 Europe
6.5.3 Asia
6.5.3.1 India
6.5.3.2 China
6.5.3.3 Japan
6.6 Parent Markets Analysis

7 Market, By Product
7.1 Introduction
7.2 Kits & Reagents
7.2.1 Increasing Demand for Poc Testing is Driving the Demand for Kits and Reagents in the Market
7.3 Lateral Flow Readers
7.3.1 Digital/Mobile Readers
7.3.1.1 Growing Awareness, Technological Advancements, and High Accuracy are Major Factors Driving the Growth of the Digital/Mobile Readers Market.
7.3.2 Benchtop Readers
7.3.2.1 Lower Diagnosis Cost Per Patient is Driving the Benchtop Readers Market

8 Market, By Application
8.1 Introduction
8.2 Clinical Testing
8.2.1 Infectious Disease Testing
8.2.1.1 Mosquito-Borne Disease Testing
8.2.1.1.1 Increasing Incidence of Dengue Driving the Growth of the Lateral Flow Assay Market for Mosquito-Borne Testing
8.2.1.2 Influenza Testing
8.2.1.2.1 Growing Prevalence of Influenza is Expected to Drive the Influenza Testing Market.
8.2.1.3 Sexually Transmitted Infection Testing
8.2.1.3.1 HIV Testing
8.2.1.3.1.1 Growing Awareness About HIV POC Testing is the Major Factors Driving Market Growth.
8.2.1.3.2 HPV Testing
8.2.1.3.2.1 Rising Adoption of HPV Testing is Expected to Drive the Market During Forecast Period
8.2.1.3.3 Chlamydia Testing
8.2.1.3.3.1 Consistently Growing Incidence of Chlamydia and Rising Awareness Among Patients is Driving This Market
8.2.1.3.4 Gonorrhea Testing
8.2.1.3.4.1 The Rising Incidence of Gonorrhea Globally is Expected to Drive the Market During the Forecast Period.
8.2.1.3.5 Syphilis Testing
8.2.1.3.5.1 The Growing Adoption of Novel Technologies Supporting the Growth of the Market for Syphilis Testing
8.2.1.3.6 Other Sexually Transmitted Infection Testing
8.2.1.4 Hepatitis
8.2.1.4.1 Nucleic Acid Hybridization-Based Lateral Flow Assays Hold Great Potential in Hepatitis Testing Market
8.2.1.5 Tuberculosis
8.2.1.5.1 Rising Prevalence of the Disease and A Growing Focus on Early Diagnosis and Treatment of Tuberculosis is Expected to Drive This Market
8.2.1.6 Other Infectious Disease Tests
8.2.2 Cardiac Marker Testing
8.2.2.1 Troponin I and T Testing
8.2.2.1.1 Introduction of High-Sensitivity Troponin Assays is Expected to Drive This Market During the Forecast Period
8.2.2.2 CK-MB Testing
8.2.2.2.1 Growing Application of Lateral Flow Tests in Acute Myocardial Injuries is Expected to Drive This Market
8.2.2.3 BNP and NT-Probnp Testing
8.2.2.3.1 Increasing Demand for Cardiac Biomarker Tests to Detect Heart Stress and Damage to Drive the Growth in This Market
8.2.2.4 Myoglobin Testing
8.2.2.4.1 Availability of New High-Sensitivity Cardiac Troponin Assays to Restrict the Growth of the Routine Myoglobin Testing Market
8.2.2.5 D-Dimer Testing
8.2.2.5.1 The Rising Incidence of Cardiovascular Diseases Globally is Expected to Drive the Market for D-Dimer Tests
8.2.2.6 Other Cardiac Marker Tests
8.2.3 Pregnancy & Fertility Testing
8.2.3.1 Pregnancy Testing
8.2.3.1.1 Pregnancy Testing is Among Well-Established Application Areas for Lateral Flow Assays, Registering Slower Growth During the Forecast Period
8.2.3.2 Fertility Testing
8.2.3.2.1 Rising Infertility Rates Across the Globe Driving the Demand for POC Fertility Testing Kits.
8.2.4 Cholesterol Testing/Lipid Profile
8.2.4.1 The Growing Prevalence of Obesity and CVD is the Key Factor Driving Market Growth
8.2.5 Drugs of Abuse Testing
8.2.5.1 Technological Advancements, Rising Public Awareness, and Growing Focus on Workplace Drug Testing is Driving the Drugs of Abuse Testing Market
8.2.6 Other Clinical Tests Market
8.3 Veterinary Diagnostics
8.3.1 Infectious Disease Outbreaks (Particularly in Large Livestock Animals) is Driving the Demand for Lateral Flow Tests
8.4 Food Safety & Environment Testing
8.4.1 High Sensitivity and Ease of Use Driving the Demand for Lateral Flow Assays for Food Safety Testing
8.5 Drug Development & Quality Testing
8.5.1 Increasing Focus on Product Safety and Quality Assurance is Driving the Growth of This Market

9 Market, By Technique
9.1 Introduction
9.2 Sandwich Assays
9.2.1 Wide Applications of Sandwich Assays in Clinical Testing Contributing to the Largest Share of This Segment
9.3 Competitive Assays
9.3.1 Hormone Testing, Drug Testing, and Drugs of Abuse Testing are Primary Application Areas of Competitive Assays
9.4 Multiplex Detection Assays
9.4.1 Increasing Adoption of Multi-Analyte Assays Among Clinicians to Drive the Growth of This Market

10 Market, By End User
10.1 Introduction
10.2 Hospitals & Clinics
10.2.1 Increasing Use of POC Tests and Faster Diagnosis Driving Adoption of Lateral Flow Assays Among Hospitals & Clinics
10.3 Diagnostic Laboratories
10.3.1 Laboratory Testing is Largely Preferred Over Professional Settings for Urine and Blood Testing
10.4 Home Care
10.4.1 Growing Acceptance of Home and Remote Monitoring Driving the Growth of the Market for Home Care
10.5 Pharmaceutical & Biotechnology Companies
10.5.1 Increasing Focus on Product Safety Expected to Drive the Growth of the Assays Market Among Pharmaceutical and Biotech Companies
10.6 Others End Users

11 Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 The US Accounts for the Largest Share of the Global Market
11.2.2 Canada
11.2.2.1 The Availability of Research Funding and Implementation of Favorable Government Initiatives is Driving the Market in Canada
11.3 Europe
11.3.1 Germany
11.3.1.1 Along With Home Care, Growing Number of the POC Diagnostics Centers Driving the Demand for Lateral Flow Assays in Germany
11.3.2 France
11.3.2.1 Prevalence of Age-Related Chronic Diseases and Infectious Diseases is Expected to Drive the Market Growth in France
11.3.3 UK
11.3.3.1 Increasing Incidence of Chronic Diseases and Rising Prevalence of Obesity Propelling the Market Growth in the UK
11.3.4 Italy
11.3.4.1 Growing Initiatives Towards Decentralization of Medical Services in Italy is Contributing to the Market Growth in the Country
11.3.5 Spain
11.3.5.1 Increasing Focus of International Organizations and Domestic Players Toward the Development of POC Products in the Country
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Along With Clinical Diagnostics, the Growing Adoption of Lateral Flow Assays in Veterinary Diagnostics and Drug Development Expected to Drive the Market Growth in China
11.4.2 Japan
11.4.2.1 Increasing Prevalence of Age-Related Illnesses, Attributed to the Growth in Country's Geriatric Population Driving the Growth of the Market in Japan
11.4.3 India
11.4.3.1 Increasing Prevalence of Chronic Disorders, Growing Healthcare Concerns, and Rising Income Levels is Expected to Propel the Growth of This Market
11.4.4 Rest of Asia Pacific
11.5 Latin America
11.5.1 Increasing Incidence of Chronic Diseases Driving the Demand for Lateral Flow Assays in Latin America
11.6 Middle East & Africa
11.6.1 Significant Support From the Governments and Global Firms Towards Expansion of Healthcare Services is Driving Adoption of Lateral Flow Assays in the African Region

12 Competitive Landscape
12.1 Introduction
12.2 Product Portfolio Analysis
12.3 Geographical Assessment of Major Players in the Market
12.4 Market Share Analysis (2017)
12.5 Competitive Situations and Trends
12.6 Competitive Assessment of R&D Expenditure

13 Company Profiles

  • ABBOTT Laboratories
  • Becton, Dickinson and Company
  • Bio-Rad Laboratories, Inc.
  • bioMrieux SA
  • Danaher Corporation
  • F. Hoffmann-La Roche AG
  • Hologic Inc.
  • Merck KGaA
  • PerkinElmer Inc.
  • QIAGEN N.V.
  • Quidel Corporation
  • Siemens AG
  • Thermo Fisher Scientific Inc.

For more information about this report visit https://www.researchandmarkets.com/research/t756n9/global_lateral?w=5

Did you know that we also offer Custom Research? Visit our Custom Research page to learn more and schedule a meeting with our Custom Research Manager.

Media Contact:

Research and Markets
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[email protected]

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