The global lateral flow assay market projected to grow at a CAGR of 7.7%
LONDON, Nov. 27, 2018 /PRNewswire/ -- The global lateral flow assay market projected to grow at a CAGR of 7.7%.
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.
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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 about 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 is 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.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1–45%, Tier 2–25% and Tier 3–30%
• By Designation – C-level–40%, Director Level–25%, Others–35%
• By Region – North America–36%, Europe–26%, Asia-Pacific–21%, Latin America–10%, Middle East & Africa–7%
The prominent players in the global lateral flow assay market are Abbott Laboratories (US), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), QIAGEN N.V. (The Netherlands), PerkinElmer, Inc. (US), Hologic, Inc. (US), Merck Millipore (US), Quidel Corporaton (US), Abcam plc. (US), DCN Diagnostics (US), Surmodics, Inc. (US), BioPorto Diagnostics A/S (Denmark), Chembio Diagnostic Systems, Inc. (US), Polysciences, Inc. (US), Innova Biosciences Ltd. (UK), Microcoat Biotechnologie GmbH (Germany), Senova GmbH (Germany), Scienion AG (Germany), and Orasure Diagnostics (US).
Research Coverage:
The report analyzes the various types of kits & reagents and their adoption pattern.It aims at estimating the market size and future growth potential of the global lateral flow assay market for different segments such as product, application, technique, end user, and region.
The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global lateral flow assay market. The report analyzes the global lateral flow assay market by product, application, technique, end user, and region
• Product Development/Innovation: Detailed insights on upcoming trends and new product launches in the global lateral flow assay market
• Market Development: Comprehensive information on the lucrative emerging regions by product, application, technique, end user, and region
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global lateral flow assay market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global lateral flow assay market
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