(PharmaNewsWire.Com, September 23, 2020 ) The lateral flow assay market is expected to reach USD 8.7 billion by 2023 from an estimated USD 6.0 billion in 2018, at a CAGR of 7.7%. The high prevalence of infectious diseases worldwide, rapidly growing geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the significant growth drivers of the lateral flow assay market.
The lateral flow readers segment is expected to grow at the highest CAGR in global lateral flow assays market during the forecast period
On the basis of product, the lateral flow assay market is segmented in kits & reagents and lateral flow readers. The kits and reagents segment is accounted for the largest share of the global lateral flow assay market in 2017. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for point-of-care testing, growing burden of chronic diseases, and increasing use of lateral flow kits in home care.
“By application, the clinical testing segment held the largest market share in 2017.”
Based on application, the clinical/point-of-care testing segment accounted for the largest share of the lateral flow assay market. The rise in population levels & prevalence of chronic diseases, growing pressure to reduce healthcare costs, and increasing demand for patient-centric care are the major factors driving the growth of the clinical testing market.
“North America dominated the market in 2017.”
North America accounted for the largest share of the lateral flow assay market in 2017, followed by Europe and Asia Pacific. The presence of a highly developed healthcare system, rising geriatric population, increasing incidence of chronic diseases, quick adoption of new innovative products, and a large number of lateral flow assay kits manufacturing companies in this region are the major factors responsible for the largest share of North America in the lateral flow assay market.
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 and Dickinson 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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
