(PharmaNewsWire.Com, July 15, 2021 ) The global lateral flow assays market is projected to reach USD 10.2billion by 2025 from 8.2 billion in 2020, at a CAGR of 4.5% during the forecast period. The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market.However, other reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key factors restraining the growth of the market.
By End User, hospitals and clinics to dominate the Lateral Flow Assays market during the forecast period
By End User, Lateral Flow Assays market is segmented into Hospitals & Clinics, Home Care Settings, Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies and Other End Users. The Hospitals and Clinics segment is expected to dominated the market in the forecast period. Technological advancements, increasing adoption of point-of-care testing, and the growing inclination toward fast and early diagnosis, especially in relation to the current COVID-19 scenario, are some of the key factors responsible for the highest share of this segment.
North America to dominate the Lateral Flow Assaysmarket during the forecast period
North Americais expected to account for the largest share of the Lateral Flow Assaysmarketin 2019, followed by Europe. The dominance of the North American region can be attributed to, increasing R&D investment in the region and presence of a large number of market players.
The global lateral flow assays market is consolidated with the presence few big players in the market. Abbott Laboratories (U.S.), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation, Siemens AG(Germany), Thermo Fisher Scientific (US), Becton, Dickinson and Company (U.S.), and bioMérieux SA (France) are the major players in this market. The companies are mainly focusing on product launches, expansions, partnerships, agreements & collaborations to strengthen their market presence.
Abbott Laboratories dominated the global lateral flow assays market in 2019. The company has a diversified product portfolio of lateral flow assay kits and readers. Over the years, Abbott has developed innovative lateral flow assay products for various medical applications, such as POC testing products that make workflows more efficient and provide quality test results. To strengthen its market position and long-term growth, the company focuses on increasing its R&D spending and on reallocating its resources to high-growth geographies and sales organizations based in China, India, Africa, and Latin America. Abbott has a strong manufacturing and distribution network across the globe, which allows it to serve customers across the Americas, Africa, Europe, the Middle East, and Asia Pacific. In the current Covid-19 scenario, the company has emerged as a market leader for rapid diagnostic tests based on lateral flow technology to detect the coronavirus antigen and antibodies.
F.Hoffman La-Roche AG was the second-largest player in the market. The company has established itself as a strong player in the lateral flow assays market due to its extensive product portfolio and focus on product launches & development. Roche’s diagnostics products are used by customers in the hospitals, physicians offices, veterinary laboratories, reference laboratories, and pharmaceutical clinical trial laboratories. Strong performance in the market has driven Danahers revenue and profit growth over the recent years. The company’s annual revenue increased from USD 62.8 billion in 2018 to USD 67.9 billion in 2019. This increase in revenue can be attributed to Roche’s extensive investment and dedication to research and development.
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