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Lateral Flow Assay Market Worth $8.7 Billion by 2023

(Medical-NewsWire.com, June 04, 2019 ) The global lateral flow assay market is projected to reach USD 8.7 billion by 2023 from USD 6.0 billion in 2018, at a CAGR of 7.7%. The growth of this market is majorly driven by 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.

Clinical testing segment is expected to dominate the lateral flow assay market through forecast period
Based on application, the lateral flow assay market is categorized into clinical/point-of-care testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality control testing. In 2017, the clinical/point-of-care testing segment accounted for the largest share of this market. The rise in population levels and 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/POC testing market.

Hospitals & clinics end user segment to contribute the largest share during forecast period
The global lateral flow assay market by end user is segmented into hospitals and clinics, home care, diagnostic laboratories, pharmaceutical & biotechnology companies, and other end users. In 2017, the hospitals and clinics segment accounted for the largest share of the market. The large share of this segment is mainly due to factors, such as technological advancements, increasing adoption of point-of-care testing, innovative technologies and devices, and growing patient inclination toward fast and early diagnosis.

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North America is expected to account for the largest share of lateral flow assay market during the forecast period
Geographically, the global lateral flow assay market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2017, North America held the largest share of this market, and this is primarily attributed to 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.

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).



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Source: EmailWire.Com

Source: EmailWire.com


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