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(Medical-NewsWire.com, May 31, 2017 ) Over the last few years, substantial growth and rapid technological advancements have been witnessed in this market. This market is majorly driven by the rising geriatric population, high prevalence of infectious diseases, rising usage of home-based lateral flow assay tests, improved focus on decentralized or point-of-care diagnostic testing, and increasing application of lateral flow assay techniques in clinical diagnostics. However, difficulty in obtaining regulatory approvals due to the constantly changing standards, variance in test results, and insufficient reimbursements for lateral flow assay procedures are posing several challenges to the overall growth of the market. <||>rnhttp://www.marketsandmarkets.com/Market-Reports/lateral-flow-assay-market-167205133.html
The lateral flow assay market in North America and Europe is growing at a significant rate owing to the rising geriatric population and increasing incidence of associated chronic disorders; presence of highly developed healthcare systems in these regions; immense application scope, coupled with the easy access to lateral flow tests through diagnostic service providers; and the presence of major market players in these regions. However, in the coming years, the Asia-Pacific region is expected to become the growth center for the global market. Markets in China, Japan, and India are expected to witness significant growth between 2015 and 2020 primarily due to the growing healthcare awareness among the population in these countries, presence of less stringent regulations, improving healthcare infrastructure, and increasing demand for quality healthcare at low costs.
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The top five players in the global market account for ~80% of the market share. In order to maintain their share, leading players are continuously embracing new technologies and striving to develop and launch advanced products in the market. This strong focus on innovation is helping the industry solve existing challenges and overcome the unmet needs in the market.
Some prominent players in the global lateral flow assay market are Alere, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories, Inc. (U.S.), and Danaher Corporation (U.S.). In addition to these major players, there are more than 30 players in the global market, including Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), Bio-Rad Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), and QIAGEN N.V. (Netherlands).
Scope of the Report
Lateral flow assays, also known as immunochromatography assays or strip tests, are simple devices intended to detect the presence (or absence) of a target analyte in a sample without the need for specialized and costly equipment. It involves the use of techniques such as sandwich assay, competitive assay, and multiplex detection assay. These techniques are successfully used in the field of medical diagnostics such as in clinical/point-of-care testing, veterinary diagnostics, and drug development & quality testing. High prevalence of infectious diseases, rising usage of home-based lateral flow assay tests, improved focus on decentralized or point-of-care diagnostic testing, and increasing application of lateral flow assay techniques in clinical diagnostics are expected to boost the growth of the market.
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