Princeton, NJ -- (SBWire) -- 06/22/2018 --The global lateral flow assay market is projected to reach USD 8.24 Billion by 2022 from USD 5.55 Billion in 2017, at a CAGR of 8.2%. 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.
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The report analyzes the global lateral flow assay market by product, application, technique, end user, and region. On the basis of product, the kits & reagents segment accounted for the largest share in 2016, owing 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.
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 2016, 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.
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 2016, 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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Geographically, the global lateral flow assay market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2016, 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.
Reluctance among doctors and patients to change existing diagnostic procedures, the implementation of the excise duty by the U.S. government, and stringent & time-consuming regulatory policies are the key factors restraining the growth of the lateral flow assay market.
Alere, Inc. (U.S.) dominated the global lateral flow assay market in 2016. The company has a diversified product portfolio of lateral flow assay kits and readers. Its position can be attributed to its innovative contributions to the lateral flow assay market. Over the years, the company 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. The company 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.
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Lateral Flow Assay Market Is Projected to Reach USD 8.24 Billion by 2022
Global Lateral Flow Assay Market Analysis and Forecast to 2022 | Growth Opportunity Assessment