Global Lateral Flow Assay Market to Exceed 8 Billion by 2022
By Labmedica International staff writers
08 Sep 2017
The global lateral flow assay market is projected to grow at a CAGR of 8.2% from USD 5.55 billion in 2017 to USD 8.24 billion by 2022, driven mainly by the high prevalence of infectious diseases worldwide, rapidly growing geriatric population, growing demand for point-of-care (POC) testing, and rising use of home-based lateral flow assay devices. These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.
Based on product, the kits & reagents segment held the largest market share in 2016, due to the increasing application of lateral flow kits & reagents for POC testing, growing burden of chronic diseases, and increasing use of lateral flow kits in home care. On the basis of application, the clinical/POC testing segment accounted for the largest share of the market in 2016, led by rise in population levels and prevalence of chronic diseases, growing pressure to reduce healthcare costs, and increasing demand for patient-centric care. Based on end-user, the hospitals and clinics segment accounted for the largest share of the market in 2016, mainly due to technological advancements, increasing adoption of POC testing, innovative technologies and devices, and growing patient inclination toward fast and early diagnosis.
Geographically, North America held the largest market share in 2016, primarily due to the presence of its 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. However, reluctance among doctors and patients to change existing diagnostic procedures, implementation of excise duty by the US government, and stringent & time-consuming regulatory policies are restraining the growth of the lateral flow assay market.
Alere Inc. (Waltham, MA, USA) dominated the global lateral flow assay market in 2016 due to its diversified product portfolio of lateral flow assay kits and readers, as well as 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.