En Es
Categories

Industry News

Global Lateral Flow Assay Market to Exceed 8 Billion by 2022

By Labmedica International staff writers
08 Sep 2017

Image: The global lateral flow assay market is projected to grow to USD 8.24 billion by 2022 (Photo courtesy of Alere).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.



E-mail Print
FaceBook Twitter Google+ Linked in

Additional news

20 Sep 2017
Global Medical Robotics Market to Reach USD 20 Billion by 2022
The global medical robotics market is expected to grow at a CAGR of 21.6%from USD 6.36 billion in 2016 to USD 20.56 billion by 2022, driven by the enhancement of automation technologies, rising incidence of disabilities in human beings and growing baby boomer population, that impede their day-to-day physical motions.
Read More
20 Sep 2017
Global Laboratory Informatics Market to Reach USD 3.16 Billion by 2022
The global laboratory informatics market is projected to grow at a CAGR of 6.4% from USD 2.32 billion in 2017 to USD 3.16 billion by 2022, driven by the increasing need for lab automation, development of integrated lab informatics solutions, regulatory requirements, growing demand in biobanks/biorepositories, academic research institutes, and CROs, and rising awareness.
Read More
19 Sep 2017
Smart Hospital Market Worth USD 63.49 Billion by 2023
The global smart hospital market was valued at USD 13.52 billion in 2016 and is projected to grow at a CAGR of 24.00% from 2017 to 2023 to reach USD 63.49 billion, driven by the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions. Additionally, the benefits of a smart hospital such as lower treatment costs, improved treatment outcomes, enhanced patient experience, reduced errors, and improved disease management are also boosting the growth of the smart hospital market.
Read More
19 Sep 2017
DIAsourceImmunoAssays Acquires Viro-Immun Diagnostics
DIAsourceImmunoAssays SA, which develops, sells and distributes clinical diagnostics products, has acquired Viro-Immun Diagnostics GmbH, a developer and manufacturer of laboratory diagnostics for the medical diagnosis of infectious and autoimmune diseases.
Read More
19 Sep 2017
Invicro Acquires Imanova to Expand Global Imaging Capabilities
Invicro, LLC, a provider of imaging services and software for research and drug development, has acquired Imanova, a translational research company that specializes in applying positron emission tomography (PET) and magnetic resonance imaging (MRI) scanning techniques to improve productivity in early drug development and to help improve disease understanding. Invicro and Imanova will merge all activities to establish the world’s largest provider of translational imaging services and analytics from pre-clinical development through to late-phase clinical trials.
Read More
08 Sep 2017
Top Trends Impacting Global Wearable Devices Market
The global market for wearable medical devices is projected to grow at a CAGR of more than 9% from 2017-2021, driven mainly by the increasing prevalence of chronic diseases, growing need for cost-effective diagnosis and treatment, and increasing number of compatible smartphone applications. These are the latest findings of Technavio Research, a global technology research and advisory company.
Read More
28 Aug 2017
Agfa Plans to Separate Healthcare IT Business
Agfa-Gevaert NV’s board of directors has asked the management to study how the HealthCare IT activities can be organized into a stand-alone legal entity structure and organization within the Agfa-Gevaert Group.
Read More
15 Aug 2017
Philips Sells MR-HIFU Business to Profound Medical
Royal Philips has completed the sale of its Sonalleve MR-HIFU business to Profound Medical Inc.
Read More
07 Aug 2017
Philips Sells MR-HIFU Business to Profound Medical
Royal Philips has completed the sale of its Sonalleve MR-HIFU business to Profound Medical Inc.
Read More
Copyright © 2000-2017 TradeMed.com. All rights reserved. | Terms And Conditions