Rising Incidence Of Chronic Disorders To Augment Growth Of The Lateral Flow Assay Market
Lateral flow assays are unidirectional assays, which are used in testing the presence of target analyte in a test sample. Lateral flow assays are also known as strip tests or immunochromatographic assays. These assays used for a range of analytes including blood proteins to mycotoxins, viral pathogens to bacterial toxins. Advantages of use of lateral assays is the point-of-care (POC) nature of the technology, wide range of applications, speed and relative minimal cost of the assays. Point of care (POC) testing is been used in diagnosis in clinical analysis, food safety, and environment. Lateral flow assays are extensively used in several applications, including infectious disease testing, pregnancy and fertility testing, cardiac marker testing, and drugs-of-abuse testing. The main application to drive development of the lateral flow immunoassays was the human pregnancy test, which relied on detection of human Chorionic Gonadotropin (hCG) in urine.
Rising incidence of chronic disorders to augment growth of the lateral flow assay market
Growth of the lateral flow assay market is driven by rising focus on point-of-care or decentralized diagnostic testing, increasing application areas in medical diagnostics, high prevalence of infectious diseases, and rising usage of home-based lateral flow assay tests. According to the World Health Organization 2017, Tuberculosis is a major infectious disease, which affected 10.4 million people in 2015 globally, where an estimated 49 million lives were saved through TB diagnosis and treatment between 2000 and 2015. Additionally, rising geriatric population and increasing adoption of lateral flow assays for drug development and quality testing are expected to drive the market growth. Increasing applications of lateral flow assay for diagnostic and therapeutic is expected to have a positive growth impact on the market over the forecast period.
However, insufficient reimbursements for lateral flow assay procedures, variance in test results, difficulty in obtaining regulatory approvals due to the constantly changing standards and reluctance among physicians and patients to replace conventional diagnostic practices are the major challenges to the overall market growth.
The global lateral flow assay market is segmented on the basis of product type, technique, application, end user, and geography.
Request For Sample [email protected]
High application scope coupled with easy access to lateral flow tests is expected to boost growth of the market in North America
Regional segmentation of the global lateral flow assay market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The lateral flow assay market in North America is expected to be dominant over the forecast period. This is owing to rising prevalence of chronic diseases, highly developed healthcare systems, high application scope, and easy accessibility to lateral flow tests through diagnostic service providers. According to the Centers of Disease Control and Prevention 2012, chronic diseases is the major cause of disability in the U.S. with an estimated 117 million people suffering from one or more chronic health conditions such as heart disease and cancer. Asia Pacific is expected to witness significant growth in the global market, owing to improving healthcare infrastructure in emerging countries such as India and China, less stringent regulations, and growing healthcare awareness among the population.
Manufacturers are focusing on launching novel diagnostic tests with higher throughput, which is in turn aiding in market growth
Major market players are focusing on mergers and acquisition for enhancing its product offerings and launching innovative technologies to gain significant market share. For instance, in 2016, Abingdon Health developed an innovative Seralite-FLC Serum, which is a diagnostic test, for monitoring myeloma patients in real-time supporting faster decision making.
Key players operating in the global lateral flow assay market include Abingdon Health, F., Abbott Laboratories, Inc., Hoffmann-La Roche AG and Danaher Corporation, Becton Dickinson and Company, Johnson & Johnson, Bio-Rad Laboratories, Thermo Fisher Scientific, Inc., and QIAGEN N.V.
Ask For Customisation:
You may be interested
Plastisols Market Applications, Types and Market Analysis to 2026Alex Mathew - August 14, 2018
Plastisols Market report 2018-2026 focuses on the major drivers and restraints for the key players. These research report also provides granular analysis of the market share, segmentation,…
Phytonutrients Market Revenue Growth Predicted by 2025Mohit Joshi - August 14, 2018
Phytonutrients Market report provides the statistical analysis of “Phytonutrients Market: Global Industry Analysis, Size, Share, Growth, Trends, Outlook and Forecasts” present in the industry space. The report helps…
Citric Acid Market Headed for Growth and Global Expansion by 2026Mohit Joshi - August 14, 2018
Citric Acid Market report provides the statistical analysis of “Citric Acid Market: Global Industry Analysis, Size, Share, Growth, Trends, Outlook and Forecasts” present in the industry space. The…