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Lateral Flow Diagnostic Tests Market will Reach US$3.22 bn by the end of 2023
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According to TMR, the APAC lateral flow diagnostic tests market will reach US$3.22 bn by the end of 2023. On the basis of application, the hepatitis application segment is expected to expand at the highest CAGR of 8.3% between 2015 and 2023 on account of a sudden rise in autoimmune and contagious diseases across Asia Pacific.
Remarkable Improvement in Healthcare Sector Boding Well for Market’s Growth
The Asia Pacific lateral flow diagnostic tests market is gaining an impetus thanks to the growing awareness among people regarding the prevention of infectious diseases and an increase in healthcare spending. The growing prevalence of cancer, diabetes, cardiovascular disease, and infectious disease will boost the growth of the lateral flow diagnostic tests market in APAC. Noteworthy development in the healthcare sector is also a key factor boosting the growth of the lateral flow diagnostic tests market in the region.
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Inaccurate Test Results May Dampen Growth of Lateral Flow Diagnostic Tests Market
The availability of technologically advanced devices and drugs will also aid the market’s growth. Patients and physicians increasingly prefer the utilization of near-patient diagnosis options so as to achieve instant results, reduce stay in hospitals, and reduce treatment cost.
The immediate diagnostic results are crucial for delivering instant medical assistance to prevent any delay in the treatment and avoid complications. On the other hand, the inaccuracy of the results achieved by carrying out lateral flow diagnostic tests will be a challenge for the market players. In addition to this, incorrect sampling at home can lead to poor disease management and may actually worsen the condition of a patient.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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