Press release
APAC Lateral Flow Diagnostic Tests Market: Need to Get Instant Results and Reduce Complications Driving Demand, says TMR
The Asia Pacific lateral flow diagnostic tests market is consolidated and highly competitive. The top players within the market are: F. Hoffmann-La Roche Ltd., Beckman Coulter, Alere, Inc., Bio-Rad Laboratories, and Becton. As per a report by Transparency Market Research (TMR), a huge scope of improvement lies in the APAC market and this in turn will create a chance for new entrants to enter the market and develop better and improved products. However, new players will have to counter the existing competition by means of intense R&D and strategic mergers and collaborations. This will help them build a strong brand and gain a sustainable market share.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.
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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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About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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