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Rising incidence of chronic disorders to augment growth of the lateral flow assay market
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.
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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.
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