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Lateral Flow Assay Market by Application, Veterinary, Food Safety) Product Technique, End User - Global Forecast to 2023

Lateral Flow Assay Market: Global Forecast until 2023

  • November 2018
  • 289 pages
  • ID: 5073751
In this report:
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Summary

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The overall lateral flow assay market forecasted to grow at a CAGR (Compound annual growth rate) of 7.70 percent.

The overall lateral flow assay market is estimated to grow $8.70B by 2023 from $6.00B in 2018 increasing at a compound annual growth rate (CAGR) of 7.70 percent from 2018 to 2023. Factor including the high prevalence of infectious diseases across the world, quickly growing geriatric population, rising usage of home-based lateral flow assay devices, and rising demand for point-of-care testing are fueling the increase of the market. Nevertheless, reluctance towards changing existing diagnostic practices, the implementation of excise duty on medical devices, and stringent & time-consuming regulatory policies are restricting market increase to a certain extent.

The lateral flow readers segment is expected to record the maximal compound annual growth rate (CAGR) during the estimate period.

On the basis of product, the lateral flow assay market is divided into kits & reagents and lateral flow readers.The lateral flow readers segment is projected to register the highest CAGR (Compound annual growth rate) during the outlook period.

The important increase in this industry segment is assigned to the increasing awareness about digital/mobile readers, technological improvements, and higher accuracy suggested by these readers.

Shift from lab based technique to quick testing is predicted to push the market for food safety & environmental testing during the estimate period.

Established on application, the lateral flow assay market is broken down into clinical testing, veterinary diagnostics, food safety and environmental testing, and drug development & quality control testing.The food safety and environmental testing segment is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period.

The high increase of this segment is driven by the shifting of the food & beverage market from lab-based conventional microbiology techniques to fast lateral flow assay tests.

Asia-Pac is forecasted to witness the highest increase during the estimate period.

North America (NA) held the biggest share of the overall lateral flow assay market in 2017. On the other hand, the Asia-Pacific area is forecast to witness the more important Compound annual growth rate during the outlook period, due to the quickly developing healthcare sector in China (CN) and India (IN), increase in aging population, growing life expectancy, increasing per capita income, growing investments in the territory by top market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, presence of a favorable regulatory environment, and increasing demand for home and POC testing.

Break of primary members taking part was as mentioned below:

• By Company category - Tier 1 - 45.0 percent, Tier 2 - 25.0 percent and Tier 3 - 30.0 percent

• By Description - C-suite - 40.0 percent, D-level - 25.0 percent, Others - 35.0 percent

• By Area - North America continent - 36.0 percent, Europe (EU) - 26.0 percent, Asia Pacific (APAC) - 21.0 percent, Latin America area - 10.0 percent, Middle East & African continent - 7.0 percent

The main players in the overall lateral flow assay market are Abbott Laboratories (NYSE:ABT), F. Hoffmann-La Roche AG, Danaher (NYSE:DHR), Siemens (SIA), Becton Dickinson (NYSE:BDX), Becton, Dickinson and Company (BD) (NYSE:BDX), bioMérieux SA, BioRad (NYSE:BIO), Thermo Fisher Scientific (NYSE:TMO), Qiagen NV (NASDAQ:QGEN), PerkinElmer (NYSE:PKI), Hologic, Incorporated, Merck Millipore (Merck's subsidiary), Quidel Corporaton, Abcam plc., DCN Diagnostics, Surmodics, Incorporated, BioPorto Diagnostics A/S, Chembio Diagnostic Systems, Incorporated, Polysciences, Incorporated, Innova Biosciences Ltd., Microcoat Biotechnologie GmbH, Senova GmbH, Scienion AG, and Orasure Diagnostics.

Segment Research

The market research examines the different types of kits & reagents and their adoption pattern.It aims at evaluating the market value and future increase potential of the overall lateral flow assay market for distinct segments including product, application, technique, end-user, and area.

The industry report also comprises a detailed competitive analysis of the top players in this sector together with their company descriptions, product offerings, latest developments, and key industries strategies.

Main highlights

The study will increase established companies as well as new entrants/smaller companies to measure the pulse of the sector, which in turn would benefit them, collect a greater share. Companies obtaining the analysis could use one or any combination of the below-mentioned five strategies for strengthening the market.

This industry report offers business insights on these pointers:

• Market Uptake: Exhaustive data on product types provided by the top actors in the overall lateral flow assay market. The market research examines the overall lateral flow assay market by product, application, technique, final user, and area

• Product Development/Innovative products: In-depth understanding on upcoming trends and recent product launches in the overall lateral flow assay market

• Market Development: Highlighted information on the lucrative emerging regions by product, application, technique, end-user, and area

• industry diversification: Complete information about recent products, increasing geographies, and recent evolutions in the overall lateral flow assay market

• opposing assessment: Detailed assessment of market shares, increase strategies, and products of leading actors in the overall lateral flow assay market

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