Lateral Flow Assay Market to be Worth USD 8.7 Billion by 2023

The lateral flow assay market is expected to reach USD 8.7 billion by 2023 from an estimated USD 6.0 billion in 2018, at a CAGR of 7.7 percent. The high prevalence of infectious diseases worldwide, rapidly growing geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the significant growth drivers of the lateral flow assay market.

The lateral flow readers segment is expected to grow at the highest CAGR in global lateral flow assays market

On the basis of product, the lateral flow assay market is segmented in kits & reagents and lateral flow readers. The kits and reagents segment is accounted for the largest share of the global lateral flow assay market in 2017. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for point-of-care testing, growing burden of chronic diseases, and increasing use of lateral flow kits in home care.

By application, the clinical testing segment held the largest market share in 2017

Based on application, the clinical/point-of-care testing segment accounted for the largest share of the lateral flow assay market. The rise in population levels & prevalence of chronic diseases, growing pressure to reduce healthcare costs, and increasing demand for patient-centric care are the major factors driving the growth of the clinical testing market.

North America dominated the market in 2017

North America accounted for the largest share of the lateral flow assay market in 2017, followed by Europe and Asia-Pacific. The presence of a highly developed healthcare system, rising geriatric population, increasing incidence of chronic diseases, quick adoption of new innovative products, and a large number of lateral flow assay kits manufacturing companies in this region are the major factors responsible for the largest share of North America in the lateral flow assay market.

The prominent players in the global lateral flow assay market are Abbott Laboratories (US), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), Becton and Dickinson Company (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), QIAGEN N.V. (The Netherlands), PerkinElmer, Inc. (US), Hologic, Inc. (US), Merck Millipore (US), Quidel Corporaton (US), Abcam plc. (US), DCN Diagnostics (US), Surmodics, Inc. (US), BioPorto Diagnostics A/S (Denmark), Chembio Diagnostic Systems, Inc. (US), Polysciences, Inc. (US), Innova Biosciences Ltd. (UK), Microcoat Biotechnologie GmbH (Germany), Senova GmbH (Germany), Scienion AG (Germany), and Orasure Diagnostics (US). – MarketsandMarkets