The global lateral flow diagnostic tests market is expected to reach USD 3.22 billion by 2023, growing at a CAGR of 5.7 percent, according to Transparency Market Research. The demand within the global market for global lateral flow diagnostic tests shall rise on account of the growing incidence of chronic diseases. Some of the common chronic diseases include diabetes, cardiovascular disorders, and cancer. The medical fraternity has shown an inclination toward improved diagnostic facilities, which has further given an impetus to market growth. Moreover, the ease of deploying lateral flow diagnostic tests has also played a major role in the growth of the global market. There are no invasive procedures involved in lateral flow diagnostic tests, which have in turn generated voluminous revenues in the market.
The use of global lateral flow diagnostic tests across rehabilitation centers has gathered momentum. Testing the effect of drugs on the body is done with the help of global lateral flow diagnostic tests. Hence, the global market for lateral flow diagnostic tests has been expanding at a stellar rate in recent times. Moreover, the voluminous investments made by global research organizations toward improved healthcare have also played a key role in market growth. Moreover, the rising incidence of sexually transmitted diseases has also given an impetus to market growth.
The cost effectiveness of lateral flow tests has led several entities to enter into the business for lateral flow diagnostic tests. The market vendors have identified the need for simpler diagnostic techniques, and have expanded their service portfolio. Hence, the competitive landscape of the global lateral flow diagnostic tests market is expected to become extremely fragmented in the years to come. The vendors in the global lateral flow diagnostic tests are expected to introduce innovative strategies for business growth.
The leading vendors in the global market for lateral flow diagnostic tests have made ardent efforts to increase their total revenues. These vendors have invested in core research and development in order to build improved lateral flow test systems. The growth graph of the small- and medium-sized vendors in the global market for lateral flow diagnostic tests has been rising at a steady rate. These vendors are projected to form collective alliances in order to fetch the benefits of mutual growth. Some of the key vendors in the global lateral flow diagnostic tests market include Alere, Inc., Bio-Rad Laboratories, Beckman Coulter, Inc., Becton, bioMérieux SA, Dickinson and Company, and EMD Millipore.