Market Research Report
Global Lateral Flow Assay Market Size study, by Product, by Application, by Technique, by End-User and Regional Forecasts 2019-2026
|Published by||Bizwit Research & Consulting LLP||Product code||917695|
Delivery time: 2-3 business days
|Global Lateral Flow Assay Market Size study, by Product, by Application, by Technique, by End-User and Regional Forecasts 2019-2026|
|Published: November 28, 2019||Content info:||
Global Lateral Flow Assay Market is valued approximately at USD 6.0 billion in 2018 and is anticipated to grow with a growth rate of more than 7.6% over the forecast period 2019-2026. Lateral flow Assay, also called lateral flow immunochromatographic assays, are those devices used to detect the presence (or absence) of a target analyte such as biomarkers or pathogens in sample (matrix). Lateral flow assays are mainly used in medical diagnostics for point-of-care testing, home testing and laboratory use. A lateral flow assay strip comprises of conjugate or reagent pad, sample pad, wick or waste reservoir and reaction membrane. These assays are extensively used in clinical laboratories and hospitals for the quantitative and qualitative detection of certain antibodies and antigens. High prevalence of infectious diseases, growing demand for home-based lateral flow assay test kits, rise in geriatric population, rise in disposable income, and surge in demand for point-of-care testing are the few factors responsible for high CAGR of the market over the forecast period. For instance, according to the World Health Organization (WHO), infectious diseases kill over 17 million people each year. Also, as per the National Institute of Health (NIH), around 8.5% of people worldwide (617 million) are aged 65 and over, and this percentage is projected to increase to nearly 17% of the world's population by 2050 (1.6 billion). Moreover, rising demand for lateral flow assays in the food & beverage industry, advancement of technology and increase in applications of lateral flow assay tests in clinical diagnostics are the major factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, stringent regulation, inconsistency in test results and lack of trained care takers for efficient operation of patient handling equipment are few factor anticipated to restraining the growth of global Lateral Flow Assay market during the forecast period.
The regional analysis of global Lateral Flow Assay Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of a highly developed healthcare system, rising geriatric population, increasing incidence of chronic diseases and presence of large number of lateral flow assay kits manufacturers in this region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as large population base, increase in government initiatives to provide better healthcare facilities and rise in prevalence of chronic diseases that would create lucrative growth opportunities for the Lateral Flow Assay market across North American region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: