The "Lateral Flow Assay Market by Application, Product, Technique, End User - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assay market is projected to reach USD 8.7 billion by 2023 from USD 6.0 billion in 2018 growing at a CAGR of 7.7% from 2018 to 2023.
Factor such as the high prevalence of infectious diseases across the globe, rapidly increasing geriatric population, increasing usage of home-based lateral flow assay devices, and growing demand for point-of-care testing are fueling the growth of the market. However, reluctance towards changing existing diagnostic practices, the implementation of excise duty on medical devices, and stringent & time-consuming regulatory policies are restricting market growth to a certain extent.
The lateral flow readers segment is expected to register the highest CAGR during the forecast period.
On the basis of product, the lateral flow assay market is segmented into kits & reagents and lateral flow readers. The lateral flow readers segment is expected to register the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing awareness of digital/mobile readers, technological advancements, and higher accuracy offered by these readers.
Shift from lab based technique to rapid testing is expected to drive the market for food safety & environmental testing during the forecast period.
Based on application, the lateral flow assay market is segmented into clinical testing, veterinary diagnostics, food safety and environmental testing, and drug development & quality control testing. The food safety and environmental testing segment are expected to grow at the highest CAGR during the forecast period. The high growth of this segment is driven by the shifting of the food & beverage industry from lab-based conventional microbiology techniques to rapid lateral flow assay tests.
North America held the largest share of the global lateral flow assay market in 2017. On the other hand, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the rapidly developing healthcare industry in China and India, growth in aging population, rising life expectancy, rising per capita income, increasing investments in the region by key 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 growing demand for home and POC testing.
7.3.1.1 Growing Awareness, Technological Advancements, and High Accuracy are Major Factors Driving the Growth of the Digital/Mobile Readers Market.
8.2.1.2.1 Growing Prevalence of Influenza is Expected to Drive the Influenza Testing Market.
8.2.1.3.1.1 Growing Awareness About HIV POC Testing is the Major Factors Driving Market Growth.
8.2.1.3.4.1 The Rising Incidence of Gonorrhea Globally is Expected to Drive the Market During the Forecast Period.
8.2.3.2.1 Rising Infertility Rates Across the Globe Driving the Demand for POC Fertility Testing Kits.