07-Oct-2019 | Zion Market Research
Zion Market Research has published a new report titled “Lateral Flow Assay Market By Product (Digital/Mobile Readers, Kits & Reagents, Benchtop Readers, and Lateral Flow Readers), By Technique (Multiplex Detection Assay, Sandwich Assay, and Competitive Assay), By Application (Clinical Testing, Quality Control, Veterinary Science, and Drug Development), and By End-User (Hospitals, Diagnostic Laboratories, Pharmaceutical Companies, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global lateral flow assay market was approximately USD 6.1 billion in 2018 and is expected to generate around USD 10.24 billion by 2025, at a CAGR of around 7.68% between 2019 and 2025.
Lateral flow assay (LFA) are technological devices which are used for detection and are simple to use and portable. They are widely used in various applications, such as food, environment, and biomedicine. It provides instant diagnosis directly to the patients. It is used to detect the presence of analytes in sample mixtures. The increased penetration of the lateral flow assay market is largely due to the increase in the geriatric population, the spread of infectious diseases, the increase in disposable income, the rise in the demand for lateral flow assay kits for testing at home, and growth in the point-of-care testing demand. It helps to detect cancer and is easy to manage due to its long-shelf-life and convenient storage. However, there are various issues that restrain this market from growing, such as inconsistency in the results of the tests and stringent regulations. There are techniques developed to deal with inconsistencies and improve customer convenience, which will drive this market in the future.
Browse the full “Lateral Flow Assay Market By Product (Digital/Mobile Readers, Kits & Reagents, Benchtop Readers, and Lateral Flow Readers), By Technique (Multiplex Detection Assay, Sandwich Assay, and Competitive Assay), By Application (Clinical Testing, Quality Control, Veterinary Science, and Drug Development), and By End-User (Hospitals, Diagnostic Laboratories, Pharmaceutical Companies, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/lateral-flow-assay-market
The lateral flow assay market is divided into based on product, application, technique, and end-user. Based on the product, the market includes digital/mobile readers, kits and reagents, benchtop readers, and lateral flow readers. Kits and reagents are widely used in homecare and point-of-care, due to increasing occurrences of infectious diseases. According to the technique, the market comprises multiplex detection assay, sandwich assay, and competitive assay. By application, the market includes clinical testing, quality control, veterinary science, and drug development. Clinical testing is further segmented into cholesterol and lipid testing, drugs-of-abuse testing, infectious disease testing, pregnancy testing, and others. The end-user segment is fragmented into hospitals, diagnostic laboratories, pharmaceutical companies, and others. Most patients prefer hospitals, as they emphasize early diagnosis and use innovative technologies.
North America is likely to be a significant contributor to the lateral flow assay market globally, owing to the increasing number of hospitals, strong insurance sector, and favorable government regulations. The European lateral flow assay market will grow due to its ease of operability, efficient resource planning, and government funding. It is feasible for quick and easy sourcing of LFA’s and the presence of a large number of LFA kit manufacturing companies. The Asia Pacific region will register a noticeable CAGR in the lateral flow assay market in the future, owing to the rapidly growing demand in India and Singapore due to an enhancement in healthcare infrastructure and a rising number of healthcare facilities and hospitals.
Some key players in the lateral flow assay market are Siemens, Thermo Fisher Scientific, PerkinElmer, Danaher Corporation, QIAGEN, Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Chembio Diagnostic Systems, and F. Hoffmann-La Roche.
This report segments the lateral flow assay market into:
Lateral Flow Assay Market: By Product
Lateral Flow Assay Market: By End-User
Lateral Flow Assay Market: By Application
Lateral Flow Assay Market: By Technique
Lateral Flow Assay Market: By Region
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