Lateral Flow Assay Market by Product (Reader, Kits) Application (Clinical Testing (Pregnancy, Infectious Disease, Cholestrol, Cardiac Marker), Veterinary, Drug Development) Technique (Sandwich, Competitive, Multiplex) End User - Global Forecast to 2020
The global lateral flow assay market is expected to grow at a strong CAGR of 8.3% during the forecast period of 2015 to 2020 and is estimated to reach USD 6.78 billion by 2020. The growth in this market is majorly driven by the rising geriatric population, high prevalence of infectious diseases, rising usage of home-based lateral flow assay tests, improved focus on decentralized or point-of-care diagnostic testing, and increasing application of lateral flow assay techniques in clinical diagnostics. However, difficulty in obtaining regulatory approvals due to the constantly changing standards, variance in test results, and insufficient reimbursements for lateral flow assay procedures are posing several challenges to the overall growth of the market.
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In this report, the lateral flow assay market is segmented based on products, techniques, applications, end users, and region. Based on products, the market is segmented into kits & reagents and lateral flow readers. The lateral flow readers market is subsegmented into digital/mobile readers and benchtop readers. Based on technique, the market is segmented into sandwich assay, competitive assay, and multiplex detection assay. During the forecast period, the sandwich assay segment will continue to dominate the lateral flow assay market. This is primarily attributed to the successful application of this technique in various areas, especially clinical testing.
By 2020, North America is expected to account for the largest share of the global lateral flow assay market, followed by Europe, Asia-Pacific, and RoW. However, markets in developed geographies like North America and Europe are expected to grow at lower CAGRs as compared to the Asia-Pacific. This is because the Asia-Pacific region is characterized by favorable factors for market growth, such as rising healthcare awareness, presence of less stringent regulations, improving healthcare infrastructure, and increasing demand for quality healthcare at low costs.
The major players in the lateral flow assay market include Alere, Inc. (U.S.), F. Hoffmann-La Roche AG (Germany), Danaher Corporation (U.S.), Abbott Laboratories, Inc. (U.S.), Becton, Dickinson and Company (BD) (U.S.), Siemens Healthcare (Germany), and Thermo Fisher Scientific, Inc. (U.S.).
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