The lateral flow assay market is expected to reach USD 8.24 Billion by 2022 from an estimated USD 5.55 Billion in 2017, at a CAGR of 8.2%. The high prevalence of infectious diseases worldwide, rapidly growing geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the significant growth drivers of the lateral flow assay market.
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“By product, the kits & reagents segment accounted for the largest share of the market in 2016.”
On the basis of product, the kits & reagents segment accounted for the largest share of the global lateral flow assay market. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for point-of-care testing, growing burden of chronic diseases, and increasing use of lateral flow kits in home care.
“By application, the clinical/point-of-care testing segment held the largest market share in 2016.”
Based on application, the clinical/point-of-care testing segment accounted for the largest share of the LFA market. The rise in population levels & prevalence of chronic diseases, growing pressure to reduce healthcare costs, and increasing demand for patient-centric care are the major factors driving the growth of the clinical/POC testing market.
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“North America dominated the market in 2016.”
North America accounted for the largest share of the lateral flow assay market in 2016, followed by Europe and Asia-Pacific. The presence of a highly developed healthcare system, rising geriatric population, increasing incidence of chronic diseases, quick adoption of new innovative products, and a large number of lateral flow assay kits manufacturing companies in this region are the major factors responsible for the largest share of North America in the lateral flow assay market.
The prominent players in the global lateral flow assay market are Alere, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (U.S.), Siemens AG (Germany), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Johnson & Johnson (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Netherlands), and PerkinElmer, Inc. (U.S.).
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