during the forecast period. The growing prevalence of infectious diseases globally, increasing aging population, growing demand for point-of-care and home-based lateral flow assay devices, and increasing demand in food and environment safety and veterinary diagnostics industry are the major factors driving the growth of this market.
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On the other hand, the reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key factors restraining the growth of the market in the forecast period.
The kits and reagents segment holds the highest market share, by product, in the forecast period.
On the basis of product, the lateral flow assays market is broadly segmented into kits & reagents and lateral flow readers.Lateral flow readers are further segmented into digital/handheld readers, benchtop readers and mobile/smartphone readers.
The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, growing burden of chronic diseases, increasing use of lateral flow kits in home care, and the convenience and ease of use of kits & reagents.
Wide applications of lateral flow assays in food safety and environment testing promote the growth of this segment in the forecast period.
Based on applications, the lateral flow assays market is broadly segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing.The food safety & environment testing segment is projected to register the highest growth rate in the lateral flow assays market, by an application during the forecast period.
This can be attributed to lateral flow assays emerging as simple and rapid alternatives to traditional methods for the detection of foodborne pathogens and contaminants. In case of environment testing, lateral flow assays finding wide applications due to their ability to handle a wide variety of samples and perform many sample-handling tasks, such as filtration, concentration, and removal of cross-reactive elements.
In the lateral flow assay kits & reagents by technique segment,, sandwich assays holds the highest market share
On the basis of technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays.Sandwich assays holds the highest share in the lateral flow assays market.
The large share of this segment can be attributed to the better assay sensitivity and specificity associated with sandwich assays as well as its extensive application in the measurement of critical analytes (such as cardiac and hepatitis markers).
• By sample type, the Other Samples segment is growing at the fastest rate in the forecast period
Based on sample type, the lateral flow assays market for clinical testing applications is segmented into blood, urine, saliva, and other samples.In this segment, Other Samples is projected to register the highest growth rate in the lateral flow assays market for clinical testing applications segment during the forecast period.
The high growth rate of this segment can be attributed to increase in R&D for lateral flow diagnostic testing and the need for more specific disease testing.
North American region holds the highest market share in the lateral flow assays market
North America is expected to account for the largest share of the global lateral flow assays market in 2019.The large share of the North American region is due to the lucrative growth opportunities the region offers due to the presence of several large hospitals and health systems, changing regulations, and the rising geriatric population in the country.
A vast majority of global players are also based in the US, owing to which the country is a center for innovation in the lateral flow assays market.
A breakdown of the primary participants referred to for this report is provided below:
• By Company Type: Tier 1–30%, Tier 2–25%, and Tier 3–45%
• By Designation: C-level–40%, Director Level–35%, and Others–25%
• By Region: North America–36%, Europe–26%, Asia Pacific–21%, Latin America- 10%, Middle East & Africa – 7%
The prominent players in the global lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Siemens AG (Germany), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), Merck KGaA (Germany), Abcam plc (UK), Surmodics IVD (US), Chembio Diagnostic Systems, Inc. (US), OraSure Technologies (US), DCN Diagnostics (US), Polysciences, Inc. (US), Abingdon Health (UK), BioPorto Diagnostics A/S (Denmark), Microcoat Biotechnologie GmbH (Germany), Scienion AG (Germany), Senova GmbH (Germany), and Access Bio, Inc. (US).
The report analyzes the market for various lateral flow assays market and their adoption pattern.It aims at estimating the market size and future growth potential of the global lateral flow assays market and different segments such as application, source, type, function and regions.
The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product & service offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global lateral flow assays market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the global lateral flow assays market
• Market Development: Comprehensive information on the lucrative emerging regions by products, end user, and region
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global lateral flow assays market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products & services of leading players in the global lateral flow assays market
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