Lateral flow tests are performed to detect the presence of target analyte in the sample and are also known as lateral flow immunotechnology assays. Such tests are used for medical diagnostics either for home testing, point of care testing, or laboratory use.
A new market research study, titled “Lateral Flow Diagnostic Tests Market - APAC Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023,” has been recently published by Transparency Market Research and made available on the company website. The study provides a comprehensive analysis of the market, focusing on its product segmentation, drivers and barriers, and competitive scenario.According to the research study, in 2014, the APAC lateral flow diagnostic tests market was worth US$2.2 bn and is projected to reach a value of US$3.6 bn by the end of 2023. The market is estimated to exhibit a healthy 5.70% CAGR between 2015 and 2023.
Lateral flow tests, also known as lateral flow immunotechnology assays, are carried out in order to identify the presence of a target analyte in the provided sample. Lateral flow tests are performed and used for medical diagnostics for laboratory use, home testing, or point of care testing. The APAC market for lateral flow diagnostic tests is projected to grow significantly in the next few years owing to the increasing number of government initiatives, rising prevalence of infectious diseases, and product innovation and development by several medical companies.
On the basis of application, the APAC market for lateral flow diagnostic tests has been divided into malaria, influenza, HIV, hepatitis, syphilis, pregnancy, and others (such as cardiac markers, lung disorders, and drug abuse). In 2014, the pregnancy segment led the overall market owing to several factors such as the good stability, high sensitivity, and specificity of such test kits. On the other hand, the hepatitis segment is anticipated to exhibit the highest growth rate in the next few years. The rapid growth of this application segment can be attributed to several factors such as the easy handling of small volumes of multiple sample types and rising prevalence of immunological disorders in APAC.
On the basis of geography, the APAC market for lateral flow diagnostic tests has been categorized into fourteen main countries, namely India, Indonesia, Malaysia, South Korea, Vietnam, Japan, Bangladesh, New Zealand, Pakistan, the Philippines, Australia, Singapore, China, and Rest of APAC. In 2014, Japan dominated the overall market owing to the presence of an efficient government system and healthcare infrastructure. Nevertheless, Indonesia is estimated to register the highest growth rate throughout the forecast period. The rapid growth of this region can be contributed to the increasing prevalence of malaria and other infectious diseases, the growing population, and the increasing number of government projects associated with health insurance.
The APAC market for lateral flow diagnostic tests bears stiff competition among the players operating in the market. The presence of established as well as emerging players has made the market highly fragmented. The research study has further analyzed the major players, including their company profiles, inception details, financial overview, business strategies, SWOT analysis, and recent developments in the market. Some of the prominent players operating in the APAC market for lateral flow diagnostic tests are Becton, Dickinson and Company, Bio-Rad Laboratories, Alere, Inc., Beckman Coulter, Inc., EMD Millipore, QIAGEN, F. Hoffmann-La Roche Ltd., bioMérieux SA, and Siemens Healthcare.
Key Segments of the APAC Lateral Flow Diagnostic Tests Market:
APAC Lateral Flow Diagnostic Tests Market, by Application, 2013-2023 (USD Million) Pregnancy Hepatitis HIV Influenza Syphilis Malaria Others
APAC Lateral Flow Diagnostic Tests Market, by Country, 2013–2023 (USD Million) China India South Korea Indonesia Australia Japan Malaysia Philippines Singapore New Zealand Vietnam Bangladesh Pakistan Rest of APAC
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