The report "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 reach USD 6.78 Billion by 2020. The market was valued at USD 4.56 Billion in 2015 and is expected to grow at a CAGR of 8.3% from 2015 to 2020.
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The lateral flow assay market recorded a healthy growth rate during the last decade, owing to technological advancements and increasing application areas of lateral flow assay techniques in medical diagnostics and drug development & quality testing. Lateral flow assays are used extensively in several applications, including pregnancy & fertility testing, infectious disease testing, cardiac marker testing, and drugs-of-abuse testing.
The widening applications of lateral flow assay products for therapeutic and diagnostic purposes are expected to have a positive impact on the growth of this market in the coming years. Moreover, the uptake of lateral flow assay techniques is expected to increase due to the growing demand for home-based lateral flow assay tests.
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This trend is expected to support the growth of the market in the coming years. However, complex regulatory requirements and reluctance among physicians and patients towards changing existing diagnostic practices are expected to restrain the growth of this market to a certain extent.
In this report, the global lateral flow assay market is segmented based on techniques, products, applications, end users, geographic regions, and countries. Moreover, this report focuses on key market drivers, restraints, opportunities, trends, and challenges present in this market and its submarkets.
In 2014, North America accounted for the largest share of the global lateral flow assay market, followed by Europe and Asia-Pacific. Greater uptake of lateral flow assay products and the presence of a large number of lateral flow assay product manufacturers in North America and Europe are the major factors responsible for the large shares of these regions in the market.
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However, the Asia-Pacific region is expected to offer significant growth opportunities for players operating in the lateral flow assay market in the coming years. The high growth in this regional segment is primarily driven by the growing healthcare awareness, growth in geriatric population, rising per capita income, increasing investments in the APAC healthcare industry by key market players, rising demand for cutting-edge technologies, and low labor costs.
The prominent players in the lateral flow assay market include Alere, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Becton, Dickinson and Company (U.S.), Abbott Laboratories, Inc. (U.S.), Johnson & Johnson (U.S.), Danaher Corporation (U.S.), bioMérieux SA (France), Bio-Rad Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), and QIAGEN N.V. (Netherlands).
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