Rise of Diseases Increases Demand for Lateral Flow Diagnostic Tests
Lateral flow diagnostic tests have become the need of the hour due to a global rise in the number of diabetics, cancer cases, patients suffering from cardiovascular conditions, and those struggling with autoimmune diseases across Asia Pacific. The demand for these diagnostic tests has also seen a spike given their ease of use and minimal operating instructions. At the same time, the increasing demand for point-of-care diagnosis has given this market a gigantic platform for growth. The increasing awareness about diseases and rising expenditure on healthcare are also augmenting this market.
With these market drivers, the APAC lateral flow diagnostic tests market is expected to register a revenue of US$3.22 bn by the end of 2023 as compared to US$2.30 bn in 2015, as the market is estimated to expand at a CAGR of 5.7%. Analysts predict that the untapped market for diagnosing cancer will present a lucrative opportunity to this market in the near future. The future also demand lateral flow diagnostic tests for the purpose of diagnosis a range of conditions such as drugs of abuse, sexually transmitted diseases, and pregnancy as consumers become aware of a myriad health conditions.
Japan to Retain Lead, Even as China and India Follow with Large Population Base
The report states that Japan is the key region in the APAC lateral flow diagnostic tests market and is expected to rise at a CAGR of 4.5% between 2015 and 2023. This growth will be supplemented by the fact that Japan is the second largest healthcare market. Furthermore, the ongoing infrastructural developments, growing access to medical, and investments in medical research are all contributing towards the growth of this geographical segment. Efforts to develop cost-effective diagnostic kits for Ebola by researchers at Nagasaki University are expected to help this country retain its lead in the coming years as well.
Considering the exploding population of China and India, both these countries will continue to show remarkable progress in the healthcare sector, thus, propelling the adoption of lateral flow diagnostic tests. Changing lifestyles, increasing cases of obesity, sedentary lifestyles, and rising per capita incomes of the residents of these countries will also contribute towards sizeable earnings of the overall market.
Greater Awareness about Pregnancy Testing to Boost Demand for Lateral Flow Diagnostic Tests
Lateral flow diagnostic tests are widely used in diagnosing pregnancy, HIV, influenza, syphilis, malaria, and others. Pregnancy was the leading application segment in 2014 due to a greater awareness about pregnancy testing amongst the female population, affordable pricing of these tests, and the increasing number of pregnancies in the region. During the forecast period, this segment is expected to expand at a CAGR of 4.5%. The hepatitis application segment will also be an emerging segment in the APAC lateral flow diagnostic tests market as cases of hepatitis continue to be on the rise in the region.
Some of the leading players operating in the APAC lateral flow diagnostic tests market are Bio-Rad Laboratories, Alere, Inc., Beckman Coulter, Inc., Dickinson and Company, Becton, bioMérieux SA, EMD Millipore, Siemens Healthcare, F. Hoffmann-La Roche Ltd., and QIAGEN. The competitive landscape of the market is defined as consolidated with the presence of a few large regional players. Companies will have to dedicate their research and development activities towards delivering solutions that are technologically advanced to stay ahead of the competition.
This report on the APAC lateral flow diagnostic tests market studies the current and future prospects of the global market. 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. Growing incidences of infectious diseases, changing lifestyle of the APAC population and increasing government support is expected to accentuate the growth of lateral flow diagnostic tests market.
The APAC lateral flow diagnostic tests market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the APAC lateral flow diagnostic tests market with respect to market segments based on application and country analysis.
Based on application, the APAC lateral flow diagnostic tests market have been segmented into pregnancy, hepatitis, HIV, influenza, syphilis, malaria, and others which includes lung disorders, cardiac markers, drug abuse, etc. The market segments have been extensively analyzed based on usefulness, efficacy, revenue, and geographical coverage. The market size and forecast in terms of USD million for each segment has been provided for the period from 2013 to 2023. The report also provides the volume and compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2013 and 2014 as the base years.
Geographically, the APAC lateral flow diagnostic tests market has been categorized into 14 major countries: China, India, South Korea, Indonesia, Australia, Japan, Malaysia, Philippines, Singapore, New Zealand, Vietnam, Bangladesh, Pakistan, and Rest of APAC. The market size and forecast for each of these regions has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023. The research study also covers the competitive scenario in these regions. A detailed qualitative analysis of factors responsible for driving and restraining the growth of the market and future opportunities has been provided in the market overview section. This section of the report also provides Porter’s Five Forces analysis, and heat map analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the APAC lateral flow diagnostic tests market.
A list of recommendations has been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the APAC lateral flow diagnostic tests market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major players profiled in this report include Alere, Inc., Beckman Coulter, Inc., Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, EMD Millipore, F. Hoffmann-La Roche Ltd., Siemens Healthcare, and QIAGEN.
The APAC lateral flow diagnostic tests market is segmented as given below:
APAC Lateral Flow Diagnostic Tests Market, by Application, 2013-2023 (USD Miilion)
APAC Lateral Flow Diagnostic Tests Market, by Country, 2013 – 2023 (USD Million)
- South Korea
- New Zealand
- Rest of APAC