Global Lateral Flow Diagnostic Tests Market to Expand at a CAGR of 5.7% 2015-2023 as Diagnostic Technologies Gain Popularity
The demand within the global market for lateral flow diagnostic tests has been rising on account of advancements in the field of healthcare diagnostics, finds Transparency Market Research (TMR). The cost-effectiveness of lateral flow tests has led several entities to enter into the business for lateral flow diagnostic tests. The market vendors have identified the need for simpler diagnostic techniques, and have expanded their service portfolio. Hence, the competitive landscape of the global lateral flow diagnostic tests market is expected to become extremely fragmented in the years to come. The vendors in the global lateral flow diagnostic tests are expected to introduce innovative strategies for business growth.
The leading vendors in the global market for lateral flow diagnostic tests have made ardent efforts to increase their total revenues. These vendors have invested in core research and development in order to build improved lateral flow test systems. The growth graph of the small and medium-sized vendors in the global market for lateral flow diagnostic tests has been rising at a steady rate. These vendors are projected to form collective alliances in order to fetch the benefits of mutual growth. Some of the key vendors in the global lateral flow diagnostic tests market are Alere, Inc., Bio-Rad Laboratories, Beckman Coulter, Inc., Becton, bioMérieux SA, Dickinson and Company, and EMD Millipore.
Transparency Market Research (TMR) finds that the global lateral flow diagnostic tests market would expand at a robust CAGR of 5.7% over the period between 2015 and 2023. Furthermore, the global market for lateral flow diagnostic tests held a total value of US$2.30 bn in 2015, and this figure is expected to reach a value of US$3.22 bn by 2023-end. On the basis of geography, the market for global lateral flow diagnostic tests in North America shall expand at a starry rate in the years to come.
Rising Incidence of Chronic Diseases to Propel Demand
The demand within the global market for global lateral flow diagnostic tests shall rise on account of the growing incidence of chronic diseases. Some of the common chronic diseases include diabetes, cardiovascular disorders, and cancer. The medical fraternity has shown an inclination towards improved diagnostic facilities which has further given an impetus to market growth. Moreover, the ease of deploying lateral flow diagnostic tests has also played a major role in the growth of the global market. There are no invasive procedures involved in lateral flow diagnostic tests which has in turn generated voluminous revenues in the market.
Cases of Drug Abuse to Propel Demand
The use of global lateral flow diagnostic tests across rehabilitation centers has gathered momentum. Testing the effect of drugs on the body is done with the help of global lateral flow diagnostic tests. Hence, the global market for lateral flow diagnostic tests has been expanding at a stellar rate in recent times. Moreover, the voluminous investments made by global research organisations towards improved healthcare have also played a key role in market growth. Moreover, the rising incidence of sexually transmitted diseases has also given an impetus to market growth.
The review is based on TMR’s report titled, “Lateral Flow Diagnostic Tests Market - APAC Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023”.
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
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