29 August 2017 - - The global lateral flow assay market is projected to reach USD 8.24bn by 2022, growing at a CAGR of 8.2% from 2017 to 2022, according to a report from Dublin-based Research and Markets.

Factor such as the high prevalence of infectious diseases across the globe, a rapidly increasing geriatric population, increasing usage of home-based lateral flow assay devices, and a growing demand for point-of-care testing are fueling the growth of the market.

However, reluctance towards changing existing diagnostic practices, the implementation of excise duty on medical devices, and stringent and time-consuming regulatory policies are restricting market growth to a certain extent.

On the basis of product, the lateral flow assay market is segmented into kits and reagents and lateral flow readers.

The lateral flow readers segment is expected to register the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing awareness about digital mobile readers, technological advancements, and higher accuracy offered by these readers.

Based on application, the lateral flow assay market is segmented into clinical/point-of-care testing, veterinary diagnostics, food safety and environmental testing, and drug development and quality control testing.

The food safety and environmental testing segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is driven by the shifting of the food and beverage industry from lab-based conventional microbiology techniques to rapid lateral flow assay tests.

North America held the largest share of the global lateral flow assay market in 2016.

On the other hand, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals and clinics to rural areas, the availability of low-cost labor for manufacturing, presence of a favorable regulatory environment, and growing demand for home and POC testing.

Key players in this market include Abbott Laboratories, Abcam, Alere Inc., Becton, Bio-Rad Laboratories Inc., Biomrieux SA (France), Bioporto Diagnostics A/S (Denmark), Chembio Diagnostic Systems Inc., Danaher Corp., Dcn Diagnostics, Dickinson and Co, F. Hoffmann-La Roche AG (Switzerland), Hologic Inc., Innova Biosciences Ltd., Johnson and Johnson, Merck Millipore, Microcoat Biotechnologie GmbH (Germany), Perkinelmer Inc. and Polysciences Inc.