With the advent of lateral flow assays, the testing has been brought away from the laboratory and closer to the patient. One of the major benefit of later flow assay testing is that it leads to early diagnosis, treatment and monitoring of health conditions.
The healthcare industry has entered the era of rapid diagnostics, in which test results are almost instantaneous and accurate. Moreover, complex and costly equipment is not used in the lateral flow assays. Lateral flow assays uses immunoassay technology through a combination of antibodies colored nanoparticles and nitrocellulose membranes to present test results that can be visually interpreted. One of the most popular example of lateral flow assay testing is the pregnancy test.
The global lateral flow assays market is slated to touch a value of about US$ 7,900 Mn in the year 2022 and grow at a robust CAGR during the assessment period.
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4 Forecast Highlights on Global Lateral Flow Assays Market
- As per the forecast of Persistence Market Research, the digital/mobile readers product type segment is slated to touch a value of nearly US$ 2,250 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The digital/mobile readers product type segment is estimated to account for more than one-fourth of the revenue share of the product type segment by the year 2017 and is forecasted to gain market share by 2022 over 2017.
- As per the forecast of Persistence Market Research, the diagnostic laboratories segment will reach a value of about US$ 1,200 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The diagnostic laboratories segment is forecasted to account for more than one-fifth of the total revenue share of the end-user segment by the end of the year 2017 and is expected to lose in market share by 2022 as compared with the year 2017.
- As per the forecast of Persistence Market Research, the cardiac marker testing application type segment is slated to reach a value of nearly US$ 920 Mn in 2022. The cardiac marker testing application type segment is expected to gain market share by the end of the year 2022. The largest share is contributed by the North America region in the cardiac marker testing application type segment.
- Persistence Market Research forecasts the sandwich assays technology type segment to exhibit a compound annual growth rate (CAGR) of about 7% from 2017 to 2022.
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- Abbott Laboratories
- bioMerieux S.A
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- QIAGEN N.V.
- Thermo Fisher Scientific, Inc.
- Siemens Healthineers
- Hologic Inc.
- F. Hoffmann-La Roche Ltd.