APAC Lateral Flow Diagnostic Tests Market to Exhibit 5.70% CAGR between 2015 and 2023
Transparency Market Research has identified Alere, Inc., Beckman Coulter, Inc., Becton, Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd. as the key players in the Asia Pacific lateral flow diagnostic tests market. The market is consolidated in nature and thus highly competitive. To stay afloat in the cut-throat competition players are investing in developing technologically advanced lateral flow diagnostic test procedures.
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“A huge scope for improvement has created a perfect space in the APAC market for the new entrants,” says the lead author of this research report. New players will have to counter the existing competition through intense research and development activities, strategic mergers and acquisitions, and building a solid brand value to grab a sustainable share in the overall market.
Heightened Awareness of Diseases in APAC Boosts Lateral Flow Diagnostic Tests Market
A high prevalence of diseases such as cancer, cardiovascular diseases, diabetes, and other infectious diseases has increased healthcare spending, which has had a positive influence on the revenues of lateral flow diagnostic tests market. The rising disposable income and growing awareness amongst overall population to prevent infections are also providing an additional boost to this market. Furthermore, remarkable developments in the healthcare sector and the availability of improved devices and drugs are also expected to boost this market in the coming few years.
The preference of patients and physicians to utilize the near-patient diagnosis options to get instant results, reduce treatment costs, and thus cut down on the hospital stay time is also working in favor of this market. These immediate diagnostic results are crucial in delivering immediate medical assistance to avoid delay in treatment and prevent complications. All of these factors are expected to augment the APAC lateral flow diagnostic tests market in the coming years.
Inaccuracy of Results Remains Demerit of Lateral Flow Diagnostic Tests
The inaccuracy of results delivered by lateral flow diagnostic tests is the biggest challenge this market faces. Currently, the lateral flow diagnostic tests are only meant for diagnosis at home or for point-of-care testing. Furthermore, the incorrect sampling at home can also lead to poor disease management and worsen the actual diagnosis.
Pregnancy Tests Poised to Exhibit Strong Sales Growth
The report states that the opportunity in the APAC lateral flow diagnostic tests market was worth US$2.30 bn in 2015 and will reach US$3.22 bn by the end of 2023. Between the forecast period of 2015 and 2023, the overall market is expected to expand at a CAGR of 5.7%. Amongst the application segments, the pregnancy application segment held the largest share in 2014 and is expected to expand at a CAGR of 4.5% over the forecast period. The growth of this application segment will be a result of the growing female population and a rising awareness about pregnancy testing amongst them.
On the other hand, the hepatitis application segment is expected to grow at the highest CAGR of 8.3% between 2015 and 2023 due to a sudden rise in autoimmune and contagious diseases across Asia Pacific.
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