Covina, June 04, 2020 (GLOBE NEWSWIRE) -- The global lateral testing market accounted for US$ 5.4 billion in 2020 and is estimated to be US$ 7.9 billion by 2029 and is anticipated to register a CAGR of 4.3%.
Rise in geriatric population, rising prevalence of infectious diseases, growth in demand for home-based lateral flow assay test kits, rise in disposable income in developing countries, and surge in demand for point-of-care testing are the main drivers of the global lateral testing market.
The report "Global Lateral Testing Market, By Product Type (Kits and Reagents, Lateral Flow Assay Readers, Digital/Mobile Readers, and Benchtop Readers), By Technique (Sandwich Assay, Competitive Assay, and Multiplex Detection Assay), By Application (Clinical Testing, Veterinary Diagnostics, Food safety & Environment Testing, and Drug Development & Quality Testing), By End-user (Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2026”.
Key Highlights:
- In January 2019, Anteo Diagnostics collaborated with Sona Nanotech Inc. to improve the performance of lateral flow tests and expand the speed of lateral flow test development. Hence, growth in such strategic collaborations to enhance the development of lateral flow kits is expected to boost demand for lateral flow assays over the forecast period.
- In March 2019, Alere (now Abbott) declared the launch of its rapid influenza diagnostic test called BinaxNOW Influenza A & B Card 2. This test has been approved CLIA waiver to be used with Abbott’s diagnostic reader DIGIVAL. The diagnostic reader interprets and reads lateral flow tests in a few seconds and delivers objective and automated results in any healthcare setting.
- In May 2019, the FDA permitted Zimmer Biomet to market Synovasure, a lateral flow test kit. This kit helps in the detection of periprosthetic joint infection in the synovial fluid of patients that have been evaluated for a knee revision surgery.
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Analyst View:
Rise in the prevalence of infectious diseases
Growth in the prevalence of infectious diseases is expected to drive the target market growth in the coming years. As per WHO, in 2017, 219 million malaria cases were projected in around 87 countries. Further, WHO also reports that over 435,000 deaths were noted due to malaria in 2017. Hence, growing incidence of infectious diseases is estimated to result in demand for lateral flow assays.
Growth in government initiatives
Growth in the initiatives taken by governments to curb malaria are projected to propel the target market growth. For instance, in 2019, on World Malaria Day, WHO partnered with RBM, African Union Commission, and other partner organizations to create and spread awareness on malarial prevention and diagnosis. Increase in government investments is another factor anticipated to drive the target market growth.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Lateral Testing Market”, Product Type (Kits and Reagents, Lateral Flow Assay Readers, Digital/Mobile Readers, and Benchtop Readers), By Technique (Sandwich Assay, Competitive Assay, and Multiplex Detection Assay), By Application (Clinical Testing, Veterinary Diagnostics, Food safety & Environment Testing, and Drug Development & Quality Testing), By End-user (Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2026
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Key Market Insights from the report:
The global lateral testing market accounted for US$ 5.4 billion in 2020 and is estimated to be US$ 7.9 billion by 2029 and is anticipated to register a CAGR of 4.3%. The market report has been segmented on the basis of product type, technique, application, end-user, and region.
- By product type, kits and reagents are projected to register highest market share due to growth in infectious diseases and rising use of lateral flow kits in home care settings.
- By technique, the sandwich assay segment is projected to account highest market share due to its accuracy, affordability, and ease of use.
- By application, Clinical testing is projected to account highest market share due to rising incidence of infectious diseases
- By end-user, Home care settings are projected to account highest market share owing to rise in adoption of rapid diagnostic tests at low resource settings
- By region, North America is projected to register highest growth owing to rise in incidence of influenza. As per data published by CDC in 2016, 15.5 million infectious disease detected patients visited hospital sites for primary treatment and disease management.
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Competitive Landscape:
The prominent player operating in the global lateral testing market includes Abbott Laboratories, Alere Inc., Bio-Rad Laboratories, Inc., Becton Dickinson and Company, Johnson & Johnson, Biomrieux SA, Danaher Corporation, Qiagen N.V., Siemens AG, F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific, Inc.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis
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