Transparency Market Research Report Added "Lateral Flow Diagnostic Tests Market - APAC Industry Analysis, Size, Share and Forecast 2015 - 2023"
Albany, NY -- (SBWIRE) -- 12/13/2016 -- On account of a handful of large regional players, the Asia Pacific lateral flow diagnostic tests market is somewhat consolidated, finds a report by Transparency Market Research (TMR). It is characterized by stiff competition among the leading market players, who are present across major types of applications. Some of the well-entrenched players in the Asia Pacific lateral flow diagnostic tests market are Alere, Inc., Beckman Coulter, Inc., Beckman Coulter and Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, and Bio-Rad Laboratories. Among them, Beckman Coulter, Inc., for example, presently operates in over four segments of the APAC lateral flow diagnostic tests market, making it one of the dominant players in the market.
Going forward, the TMR report predicts that continued innovation resulting in more sophisticated lateral flow diagnostic test procedures would further heat up competition among the companies in the market. The APAC lateral flow diagnostic tests market was worth US$2.3 bn in 2015. Expanding at a steady CAGR of 5.7%, it is slated to reach a value of US$3.586 in 2023.
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The APAC market for lateral flow diagnostic tests can be divided on the basis of application into seven main parts, namely malaria, hepatitis, pregnancy, syphilis, HIV, influenza, and others. Among them, the pregnancy application segment led the APAC market for lateral flow diagnostic tests in 2014 due with a dominant share of US$0.6 bn in 2015 in 2015. This was mainly on account of the substantial demand for diagnostic kits to test fertility from females in the region. In terms of growth rate, however, the hepatitis application segment is forecasted to outpace all other segments as hepatitis B continues to affect a substantial proportion of the population. A World Health Organization (WHO) report states that between 5-10% of the adult's population is affected by hepatitis B in East Asia.
The report also segments the APAC lateral flow diagnostics test market on the basis of regions. It finds Japan, which is the second significant individual healthcare market, to be a key country in the Asia Pacific region. This growth will be fueled by swift pace of infrastructural development, enhanced access to medical care, and rising thrust on research. The market is anticipated to rise at a CAGR of 4.5% from 2015 to 2023. Efforts to develop cost-effective diagnostic kits for Ebola by researchers at Nagasaki University are expected to help this country retain its lead in the coming years as well. Densely populated China and India, investing heavily in the healthcare sector will also up demand for lateral flow diagnostic tests.
Growing Instances of Chronic Maladies Propels Market
The healthcare spend in Asia Pacific has seen an upswing due to rising instances of maladies such as cardiovascular disorders, diabetes, cancer and infectious diseases. This has been pegged as an important driver of growth in the APAC market for lateral flow diagnostic tests. Another important factor boosting the market is growing demand for point-of-care diagnosis, which delivers faster results thereby lowering treatment cost and time. It also helps in thwarting complications resulting from delay.
A major deterrent to the market is the frequent inaccurate results. Explains the analyst of the report, "Lateral flow diagnostic tests are designed for tentative diagnosis at home or point-of-care setting. Due to low sensitivity, lateral flow diagnostic tests often deliver false results. Further, incorrect sampling during home testing may also contribute to error in disease testing. This might deviate treatment from the actual diagnosis and lead to further compilations. Although technological advances might overcome this drawback in future, lateral flow tests are seldom used for routine diagnosis due to this demerit."
This review is based on the findings of a TMR report titled "Lateral Flow Diagnostic Tests Market - APAC Industry Analysis, Size, Share, Growth Trends and Forecast 2015–2023."
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