Hyderabad, India -- (SBWIRE) -- 02/23/2018 -- Lateral Flow Assay market on rise due to growing aged population

Lateral flow assay was a breakthrough in diagnostics as it is more closely accessible to the user. It essentially shifted the process from laboratory to home. One of the significant advantages of lateral flow assay market is that it prompts early analysis, treatment and observing of health conditions. The medicinal services industry has entered the period of quick diagnostics, in which test outcomes are relatively immediate and exact. In addition, the unpredictable and expensive hardware isn't utilized as a part of the lateral flow assay. Lateral flow assay utilizes immunoassay innovation through a blend of antibodies hued nanoparticles and nitrocellulose layers to display test outcomes that can be outwardly deciphered. A standout amongst the most prevalent case of horizontal stream test testing is the pregnancy test.

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The Global Lateral flow assay market is evaluated to be USD 5.56 Billion in 2016 and is expected to grow at a CAGR of 8.2% to reach USD 8.25 Billion by 2021.

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Growing prevalence of infectious diseases, increasing demand for diagnostic devices that can be utilised at home, growing use of home-based diagnostic devices are propelling the lateral flow assay market growth. According to a survey conducted by WHO, around 49 million deaths occurred due to tuberculosis and more than 10 million are falling prey to Tuberculosis every year. Growing acceptance towards lateral flow assays and increasing applications of lateral flow assays are also some of the primary driving factors of the market.

Some of the major hindering factors of the market include lack of awareness towards new medical practices among people and restrictions regarding the usage of lateral flow assays.

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By Geography, North America and Europe are accounted for major share of the market worldwide due to high investments in health care and high demand for consumer-friendly diagnostic devices in those regions. However, Asia-Pacific is expected to record the highest growth rate in the upcoming periods due to the high population growth rate and increasing support in the form of funds towards health care in developing countries of South Asia.

Significant players of lateral flow assay market include Alere Inc., F. Hoffmann-La Roche AG, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux SA, Johnson & Johnson, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., and PerkinElmer Inc.

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