(MENAFN- America News Hour) The lateral flow assay (LFA) market studied was anticipated to grow with a CAGR of nearly 3.9% during the forecast period. The major factors attributing to the growth of the market are a rise in the global prevalence of infectious diseases, HIV, cancers, which necessitate novel diagnostic methods for efficient treatment to eradicate the growing mortality rate. For instance, according to the Joint United Nations Programme on HIV and AIDS (UNAIDS), in 2019, 24.5 million people with HIV were accessing antiretroviral therapy globally. Additionally, increased participation of the government to control the outbreaks of the infectious diseases and the increasing awareness programs to enhance the spread of infections, diagnosis, and prevention, along with the launch of immediate diagnosis systems at home care settings, are expected to contribute to the growth of the global market during the forecast period.
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Key Market Trends
Clinical Testing Sub-segment by Application is Expected to Hold the Largest Market Share in the Lateral Flow Assay Market
The clinical testing segment is anticipated to hold the largest market share in the LFA market due to its importance in identifying the detection of the disease with a rise in the incidence of infectious diseases. The increased demand for the segment is owing to an increase in the new approvals of self-test devices, such as Atomo HIV Self-Test, TRUSTline HIV-Ab/Ag 4th Gen Rapid Test, Dr Trust Hiv Sure, and others, developed in the recent years. These self-test devices and kits help the patients in assurance, earlier diagnosis, enhanced convenience, and ease of use, which are likely to fuel the market.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall LFA market throughout the forecast period owing to a rise in the incidence of various infectious diseases such as Lyme disease, tuberculosis, and increased mortality rate associated with HIV/AIDS in the region. In North America, the United States holds the largest market share due to increased patient pool and high affordability with increasing disposable income.
For instance, as per the US Department of Health & Human Services report published in January 2020, about 37,832 people in the US were diagnosed with HIV in 2018, and 38,000 new HIV infections still occur in the United States. It has also been reported that there is a rapid spread of various infectious diseases such as meningitis, urinary tract infections necessitating the immediate diagnosis demanding the fast diagnostic test devices fueling the market. Furthermore, the increased adoption rate of advanced infrastructure, the volume of diagnostic centers, rise in awareness among the people are factors estimated to boost the market in the region, contributing to its outstanding share of the global market revenue during the forecast period.
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Competitive Landscape
The LFA market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by adopting various strategies, such as mergers and acquisitions, while others are developing new test methods for the diagnosis and introducing new products to retain their market share. For instance, in February 2019, Abbott announced the availability of its latest rapid influenza diagnostic test (RIDT), BinaxNOW Influenza A & B Card 2, which was granted under the Clinical Laboratory Improvements Amendments (CLIA) by the US Food and Drug Administration (FDA) for rapid detection of influenza virus, which is expected to have a positive impact on the market. Some of the companies which are currently dominating the market are Abbott Laboratories, Hologic Inc., Quidel Corporation, PerkinElmer Inc., and bioMerieux SA.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Demand for Point-of-care Testing with Technological Advancements
4.2.2 Rise in Adoption of Home-based Devices, along with Global Incidence of Infectious Diseases
4.3 Market Restraints
4.3.1 Stringent and Tedious Regulatory Framework that Delays the Approval of Products
4.3.2 Biased Results and Reluctance Toward these Products among the People in Emerging Nations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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lateral flow assay market
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