Need for Accurate Results within Actionable Timeframe Boosts Demand for Lateral Flow Diagnostic Tests Market
In August 2016, Alere Inc. stated that it was awarded the In-Vitro Diagnostic (IVD) CE marking in Europe. The company will now be able to use its Alere™ Reader, a diagnostic analyzer for laboratory and point-of-care testing across Europe. The new analyzer is expected to ensure accurate test results within an actionable time period to provide the right treatment to the patient. Though the launch is initially in Europe, the product will come to other regions of the world in the near future.
Q. What are the prominent drivers in the APAC market?
A. The sudden outburst of infectious diseases along with chronic conditions are expected to drive the Asia Pacific lateral flow diagnostic tests market in the coming years. The growing awareness about healthcare and the availability of a wide range of diagnostics are also anticipated to fuel the overall market. According to the latest report published by Transparency Market Research, the opportunity in the APAC lateral flow diagnostic tests market is expected to be worth US$3.22 bn by 2023 as compared to US$2.30 bn in 2015. Between the years of 2015 and 2023, the overall market is expected to rise at a CAGR of 5.7%.
Q. Which application segment is poised to emerge as a leading segment in the APAC lateral flow diagnostic tests market?
A. The lateral flow diagnostic tests are primarily used for diagnosing pregnancy as the awareness about pregnancy testing is growing in the remote regions of Asia Pacific. Growing number of pregnancies and affordability of these tests are some of the factors that are expected to augment the demand for lateral flow diagnostic tests for pregnancy. Analysts predict that application of lateral flow diagnostic tests for pregnancy will rise at a CAGR of 4.5% during the forecast period.
Q. Which region is set to dominate the overall market by the end of the forecast period?
A. Japan is anticipated to be the frontrunner in the APAC lateral flow diagnostics market due to the revolutionary work by some of its Universities in developing diagnostics for Ebola. For instance, researchers at Nagasaki University are focusing on developing cost-effective diagnostic kits for testing Ebola. An effort such as this is projected to put this region in the lead. The rise of Japan in the APAC lateral flow diagnostic tests market will also be supported by the growing expenditure on healthcare and improving infrastructural developments that are permitting citizens a smoother access to medical help.
India and China are also expected to be the emerging countries due to their mammoth population bases. The changing faces of the healthcare sector, rising cases of obesity, poor dietary habits, and changing lifestyles are all expected to contribute towards increased uptake of lateral flow diagnostic tests in these countries. Furthermore, the emergence of new vendors designing modern lateral flow diagnostic test kits along with growing foreign investments and collaborations with bigger players will also boost the market in these countries and in the overall region as well.