Top Global Trends Driving The Lateral Flow POC Reader Market Outlook: Investors Still Miss the Big Assessment!
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. Lateral flow assays are paper-based tests used to detect and quantify the presence of a target analyte in a liquid matrix. Lateral flow assay comprises two primary components, a kit and a reader. A Lateral flow reader is used to read one or multiple test lines on test strip cartridges. The market for lateral flow reader is expected to see rapid growth in the forecast period owing to the factors like rising in the geriatric population, a rapid increase in the application of LFRs in home care settings. Also, the increasing prevalence of many chronic diseases is anticipated to drive the growth of the market. Geographically North America holds the largest share in the market followed by Europe. A high pace of adoption of LFR technology is expected to help in the growth of the Asia Pacific market. All in all, the demand for Lateral flow readers is likely to grow with a high growth rate in the foreseeable future.
The global Lateral Flow Reader market is projected to be US$ 1,200 Mn in 2018 to reach US$ 2,273.1 Mn by 2028 at a CAGR of 6.6%.
Drastic growth in the geriatric population and increasing consumption of drugs and alcohol globally is expected to boost the target market over a period of time.
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However, lack of awareness in some emerging markets may hinder market growth. Stringent government regulation may impact the growth of the market. Nonetheless, owing to the increasing point of care testing and testing at a home or for use in the laboratory is expected to drive the growth of the market in some regions.
Global Lateral Flow Reader market is segmented on the basis of product type, application and region. On the basis of product type, the market is segmented into Handheld Readers and Benchtop Readers. The Handheld Readers segment accounts for the majority share and is expected to register the highest growth over the forecast period, followed by Benchtop Readers segment. Based on application, the market is segmented into Clinical (POC), Veterinary, Food and Beverage, and Pharma/Biologics. The clinical (POC) segment accounts for a majority share in the global Lateral Flow Reader market.
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On the basis of region, the market is segmented into North America, Europe, APAC, Latin America and Middle East Africa. North America accounts for the majority share in the global Lateral Flow Reader market, owing to increasing disposable income. APAC is expected to register the highest growth rate over the forecast period. Regions such as Europe, Latin America and MEA are expected to register stable growth over the forecast period.
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The research report on the global Lateral Flow Reader market includes profiles of some of the major companies such as Abbott Laboratories., QIAGEN N.V, Becton, Dickinson and Company, Quidel Corporation, Trinity Biotech plc, Fio Corporation. and Axxin Pty Ltd.