Albany, NY, Feb. 03, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Lateral Flow Diagnostic Tests Market: APAC Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023” the APAC lateral flow diagnostic tests market was valued at US$2.2 bn in 2014 and is estimated to reach US$3.6 bn by 2023 at a CAGR of 5.7% from 2015 to 2023.
Lateral flow tests are performed to detect the presence of target analyte in the sample and are also known as lateral flow immunotechnology assays. Such tests are used for medical diagnostics either for home testing, point of care testing, or laboratory use. The APAC lateral flow diagnostic tests market is expected to grow at a moderate rate due to rising prevalence of infectious diseases, increasing government initiatives and product innovation by various medical companies.
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This report on the APAC lateral flow diagnostic tests market studies the current and future prospects of the global market. Lateral flow tests are performed to detect the presence of target analyte in the sample and are also known as lateral flow immunotechnology assays. Such tests are used for medical diagnostics either for home testing, point of care testing, or laboratory use. Growing incidences of infectious diseases, changing lifestyle of the APAC population and increasing government support is expected to accentuate the growth of lateral flow diagnostic tests market.
The APAC lateral flow diagnostic tests market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the APAC lateral flow diagnostic tests market with respect to market segments based on application and country analysis.
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The APAC lateral flow diagnostic tests market is categorized on the basis of application: pregnancy, hepatitis, HIV, influenza, syphilis, malaria, and others which includes lung disorders, cardiac markers, drug abuse, etc. The pregnancy application segment dominated the APAC lateral flow diagnostic tests market in 2014. Factors such as high sensitivity, specificity, and good stability of such tests kits is responsible for the dominance of pregnancy application segment in the APAC lateral flow diagnostic tests market.
Geographically, the APAC lateral flow diagnostic tests market is segmented into 14 major countries: China, India, South Korea, Indonesia, Australia, Japan, Malaysia, Philippines, Singapore, New Zealand, Vietnam, Bangladesh, Pakistan, and Rest of APAC. Japan lead the APAC lateral flow diagnostic tests market in 2014 due to the presence of modern healthcare infrastructure and an efficient government system. However, Indonesia is anticipated to grow at the fastest CAGR. Factors such as increasing population rate, greater prevalence of malaria and other infectious diseases, as well as growing number of government projects related to health insurance would boost the growth of the market in Indonesia during the forecast period.
The APAC lateral flow diagnostic tests market exhibits intense competition among the existing players. The market is fragmented, characterized by the presence of both established as well as emerging companies. Major players operating in the APAC lateral flow diagnostic tests market are Alere, Inc., Beckman Coulter, Inc., Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, EMD Millipore, F. Hoffmann-La Roche Ltd., Siemens Healthcare, and QIAGEN.
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Source:Transparency Market Research