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
Rise of Diseases Increases Demand for Lateral Flow Diagnostic Tests
Lateral flow diagnostic tests have become the need of the hour due to a global rise in the number of diabetics, cancer cases, patients suffering from cardiovascular conditions, and those struggling with autoimmune diseases across Asia Pacific. The demand for these diagnostic tests has also seen a spike given their ease of use and minimal operating instructions.
At the same time, the increasing demand for point-of-care diagnosis has given this market a gigantic platform for growth. The increasing awareness about diseases and rising expenditure on healthcare are also augmenting this market.
With these market drivers, the APAC lateral flow diagnostic tests market is expected to register a revenue of US$3.22 bn by the end of 2023 as compared to US$2.30 bn in 2015, as the market is estimated to expand at a CAGR of 5.7%. Analysts predict that the untapped market for diagnosing cancer will present a lucrative opportunity to this market in the near future.
The future also demand lateral flow diagnostic tests for the purpose of diagnosis a range of conditions such as drugs of abuse, sexually transmitted diseases, and pregnancy as consumers become aware of a myriad health conditions.
Japan to Retain Lead, Even as China and India Follow with Large Population Base
The report states that Japan is the key region in the APAC lateral flow diagnostic tests market and is expected to rise at a CAGR of 4.5% between 2015 and 2023. This growth will be supplemented by the fact that Japan is the second largest healthcare market.
Furthermore, the ongoing infrastructural developments, growing access to medical, and investments in medical research are all contributing towards the growth of this geographical segment. Efforts to develop cost-effective diagnostic kits for Ebola by researchers at Nagasaki University are expected to help this country retain its lead in the coming years as well.
Considering the exploding population of China and India, both these countries will continue to show remarkable progress in the healthcare sector, thus, propelling the adoption of lateral flow diagnostic tests. Changing lifestyles, increasing cases of obesity, sedentary lifestyles, and rising per capita incomes of the residents of these countries will also contribute towards sizeable earnings of the overall market.
Greater Awareness about Pregnancy Testing to Boost Demand for Lateral Flow Diagnostic Tests
Lateral flow diagnostic tests are widely used in diagnosing pregnancy, HIV, influenza, syphilis, malaria, and others. Pregnancy was the leading application segment in 2014 due to a greater awareness about pregnancy testing amongst the female population, affordable pricing of these tests, and the increasing number of pregnancies in the region.
During the forecast period, this segment is expected to expand at a CAGR of 4.5%. The hepatitis application segment will also be an emerging segment in the APAC lateral flow diagnostic tests market as cases of hepatitis continue to be on the rise in the region.
Some of the leading players operating in the APAC lateral flow diagnostic tests market are Bio-Rad Laboratories, Alere, Inc., Beckman Coulter, Inc., Dickinson and Company, Becton, bioMérieux SA, EMD Millipore, Siemens Healthcare, F. Hoffmann-La Roche Ltd., and QIAGEN.
The competitive landscape of the market is defined as consolidated with the presence of a few large regional players. Companies will have to dedicate their research and development activities towards delivering solutions that are technologically advanced to stay ahead of the competition.
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