(EMAILWIRE.COM, October 25, 2018 ) The global lateral flow assay market is projected to reach USD 8.24 Billion by 2022 from USD 5.55 Billion in 2017, at a CAGR of 8.2%. The high prevalence of infectious diseases worldwide, rapidly growing geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the significant growth drivers of the lateral flow assays market. Moreover, emerging markets, the increasing trend towards healthcare decentralization, and the development of miniaturized devices unfold opportunities for players to venture into the lateral flow assay market.

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The global lateral flow assay market is consolidated at the top with the presence few big players in the market. However, on regional basis there are many local, regional, and global players. Alere, Inc. (U.S.), F. Hoffmann-La Roche AG (Germany), Beckman Coulter, Inc. (U.S.) ( a subsidiary of Danaher Corporation), Becton, Dickinson and Company (U.S.), and bioMérieux SA (France) were the major players in this market. The companies are mainly focusing on product launches, acquisitions, and agreements & collaborations to strengthen their market presence.

Alere, Inc. (U.S.) dominated the global lateral flow assay market in 2016. The company has a diversified product portfolio of lateral flow assay kits and readers. Its position can be attributed to its innovative contributions to the lateral flow assay market. Over the years, the company has developed innovative lateral flow assay products for various medical applications, such as POC testing products that make workflows more efficient and provide quality test results. To strengthen its market position and long-term growth, the company focuses on increasing its R&D spending and reallocating its resources to high-growth geographies and sales organizations based in China, India, Africa, and Latin America. The company is focused on enhancing its product quality. To this end, it runs quality improvement programs and conducts rigorous internal audits. Alere has a strong manufacturing and distribution network across the globe, which allows it to serve customers across the Americas, Africa, Europe, the Middle East, and Asia-Pacific. In 2016, Alere Inc. opened a state-of-the-art diagnostics manufacturing facility in India to produce rapid tests for the detection of infectious diseases, including Malaria, Dengue, and HIV and export them across the Asia-Pacific region.

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F. Hoffmann-La Roche AG offers a broad product portfolio with more than 100 assays in various disease categories, owing to which it enjoys a high level of customer loyalty. The company’s cobas analyzer series of products dominate the global lateral flow immunoassays market. Roche also has easy access to all the regions worldwide as it has a well-established distribution network. The company has maintained its position in the market through its strong distribution network across the EMEA, North America, Latin America, and Asia-Pacific. It focuses on product innovations and product launches as its key business strategies to ensure growth in the global lateral flow assay market in the coming years. In 2017, the company launched the cobas 6800/8800 systems for cervical cancer screening in markets accepting the CE mark.

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