The Asia Pacific lateral flow diagnostic tests market is consolidated and highly competitive. The top players within the market are: F. Hoffmann-La Roche Ltd., Beckman Coulter, Alere, Inc., Bio-Rad Laboratories, and Becton. As per a report by Transparency Market Research (TMR), a huge scope of improvement lies in the APAC market and this in turn will create a chance for new entrants to enter the market and develop better and improved products. However, new players will have to counter the existing competition by means of intense R&D and strategic mergers and collaborations. This will help them build a strong brand and gain a sustainable market share.
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According to TMR, the APAC lateral flow diagnostic tests market will reach US$3.22 bn by the end of 2023. On the basis of application, the hepatitis application segment is expected to expand at the highest CAGR of 8.3% between 2015 and 2023 on account of a sudden rise in autoimmune and contagious diseases across Asia Pacific.
Remarkable Improvement in Healthcare Sector Boding Well for Market’s Growth
The Asia Pacific lateral flow diagnostic tests market is gaining an impetus thanks to the growing awareness among people regarding the prevention of infectious diseases and an increase in healthcare spending. The growing prevalence of cancer, diabetes, cardiovascular disease, and infectious disease will boost the growth of the lateral flow diagnostic tests market in APAC. Noteworthy development in the healthcare sector is also a key factor boosting the growth of the lateral flow diagnostic tests market in the region.
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Inaccurate Test Results May Dampen Growth of Lateral Flow Diagnostic Tests Market
The availability of technologically advanced devices and drugs will also aid the market’s growth. Patients and physicians increasingly prefer the utilization of near-patient diagnosis options so as to achieve instant results, reduce stay in hospitals, and reduce treatment cost. The immediate diagnostic results are crucial for delivering instant medical assistance to prevent any delay in the treatment and avoid complications. On the other hand, the inaccuracy of the results achieved by carrying out lateral flow diagnostic tests will be a challenge for the market players. In addition to this, incorrect sampling at home can lead to poor disease management and may actually worsen the condition of a patient.
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