Absolute Markets Insights (AMI) reports a robust forecast for the global lateral flow readers market during the 2021-2029 period. In its newly released report, AMI anticipates the market will grow at a CAGR of 4.44% over the forecast period. The market is gaining more traction owing to the increase in use of fluorescence based lateral flow readers, along with smartphone applications in forensics and medical applications.
COVID-19 Pandemic is Expected to Have a Positive Impact
The COVID-19 pandemic has adversely impacted the lives of individuals across the globe. Mutations in coronavirus is causing worry in many countries, and social distancing norms are still being imposed. The healthcare industry has been severely burdened by the pandemic, and remote patient monitoring is being increasingly offered by numerous healthcare facilities. Lateral flow meters are helping healthcare practitioners in remote patient monitoring, as compact readers can be used for monitoring patient readings from the comfort of their home. These readings can then be sent to practitioners for further analysis. Furthermore, companies are increasingly offering lateral flow readers that can detect the presence of novel Coronavirus in humans. Japan-based Hamamatsu Photonics, for instance, has developed a fluorescence immunochromato reader which has high reproducibility and sensitivity. The device can be primarily used for diagnostic applications of various infectious diseases. The product was commercialized on October 1st, 2020, and is used for the immunochromatographic screening of coronavirus. Hence, the pandemic is expected to have a positive impact on the global lateral flow readers market, as various healthcare facilities are increasingly using these readers for the advanced research on novel coronavirus, and for the diagnosis of infectious diseases.
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Portable/Handheld Type Lateral Flow Readers Accounted for the Highest Share in 2020.
AMI reported that portable/handheld lateral flow readers accounted for the highest revenue share in 2020. Portable readers are becoming increasingly popular due to their higher accessibility, and reduced maintenance needs. These readers can be used for multiple applications such as environment screening, disease diagnosis, heart monitoring, etc. The advancement in manufacturing technology is enabling companies to develop compact lateral flow readers for affordable prices. The reduction in price is enabling more end-users to avail these readers, thereby leading to the growth of global lateral flow readers market. DIALUNOX, for instance, has developed a product called ESEQuant Go which is compact in size, and uses the medium of cloud computing for calculations. A smartphone application acts as the link between the cloud and the reader. The readings are sent to the cloud via smartphone application, thereby reducing the complexity of lateral flow reader. It is easy to use, and can be setup in matter of minutes. NOWDiagnostics, on the other hand, offers a portable product named DxCELL, which is capable of handling both chromatographic and fluorescent tests. These factors are leading to the growth of the portable/hand held lateral flow readers.
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Asia Pacific Region to Show the Highest Growth During the Forecast Years (2021-2029)
Absolute Markets Insights reported that the Asia Pacific region is expected to show the highest growth during the forecast years in the global lateral flow readers market. Asia Pacific region is seeing a rise in investment for point-to-point medical instruments, along with improvements in forensics, and lateral flow readers are seeing an increase in adoption in countries such as China, India, Japan, Australia, Singapore, amongst others. Furthermore, other developing countries such as Indonesia, Malaysia, Thailand, etc., are investing heavily in the modernization of healthcare, and remote patient monitoring is gaining traction in the Asia Pacific region. Advanced lateral flow readers has the ability to store sample results, and send the information to medical practitioners, which in turn facilities faster monitoring. Also, the region is seeing a rise in infectious diseases, and lateral flow meters are helping in faster diagnosis of diseases such as seasonal flu and TB, amongst others. Studies show that one person perishes as a result of viral hepatitis every 30 seconds in the Asia Pacific region. The ability of the lateral flow meters to address the issue of infectious diseases, coupled with the faster and easier use of these meters is helping in the growth of the lateral flow readers market in the Asia Pacific region.
Some of the players operating in the lateral flow readers market are Abbott, ABINGDON HEALTH, Axxin , BBI Solutions, BioAssay Works LLC, Creative Diagnostics , Detekt Biomedical LLC., DIALUNOX , Gm Design Development , Hamamatsu Photonics K.K , IUL, SA , NOWDiagnostics, QIAGEN, VICAM, A Waters Business, amongst others.
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Lateral Flow Readers Market:
By Component
- Hardware& Accessories
- Solutions
- Services
By Type
- Bench Top
- Portable Handheld
- Smartphone Readers
By Measurement Method
- Fluorescence Method
- Absorption/ Colorimetric Method
By Application
- Environmental Testing
- Medical/Point-of-Care Testing
- Infectious Disease Diagnosis (Including Coronavirus and Influenza Infections)
- Cardiovascular Diseases
- Immunodetection
- Fertility/Pregnancy Testing
- Others
- Food & Beverage Testing
- Veterinary
- Forensic
- Others
By End Users
- Laboratories
- Hospitals&Clinics
- Diagnostic Centers
- Pharmaceutical & Biotechnology Companies
- Others
By Sales Channel
- Direct
- Indirect
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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