The global lateral flow assay market is projected to reach USD 8.7 billion by 2023 from USD 6.0 billion in 2018, at a CAGR of 7.7%. 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.
Abbott Laboratories dominated the global lateral flow assays market in 2017. Abbott acquired Alere Inc. (US) in 2017 which was previously the market leader in the lateral flow assays market. The company has a diversified product portfolio of lateral flow assay kits and readers. Its prominent position can be attributed to its technological contributions to the lateral flow assays market. Over the years, Abbott 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 on reallocating its resources to high-growth geographies and sales organizations based in China, India, Africa, and Latin America. The company also dedicates resources and time to ensure and enhance product quality. To achieve this end, it runs quality improvement programs and conducts rigorous internal audits. Abbott 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.
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Danaher Corporation was the third largest player in the market. The company has established itself as a strong player in the lateral flow assays market due to its extensive product portfolio and focus on product launches & development. Danahers laboratory diagnostics products are used by customers in the hospitals, physicians offices, veterinary laboratories, reference laboratories, and pharmaceutical clinical trial laboratories. Its global reach spans across the US, China, Germany, and Japan, with 242 manufacturing and distribution facilities across the globe. Strong performance in the market has driven Danahers revenue and profit growth over the recent years. The company’s annual revenue increased from USD 14.43 billion in 2015 to USD 18.33 billion in 2017. This increase in revenue can be attributed to Danaher Business System’s research and development tools, which are designed to continuously improve the company’s performance in critical areas of quality, delivery, cost, and innovation of products. The company’s strategy of collaborating with the competitors (small & mid-sized players) has allowed it to enter new markets. This is evident from the company’s collaboration with Diasorin S.p.A. in 2015 for the commercialization of Hepatitis and HIV tests in China.
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