In a series of QUICK GUIDES, we look at why the lateral flow diagnostics market is expected to grow by a Compound Annual Growth Rate (CAGR) of 8.2% by 2022, up from $5.5bn in 2017. (Source: MarketsandMarkets.com). We look at the growth of using lateral flow technology across the following areas:
By 2022, it’s expected that use of lateral flow technology in the veterinary sector will be worth $760m, a 2017-2022 CAGR of 7.1% (Source: MarketsandMarkets.com).
Veterinary sector divides into:
The migration to using rapid diagnostics, in general, is on the increase with the estimated 93,000 veterinarians in the U.S and nearly 200,000 veterinarians across EU countries leading the uptake in utilising rapid diagnostic methods.
Diagnosis for the following targets generates the highest revenue across rapid diagnostics market:
The following targets are also regularly tested for across the veterinary sector:
Furthermore, lateral flow technology advancements, for example in conjugation methods and techniques, has allowed improvements in lateral flow performance e.g. increased sensitivity, which has increased the potential application of lateral flow technology in all markets, including the veterinary market.
Lateral flow technology is already used in a wide number of applications within the animal health industry across both companion animal and livestock markets. The key reasons are:
Abingdon Health has a long-track record of developing and manufacturing single target and multiplex lateral flow assays within regulated and non-regulated markets. Watch one of our videos or contact us to learn more about our capabilities.