1) Searching for asterisks: \*([^\*]+?)\*(?!\*)
2) Adding tags to bold: <strong>$2</strong>
Now just apply to your project:
let str = 'Lorem *ipsum dolor* sit amet, *consectetur** adipisicing elit. Optio repellat ipsa quibusdam ab doloremque accusamus nobis minima maiores voluptas, incidunt rerum alias, aliquam ut minus consequatur odio voluptatibus voluptates exercitationem.';
str = str.replace(/\*([^\*]+?)\*(?!\*)/i, '<strong>$1</strong>');
console.log(str);
@edit Now you will not find if you have two asterisks together, with nothing inside.
@ edit2 Now you will not find if you have two asterisks together at the end of the searched expression, as @ sam (% with%). And I've improved it as per the @hkotsubo tip.
Example working: Regex101.com