High prevalence of infectious diseases across the globe, rise in usage of home based lateral flow assay kit, and growing demand for point-of-care testing drive the growth of the global lateral flow assays market. On the other hand, lower accuracy of lateral flow assay tests and limited reimbursements for lateral flow assay products impede the growth to some extent. However, evolving applications of lateral flow assays are expected to pave the way for lucrative opportunities in the industry.
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According to the report published by Allied Market Research, the global lateral flow assays industry was estimated at $8.35 billion in 2020, and is anticipated to hit $13.35 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Growing incidence of infectious diseases across the globe, increase in usage of home based lateral flow assay kit, and growing demand for point-of-care testing fuel the growth of the global lateral flow assays market. On the other hand, lower accuracy of lateral flow assay tests and limited reimbursements for lateral flow assay products restrain the growth to some extent. Nevertheless, evolving applications of lateral flow assays are projected to pave the way for lucrative opportunities for the key players in the industry.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, growth of the lateral flow assay market is driven by increase in rate of infectious diseases, COVID-19, HIV, and cancer, which require new diagnostic methods of effective treatment to end the growing mortality rate.
By technique, the sandwich assays segment accounted for the largest share of the lateral flow assay kits & reagents market. Wide applications of these assays in clinical testing and advantages associated with the use of these assays, such as higher sensitivity and specificity for larger analytes, are the major factors that drive growth of this segment.
- Lateral flow assay-based tests are being used worldwide for diagnosing COVID-19 infections as LFA test kits have demonstrated the potential to detect both symptomatic and asymptomatic COVID-19 infections. This factor has boosted the market growth in more than one way.
- Many healthcare companies are focused on developing lateral flow assay devices that can detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in blood samples using a finger prick, saliva samples, or nasal fluid swabs.
North America garnered the major share in 2020-
By region, the market across North America had the lion’s share in 2020, generating nearly two-fifths of the global lateral flow assays market. Increased mortality rate associated with HIV/AIDS in the region and rise in incidence of various infectious diseases such as lyme disease, COVID-19, and tuberculosis drive the market growth. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 6.2% by 2030. The other provinces studied in the report include Europe and LAMEA.
Key players in the industry-
- Danaher Corporation
- F. Hoffmann-La Roche AG
- QIAGEN N.V.
- Abbott Laboratories
- Dickinson and Company
- PerkinElmer Inc.
- Siemens Healthineers AG
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific Inc.
Official Press Release: https://www.alliedmarketresearch.com/press-release/lateral-flow-assay-market.html
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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