Lateral flow assays (LFA) market 2022 | Asia Pacific region would exhibit the highest CAGR of 6.2% by 2030

 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. 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. Factors that boost demand for LFA-based devices for COVID-19 testing include low cost of LFA devices and the fact that no trained personnel are required for performing these tests. The potential of LFA devices in detecting symptomatic and asymptomatic COVID-19 infections is its main advantage over other detection methods.

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According to a new report published by Allied Market Research, titled, “lateral flow assay market by product, technique, application and end user: global opportunity analysis and industry forecast, 2021–2030,” the global market was valued at $8,351.30 million in 2020 and is projected to reach $13,352.90 million by 2030 registering a CAGR of 4.70% from 2021 to 2030.

Growth in the lateral flow assays market is mainly driven by factors such as spread of various chronic and infectious diseases, increase in use of home-based lateral flow assay kits, growth in government initiatives toward promoting health awareness, growth in demand for point-of-care testing, increase in adoption of LFA due to innovations and advantages of LFA rapid tests over laboratory tests. Moreover, recent outbreak of the COVID-19 has positively affected growth of the lateral flow assays market. However, stringent and time-consuming regulatory policies for assays performed to detect presence or absence of any analyte and unwillingness of people toward changing existing medical practices restrain the market growth. Advancements in technology and increase in applications of lateral flow assay tests in clinical diagnostics provide lucrative opportunities for the lateral flow assay market growth.

North America is expected to dominate the overall LFA market throughout the forecast period, owing to rise in incidences of various infectious diseases such as Lyme disease, COVID-19, tuberculosis, and increased mortality rate associated with HIV/AIDS in the region. In North America, the U.S holds the largest market share, owing to increased patient pool and high affordability with increasing disposable income.

Key Findings Of The Study 

  • On the basis of technique, the sandwich assays segment held the largest share in the global lateral flow assay market in 2020.
  • On the basis of product, the lateral flow readers segment held the largest market share in 2020, and is expected to remain dominant during the forecast period. 
  • Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 3.80 % during the forecast period. 

Key Market Segments

By Technique

  • Sandwich Assays
  • Competitive Assays
  • Multiplex Detection Assays 

By Product

  • Kits & Reagents
  • Lateral Flow Readers31 to 38
    • Digital/Mobile Readers
    • Benchtop Readers
    • Mobile/Smartphone Readers

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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 domain.

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