Growing Demand for Point-Of-Care Testing Will Propel the Lateral Flow Assays Market to USD 13,317 Million by 2030 Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Lateral Flow Assays Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
LOS ANGELES, June 29, 2022 (GLOBE NEWSWIRE) -- The Global Lateral Flow Assays Market size accounted for USD 8,256 Million in 2021 and is expected to reach USD 13,317 Million by 2030, growing at a CAGR of 5.5% during the forecast period from 2022 to 2030.
The COVID-19 pandemic had a significant impact on the global economy. Using lateral flow test kits instead of sending patient samples to the research center can be more convenient because they are compact, smaller, and can be governed with minimal guidance. As a result, they are endorsing execution outside of medical facilities, in low- and middle-income economies, and in countries that have implemented significant population screening programs. Despite being less accurate than PCR tests, lateral flow tests are particularly appealing in countries that lack comprehensive facilities and equipment or competent health care workers to conduct COVID-19 screening PCR trials.
Lateral flow assays (LFAs), also known as lateral flow immune chroma to graphic assay methods, are cellulose-based tools being used to detect the presence of an analyte in a sample. LFAs have a broad range of applications, including pregnancy testing, drug abuse screening, rapid cardiac marker diagnostics, and infectious disease screening. Moreover, it is also used to detect the presence or absence of a particular composition in animals or humans, such as microbes or biomarkers. Lateral flow tests are commonly used in human medicine. Aside from that, it is used in diagnostics for point-of-care, at-home, and laboratory analysis. It is commonly used in homeopathic settings for home pregnancy tests. A lateral flow assay strip consists of a reaction membrane, conjugate or reagent device, specimen pad, and wick or waste reservoir. Furthermore, there are three types of lateral flow tests: sandwich assays, multiplex detection assays, and competitive assays. The sandwich assay, on the other hand, is widely used due to its ease of use and accuracy in diagnosis.
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|Market||Lateral Flow Assays Market|
|Market Size 2021||USD 8,256 Million|
|Market Forecast 2030||USD 13,317 Million|
|CAGR During 2022 - 2030||5.5%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, By Technique, By End-user, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Laboratories, Siemens Healthineers, F. Hoffmann-La Roche AG, Merck KGAA, Biomérieux SA, PerkinElmer, Inc., Hologic, Inc., Quidel Corporation, Becton, Dickinson and Company, Bio-rad Laboratories, Inc., Thermo Fisher Scientific, Inc., and Danaher Corporation.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Lateral Flow Assays Market Growth Aspects
Growing occurrence of communicable diseases, rising geriatric population, and at home lateral flow assay equipment are expected to propel the global lateral flow assay industry forward. Furthermore, it employs cellulose to detect the presence of a highly structured liquid sample without the use of expensive or specialized equipment. The benefits of LFA-based testing methods over laboratory analysis, increased testing demand, increased use of home-based lateral flow assay kits, and growing recognition of connected devices are all driving factors in the overall lateral flow assays market. Additionally, excessive government involvement in communicable disease management and consumer awareness initiatives to improve microbes transmission, diagnostic procedures, and prevention methods, as well as the launch of diagnostic techniques in-home care settings, are expected to contribute to global market growth during the forecast period.
Additionally, increased spending on point-of-care diagnostics is supposed to drive market growth during the forecast period. Since point-of-care testing devices are fast, convenient, and compact, they produce a faster result, which leads to better patient outcomes. As the demand for point-of-care diagnostic equipment grows, more unique technologies with sophisticated technology are being developed. The continued growth of lateral flow tests in the food business, as well as the expanding implementations of lateral flow assays, provide significant opportunities for the lateral flow assays market in the future. Technological advancements and an increase in lateral flow assay analytical techniques in diagnostic techniques present appealing market expansion opportunities.
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Lateral Flow Assays Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global lateral flow assays market. Throughout the forecast period, North America held the largest share of the overall lateral flow assay market, owing to an increase in the number of chronic and infectious diseases, such as leptospirosis and tuberculosis, as well as an increased risk of mortality associated with Aids in the region. Due to the presence of a large patient pool, the increasing prevalence of home medical equipment, and accessibility with increasing purchasing power, the United States is expected to have the largest market share in North America.
Furthermore, Asia-Pacific is considered to have the largest CAGR in the coming years due to government initiatives, improved healthcare systems, and increased improvement in quality healthcare at reasonable prices. As communicable disease incidence rises in nations such as China, Japan, and India, Asia - Pacific is expected to grow steadily. During the forecast period, an increase in HIV and chronic disease prevalence is expected to drive market growth.
Lateral Flow Assays Market Segmentation
The global lateral flow assays market has been segmented by Acumen Research and Consulting based on product, application, technique, and end-use. Based on the product, the market is divided into kits, and readers. Based on application, the market split into infectious disease testing, cardiac marker testing, pregnancy & fertility testing, cholesterol testing, drug of abuse testing, others. Based on technique, the market is classified into sandwich assays, competitive assays, and multiplex detection assays. Based on end-use, the market is categorized into hospital & clinics, homecare settings, diagnostic laboratories, others.
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Lateral Flow Assays Market Major Players
Some key players covered global in the lateral flow assays industry are Abbott Laboratories, Siemens Healthineers, F. Hoffmann-La Roche AG, Merck KGAA, Biomérieux SA, PerkinElmer, Inc., Hologic, Inc., Quidel Corporation, Becton, Dickinson and Company, Bio-rad Laboratories, Inc., Thermo Fisher Scientific, Inc., and Danaher Corporation.
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