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The global lateral flow assay market was valued at USD 9,166.7 Million in 2021 and is forecasted to reach USD 14,128.7 Million by the year 2030. The market is anticipated to register a CAGR of 5.0% over the projected period.
Lateral flow assay is a paper-based platform which is used for detecting and quantifying analytes in complex mixtures. A sample is placed on the test device and results are displayed withing 5 to 30 minutes. Need for rapid diagnostic testing for COVID-19 coupled with the high prevalence of infectious diseases are expected to boost the market growth. Furthermore, evolving applications of lateral flow assays is also expected to fuel the market growth.
Despite the driving factors, inconsistent results of lateral flow assay tests along with the government stringent regulations are expected to hinder the market growth during the forecast period.
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The “Lateral Flow Assay Market” is a specialized and in-depth study of the respective industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation by type. The market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.
Lateral flow assays are commonly used for point of care testing owing to its great efficiency and convenience. These application areas include COVID-19 antibody rapid test, neutralizing antibody test for COVID-19 vaccine development, pregnancy (HCG hormone) test, the HIV test, and hepatitis B virus test. Furthermore, these tests have also found applications in helping cystic fibrosis patients to breathe more easily, to detect toxins in food, and identifying plant pathogens. Hence, evolving applications of lateral flow assays are expected to fuel the market growth.
KEY PLAYER
Abbott Laboratories, bioMerieux S.A, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Hologic Inc., Merck KGaA, PerkinElmer Inc., Qiagen N.V., Quidel Corporation, Siemens Healthineers, and Thermo Fisher Scientific, Inc., among others.
MARKET OVERVIEW
The lateral flow assay (LFA) market involves several key stakeholders who significantly influence its dynamics, growth, and applications. These stakeholders encompass various participants, including diagnostic test manufacturers, healthcare providers, research institutions, regulatory bodies, consumers, and suppliers of materials used in assay production.
Diagnostic test manufacturers play a central role in the LFA market, developing, producing, and commercializing lateral flow assays for various applications, including medical diagnostics, infectious disease testing, pregnancy testing, drug testing, food safety, and environmental monitoring. These companies focus on innovation, accuracy, ease of use, and cost-effectiveness of LFAs to meet the needs of healthcare providers and consumers.
Healthcare providers, such as physicians, nurses, laboratories, and point-of-care facilities, utilize lateral flow assays as rapid diagnostic tools for quick and convenient testing. LFAs provide rapid and reliable results, aiding in the timely diagnosis and management of various conditions.
Regulatory bodies, such as the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in Europe, and other health regulatory agencies globally, oversee the approval, validation, and quality assurance of lateral flow assays. Compliance with regulatory standards is essential for manufacturers to market and distribute these tests.
Research institutions and academic centers contribute to advancements in LFAs by conducting studies, developing new assay technologies, and exploring novel applications for lateral flow tests. Their research findings drive innovation and improvements in assay sensitivity, specificity, and multiplexing capabilities.
Suppliers of materials and components used in LFA production, such as antibodies, antigens, membranes, conjugates, and substrates, play a significant role in providing high-quality and reliable components essential for manufacturing lateral flow assays.
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Consumers, including patients and end-users, benefit from the accessibility and usability of LFAs in various settings, such as clinical laboratories, hospitals, point-of-care locations, and non-medical settings like food production facilities or environmental monitoring sites.
Understanding the strategies, technological advancements, regulatory landscape, market penetration, applications in different industries, and continuous improvements associated with lateral flow assays is essential for comprehending the complexities and trends within this market. These key stakeholders collectively shape the adoption, usage, accessibility, and advancements in lateral flow assays, steering the direction of the market. Continuous analysis and awareness of their activities are crucial for predicting market shifts, improving diagnostic capabilities, and fostering innovation in diagnostic testing technology.
Segments Overview:
The global Lateral flow assay market is segmented the product & services, indication, technique, end user, and distribution channel.
By Product & Services,
? Readers
o Bench-Top Readers
o Hand-Held Readers
? LFA Kits
o Test Strips
o Dipsticks
o Cassettes
o Lancets
The LFA kits segment is anticipated to witness the fastest growth rate of around 5.3% over the forecast period owing to the rising demand for kits for point of care testing purposes. Within this segment, the test strips segment is expected to hold a market opportunity of over USD 1,500 million during 2022 to 2030 owing to their ease of use.
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By Indication,
? Infectious Diseases
o Mosquito-borne Diseases
o Streptococcus Infections
o Sexually Transmitted Diseases
o Hepatitis
o Tuberculosis
o Asthma
o Pneumonia
o Sepsis
o Gastrointestinal Infections
o Others
? Pregnancy Test
? Drug of Abuse Testing
The infectious diseases segment is expected to account for the largest market share of more than 70% in 2021 owing to the rising prevalence of infectious diseases and the high use of LFAs for quick diagnosis of these diseases. Within this segment, the sexually transmitted diseases segment is estimated to surpass a market of USD 2,000 million by 2026 owing to the rising incidence rate of STDs, such as HIV AIDS.
By Technique,
? Sandwich Assays
? Competitive Assays
? Multiplex Detection Assays
The sandwich assays segment is estimated to account for the highest market share of more than 2/5th of the market in 2021 owing to their better assay sensitivity as well as specificity. The competitive assays and multiplex detection assays segment are also expected to witness lucrative growth rates.
By End User,
? Hospitals & Clinics
? Diagnostics Laboratories
? Home Care Settings
? Pharmaceuticals & Biotechnology Companies
? Others
The diagnostics laboratories segment is estimated to surpass a mark of USD 4,000 million by 2029 owing to the high usage of lateral flow assays in diagnostic laboratories. The hospitals and clinics segment is estimated to hold an opportunity of more than USD 1,700 million during 2022 to 2030.
By Distribution Channel,
? Hospital Pharmacies
? Retail Pharmacies
? Supermarkets/ Hypermarkets
? e-Commerce
The hospital pharmacies segment is estimated to surpass a mark of USD 6,000 million by 2027 owing to high demand for lateral flow assays through the hospital pharmacies. The e-commerce segment is anticipated to witness significant growth owing to the rising penetration of e-commerce sites.
Regional Overview
Based on region, the global Lateral flow assay market is divided into Europe, North America, Asia Pacific, South America, and Middle East & Africa.
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