Lateral Flow Assay Market : Facts, Figures and Analytical Insights 2020-2026

The Lateral Flow Assay Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

The lateral flow assay (LFA) market studied was anticipated to grow with a CAGR of nearly 3.9% during the forecast period.

The major factors attributing to the growth of the market are a rise in the global prevalence of infectious diseases, HIV, cancers which necessitate novel diagnostic methods for efficient treatment to eradicate the growing mortality rate. For instance, according to the Joint United Nations Programme on HIV and AIDS (UNAIDS), in 2019, 24.5 million people with HIV were accessing antiretroviral therapy globally. Additionally, increased participation of the government to control the outbreaks of the infectious diseases and the increasing awareness programs to enhance the spread of infections, diagnosis and prevention along with launch of immediate diagnosis systems at home care settings are expected to contribute to the growth of the global market during the forecast period.

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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Lateral Flow Assay Market: PerkinElmer Inc, Merck KGaA, QIAGEN NV, Abbott Laboratories (Alere Inc), Quidel Corporation, Hologic Inc, Thermo Fisher Scientific Inc, bioMerieux SA, Becton, Dickinson and Company, Bio-Rad Laboratories Inc and others.

Industry News:

March 9, 2020: Queensland-based chemistry company AnteoTech (ASX: ADO) has signed a non-binding heads of agreement with German pharmaceutical and life sciences company Merck KGaA to co-develop products for the world's rapidly-growing point of care diagnostic testing market. The products will harness Merck's full range of europium particles activated with AnteoBind to offer an advanced toolset for assay developers. The combined products will be targeted at developers looking to harness the fluorescent qualities of Europium and the conjugation improvement properties of AnteoBind.

Point of care testing encompasses any lateral flow assay test which is performed close to or near the patient and can include devices such as dipsticks for urinalysis, handheld devices like glucose meters, or sophisticated molecular analysers to detect infectious diseases. Industry research shows the global point of care diagnostics market was valued at $29.15 billion in 2019 and is expected to register a compound annual growth rate of 3.2% to sit at $37.37 billion by 2027. Likewise, the global lateral flow assay development market - valued at $10.09 billion last year - is expected to reach $14.96 billion by 2024, driven by low-cost, rapid and portable detection devices and their ability to provide an immediate diagnosis.

Thu, Apr 16 2020: Abbott Laboratories says it is ramping up production of its coronavirus test kits, including a new tool that could enable mass Covid-19 screening, as President Donald Trump seeks to reopen parts of the U.S. economy as early as next month.

The company is on track to ship 4 million this month of its new antibody tests, which indicate whether a person has had Covid-19 in the past and was either asymptomatic or recovered, Abbott CEO Robert Ford said during an earnings conference call with investors Thursday. It plans to ramp up to 20 million shipments per month, beginning in June, he said, adding there's a need to manufacture more tests.

Key Market Trends:

Clinical Testing Sub-segment by Application is Expected to Hold the Largest Market Share in the Lateral Flow Assay Market

Clinical testing segment is anticipated to hold the largest market share in the LFA market due to their importance in identifying the detection of the disease with rise in the incidence of infectious diseases. The increased demand for the segment is owing to an increase in the new approvals of self-test devices such as Atomo HIV Self-Test, TRUSTline HIV-Ab/Ag 4th Gen Rapid Test, Dr Trust Hiv Sure, and others developed in the recent years. These self-test devices and kits help the patients in assurance, earlier diagnosis, enhanced convenience and ease of use which are likely to fuel the market.

North America Dominates the Market and Expected to do Same in the Forecast Period.

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

For instance, as per U.S. Department of Health & Human Services report published in January 2020, about 37,832 people in the U.S. were diagnosed with HIV in 2018 and 38,000 new HIV infections still occur in the United States. It has been also reported that there is a rapid spread of various infectious diseases such as meningitis, urinary tract infections necessitating the immediate diagnosis demanding the rapid diagnostic test devices fueling the market. Furthermore, increased adoption rate of advanced infrastructure, volume of diagnostic centers, rise in awareness among the people are factors estimated to boost the market in the region contributing its outstanding share of the global market revenue during the forecast period.

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Regional Analysis For Lateral Flow Assay Market:

For comprehensive understanding of market dynamics, the global Lateral Flow Assay market is analyzed across key geographies namely:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

Lateral Flow Assay Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger and acquisitions along with trending innovation and business policies are reviewed in the report. The report contains basic, secondary and advanced information pertaining to the Market global status and trend, market size, share, growth, trends analysis, segment and forecasts from 2020-2026.

Following are major Table of Content of Lateral Flow Assay Market:

- Global Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- Global Market competition by top Players
- Analysis by Regions
- Consumption by Regions
- Consumption, By Types, Revenue and Market share by Types
- Consumption, By Applications, Market share (%) and Growth Rate by Applications
- Complete profiling and analysis of Players
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Market Effect Factors Analysis
- Global Market Forecast
- Global Market Research Findings and Conclusion, Appendix, methodology and data source

Finally, all aspects of the Global Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects. The report supplies the international economic competition with the assistance of Porter's Five Forces Analysis and SWOT Analysis.

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