Lateral Flow Assay Market Strategies Adopted by Major Players | PerkinElmer Inc, Merck KGaA, QIAGEN NV

The Global Lateral Flow Assay Market Report provides a study with an in-depth overview, describing the product/industry scope and elaborates market outlook and status (2021-2026). The report is curated after in-depth research and analysis by experts. The report provides comprehensive valuable insights on the global Lateral Flow Assay market development activities demonstrated by industry players, growth opportunities, and market sizing with analysis by key segments, leading and emerging players, and geographies.

The lateral flow assay market is projected to register a CAGR of 6.3% over the forecast period, with a revenue of USD 7,533 million in 2020 and expected to reach USD 11,551 million by 2026.

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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., Danaher Corporation

Industry Recent Development:

For instance, in February 2019, Abbott announced the availability of its latest rapid influenza diagnostic test (RIDT), BinaxNOW Influenza A & B Card 2, which was granted under the Clinical Laboratory Improvements Amendments (CLIA) by the US Food and Drug Administration (FDA) for rapid detection of influenza virus, which is expected to have a positive impact on the market. Some of the companies which are currently dominating the market are Abbott Laboratories, Hologic Inc., Quidel Corporation, PerkinElmer Inc., and bioMerieux SA.

Key Market Trends

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

The pandemic has drastically increased launches and research in the field of clinical testing, bolstering the segment growth. Roche in September 2020, launched a SARS-CoV-2 Rapid Antigen Test for markets accepting the CE Mark. The SARS-CoV-2 Rapid Antigen Test is for use in point-of-care settings for both symptomatic and asymptomatic people. In October 2020, Access Bio launched Lateral Flow COVID-19 Antigen Test, the US FDA approved the product to detect SARS-CoV-2 infections.

The clinical testing segment is anticipated to hold the largest market share in the LFA market due to its importance in identifying the detection of the disease with a rise in the incidence of infectious diseases. According to the World Health Organization, Global Tuberculosis Report 2020, approximately 1.4 million people died from Tuberculosis-related illnesses in 2019 and nearly 10 million individuals developed tuberculosis in 2019. Hence, the growing burden of tuberculosis is expected to drive the need for rapid and affordable diagnostics, especially in developing countries, which aids in the growth of the studied market.

Segmentation by type:
Sandwich Assays
Competitive Assays

Segmentation by application:
Medicine
Environment Testing
Food Safety

Regional Analysis:

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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

North America is expected to dominate the overall LFA market throughout the forecast period owing to a rise in the incidence of various infectious diseases such as Lyme disease, tuberculosis, and an 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.

The pandemic hit the region very hard and forced the government to mass screening programs boosting the market growth in the region. In 2020, Abbott Laboratories ramped up its production of coronavirus test kits, including a new tool that could enable mass Covid-19 screening. The company has thus announced that it's developing the fourth diagnostic test for the coronavirus: A lateral flow blood test that could provide mass testing to the general population

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