Lateral Flow Assays Market worth $12.6 billion - Industry-Specific Opportunities and Trends Affecting the Growth

MarketsandMarkets™ Research Report's View on Revenue Impact?

The global lateral flow assays market is projected to reach USD 12.6 billion by 2026 from USD 11.4 billion in 2021, at a CAGR of 2.0% during the forecast period.

Factors Responsible for Growth and In-Depth Analysis?

High prevalence of infectious disease across the globe;

Despite significant improvements in sanitation and medicine, the global prevalence of infectious diseases is still high. Although non-communicable diseases are the leading cause of morbidity and mortality, infectious diseases remain a major public health concern across the globe. According to the National Institute of Allergy and Infectious Diseases, annually, infectious diseases claim more than 15 million lives globally. In 2019, according to the WHO World Malaria Report, 229 million malaria cases occurred worldwide. With an estimated 215 million cases in 2019, the WHO African Region accounted for about 94% of cases. Similarly, as per WHO 2021, an estimated 37.7 million people were living with HIV at the end of 2020, over two-thirds of whom (25.4 million) are in the WHO African Region.

The high prevalence of infectious diseases, such as HIV and malaria, coupled with the underdeveloped healthcare infrastructural facilities and increasing public awareness in developing countries, is expected to drive the adoption of lateral flow assay tests in these countries. In addition, recent outbreaks of infectious diseases from the spread of viruses (such as Ebola, H1N1, and Zika) have highlighted the need for early disease detection capabilities, which is also expected to drive market growth. The current COVID-19 pandemic has resulted in high demand for rapid diagnostic testing through lateral flow technology, supporting the growth of this market in the coming year.

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Leading Key Players and Analysis:

The prominent players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).

Geographical Analysis in Detailed?

The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 38.2% of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR of 4.2% during the forecast period.

The rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, the presence of a favorable regulatory environment, and growing demand for home and POC testing are supporting market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific (especially India) have also resulted in a high growth rate in the lateral flow assays market in this region.

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Industry Segmentation:

"Sandwich assays technique accounted for the largest share of lateral flow assays market in 2020"

Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assays technique dominated the lateral flow assays market with a share of 70.9% in 2020. The large share of this segment can be attributed to its better assay sensitivity and specificity and its extensive applications in the measurement of critical analytes (such as cardiac and hepatitis markers).

"Blood samples accounted for the largest share of lateral flow assays market in 2020"

Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Blood samples accounted for the largest market share of 53.1% in 2020. The use of blood samples in lateral flow tests for infectious diseases such as malaria, HIV, and syphilis; the rising awareness of rapid testing solutions; and easy detection of disease antibodies from blood samples are key factors driving the growth of this segment.

"The hospitals & Clinics segment accounted for the largest share of lateral flow assays market in 2020"

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest market share of 37.6% in 2020. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, further driving the growth of this market in the forecast period.

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