Lateral Flow Assay Market to grow further till USD 15.0 billion by 2031, at a CAGR of 6.1%

New York, The lateral flow assay market was valued at USD 8.3 billion in 2021 and it is anticipated to grow further till USD 15.0 billion by 2031, at a CAGR of 6.1% during the forecast period.

Global Lateral Flow Assay Market report from Global Insight Services is the single authoritative source of intelligence on Lateral Flow Assay Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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A target analyte can be detected in a sample using lateral flow assays (LFA), also referred to as lateral flow immunochromatographic tests (matrix). For the qualitative and quantitative identification of particular antigens and antibodies, these tests are frequently employed in hospitals and clinical laboratories. Additionally, lateral flow assay kits are used to quickly screen for drug addiction, pregnancy, fertility, cardiac indicators, viral disorders, and cholesterol testing/lipid profiling. They are also employed in the testing of foods and drinks.

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Market Trends and Drivers
The frequency of infectious diseases is still very high on a worldwide scale despite great advancements in sanitation and medicine. Infectious diseases continue to be a major public health problem around the world, despite the fact that non-communicable diseases constitute the largest cause of morbidity and mortality. The popularity of lateral flow assay tests is anticipated to increase in poor nations due to the high frequency of infectious diseases like HIV and malaria, as well as the underdeveloped healthcare infrastructure and growing public awareness.

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Global Lateral Flow Assay Market Segmental Overview
The report analyses the global lateral flow assay market based on the product, application, technique, end use, and region.

Global Lateral Flow Assay Market by Product

Based on the product, it is segmented into kits & reagents, and lateral flow readers. The kits & reagents segment is anticipated to dominate the market during the forecast period. During the forecast period, it is anticipated that leading players would expand the market by releasing new kits. For instance, Abbott's Panbio COVID-19 Antigen Self-Test obtained CE certification in Europe in June 2021. Its business in Europe is anticipated to grow as a result. To detect the Lambda and Delta variants of SARS-CoV-2, Thermo Fisher Scientific updated its TaqMan SARS-CoV-2 Mutation Panel in August 2021. In March 2021, the panel was initially introduced. A customizable screen for identifying mutations is included in the upgrades.

Due to the strong need for lateral flow readers to provide precise and accurate interpretation of results for R&D and sample testing applications, the market for them is expected to expand at a profitable rate. Benchtop and digital/mobile lateral flow readers are the two different types of lateral flow readers. Due to an increase in the usage of digital connectivity to improve lateral readers' capabilities, it is projected that the market for digital/mobile lateral flow assay readers will grow rapidly in the future years.

Global Lateral Flow Assay Market by Application

Based on the application, it is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, drug development & quality testing. The clinical testing segment is anticipated to dominate the market during the forecast period. This is due to an increase in infectious diseases, such as the COVID-19 outbreak. For the quantitative and qualitative identification of certain antibodies, products of gene amplification, and antigens, lateral flow-based assays are frequently employed in medical offices, hospitals, and clinical laboratories. Because of its portability and convenience of use, lateral flow assay testing makes illness testing easier.

Unlike other laboratory tests, these tests yield results instantly, saving time. The most frequent tests that make use of lateral flow assays are those for infectious illnesses, pregnancy, and urine analysis strip testing. Government mass screening efforts are being driven by an increased incidence of COVID-19 in numerous locations, which is strengthening the market. For instance, the North Dakota Department of Health launched a COVID-19 fast antigen test-based mass screening program in February 2021. It was anticipated that the initiative will increase demand for lateral flow tests.

Global Lateral Flow Assay Market by Technique

Based on the technique, it is segmented into the sandwich assay, competitive assay, and multiplex detection assay. The sandwich assay segment dominated the market during the forecast period. In this method, a colored line at the test line position typically serves as a representation of a positive test. The test doesn't need any special training and can be applied in any sector or healthcare setting with limited resources. The market expansion is anticipated to be boosted by the increasing number of research activities conducted by various research institutes. Developing a sandwich-based immunochromatographic strip called a lateral flow was the goal of a research study that was published in the Asian Pacific Journal of Tropical Biomedicine in July 2019. Its use was to quickly detect circulating Schistosoma mansoni antigens in urine and serum samples of patients with active schistosomiasis.

Global Lateral Flow Assay Market by End Use

Based on the end use, it is segmented into hospitals & clinics, diagnostic laboratories, home care, pharmaceutical & biotechnology companies, and others. The hospital & clinics segment is anticipated to dominate the market during the forecast period. The primary care settings for the diagnosis and treatment of medical diseases include hospitals and clinics. For the diagnosis, treatment, and management of diseases, the majority of the population depends on these long-term facilities. The demand for hospitals with improved diagnostic services has increased as a result of the healthcare industry's ongoing changes. Globally rising healthcare costs have made a substantial contribution to the market's expansion.

Geographical Analysis of the Global Lateral Flow Assay Market

Region-wise, it is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to dominate the market during the forecast period. This can be attributable to the great affordability and broad accessibility of modern lateral flow assays. Additionally, the region is seeing an increase in demand for detection and treatment due to the high incidence of respiratory illnesses such COVID-19, influenza, and RSV. Furthermore, it is projected that the region's lateral flow assays market would develop as a result of the region's established healthcare infrastructure and access to government funding for research. The NIH funded USD 248.7 million in the creation of new technologies in July 2020 to solve issues related to the testing of COVID-19.

Major Players in the Global Lateral Flow Assay Market
The key players in the global lateral flow assay market are Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Bio-rad Laboratories, Inc., Biomérieux SA, Quidel Corporation, Hologic, Inc., Perkinelmer, Inc., Merck KGAA, Becton, Dickinson and Company, Siemens Healthineers, Danaher Corporation and Qiagen N.V. among others.

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