Lateral Flow Assays Market Expectations & Growth, Trends Highlighted Until 2030

The Lateral Flow Assays market crossed US$ 7.80 billion mark in 2022 and is expected to hit US$ 13.12 billion by 2030, recording a CAGR of 4.1% during the forecast period.

The Report Lateral Flow Assays Market study by "Business Market Insights" provides details about the market dynamics affecting the market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.

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Major key players covered in this Lateral Flow Assays Market report:
• F. Hoffmann-La Roche Ltd
• Abbott
• Thermo Fisher Scientific
• Merck KGaA
• Hologic, Inc
• bioMerieux SA
• Bio-Rad Laboratories, Inc

Rising Incidences of Chronic and Infectious Diseases is likely to drive the market growth:
The lateral flow assay (LFA) is a paper-based test for the detection and quantification of analytes in complex mixtures, where the sample is placed on a test device and the results are displayed within 5-30 min. LFA plays an important role in diagnosis of infectious diseases. It is majorly used to detect several infectious disorders like tuberculosis, STDs, influenza. As per the WHO, in the year 2020, an estimated 10 million people suffered from tuberculosis (TB) across the globe of which 5.6 million were men, 3.3 million were women and 1.1 million were children.

Recent strategic developments in Lateral flow assays market:
The lateral flow assays market has undergone several significant developments, and a few of these have been mentioned below:
• In October 2017, SYGNIS AG launched the advanced Universal Lateral Flow Assay (LFA) kit for expanding the range of lateral flow assay products and services.
• In August 2021, Becton, Dickinson and Company got approval for the OTC rapid antigen test using the Scanwell Health Mobile App.

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In this report, the market has been segmented on the basis of:

Product
• Kits & Reagents
• Lateral Flow Readers

Technique
• Sandwich Assays
• Multiplex Detection Assays
• Competitive Assays

Application
• Drug Development and Quality Testing
• Clinical or Point-of-Care testing
• Others

End User
• Hospitals & Clinics
• Home Care
• Pharmaceutical & Biotechnology Companies

Region
• North America
• Europe
• Asia Pacific (APAC)
• South & Central America
• Middle East & Africa

Growing Biotechnology & Biopharmaceutical Industries is likely to create growth opportunities for the market:
In recent years, the biotechnology industry is developing at an rapid speed. Market players operating in biotechnology industry are tackling various healthcare difficulties by developing medicines, progressing digitalization, therapy forms, and continuously changing the management. Also, the biotechnology sector in India has witnessed significant growth, doubling from US$ 30.2 billion in 2015 to US$ 70.2 billion in 2020.

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Reason to Buy:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Lateral Flow Assays Market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Lateral Flow Assays Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

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