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With 5.2% CAGR, Lateral Flow Assay Market to Hit US$ 12.7 Billion by 2027 | IMARC Group
Lateral Flow Assay Market Report
What are the growth prospects of the lateral flow assay industry?
The global lateral flow assay market size reached US$ 9.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.
What is a lateral flow assay?
A paper-based testing method called the lateral flow assay (LFA), also known as the lateral flow immunochromatographic assay, is used in labs to find analytes in complex mixtures. It involves the use of a sample pad, reaction membrane, conjugate pad combined with biorecognition elements and absorbent pad. LFA is widely used in drug development, veterinary diagnostics, pregnancy, tuberculosis, food safety, influenza, drug abuse and D-dimer testing. It also assists in producing simple, rapid, cost-effective and portable detection devices that are utilized for testing biological samples of serum, plasma and blood. As a result, it finds extensive applications in clinics, diagnostic laboratories, hospitals and pharmaceutical manufacturing units.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the lateral flow assay market?
The prevalence of chronic and infectious diseases is a key factor driving the global market for lateral flow assays. LFA is widely used to detect the presence of pathogens or biomarkers in samples of food, saliva and urine. Moreover, various technological advancements, such as the development of novel smartphone applications, are providing a thrust to the market growth. These applications are integrated with artificial intelligence (AI) and machine learning (ML) solutions to automate the accurate reading of the samples. In line with this, the recent outbreak of coronavirus disease (COVID-19) has favored the market growth. LFA kits are widely adopted to detect patients with antibodies and those that have been cured of the infection.
Get the table of contents with all detailed information: https://www.imarcgroup.com/lateral-flow-assay-market
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technique:
Sandwich Assays
Competitive Assays
Multiplex Detection Assays
Breakup by Product:
Kits and Reagents
Lateral Flow Readers
Digital/Mobile Readers
Benchtop Readers
Breakup by Application:
Clinical Testing
Infectious Disease Testing
Cardiac Marker Testing
Pregnancy and Fertility Testing
Cholesterol Testing/Lipid Profile
Drug Abuse Testing
Others
Veterinary Diagnostics
Food Safety and Environment Testing
Drug Development and Quality Testing
Breakup by End User:
Hospitals and Clinics
Diagnostic Laboratories
Home Care
Pharmaceutical and Biotechnology Companies
Others
By Geography:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
Abbott Laboratories
Becton Dickinson and Company
Biomerieux SA
Bio-Rad Laboratories Inc
Danaher Corporation
Hoffmann-La Roche AG
Hologic Inc
Merck KGAA
Perkinelmer Inc
Qiagen N.V
Quidel Corporation
Siemens Healthineers AG (Siemens AG)
Thermo Fisher Scientific Inc
Related Report by IMARC Group:
Europe Organ Preservation Market Report: https://www.imarcgroup.com/europe-organ-preservation-market
India Organ Preservation Market Report: https://www.imarcgroup.com/india-organ-preservation-market
India Generic Injectables Market Report: https://www.imarcgroup.com/india-generic-injectables-market
Latin America Generic Injectables Market Report: https://www.imarcgroup.com/latin-america-generic-injectables-market
United States Transfection Technologies Market Report: https://www.imarcgroup.com/united-states-transfection-technologies-market
Veterinary Infectious Disease Diagnostics Market Report: https://www.imarcgroup.com/veterinary-infectious-disease-diagnostics-market
Premenstrual Syndrome Treatment Market Report: https://www.imarcgroup.com/premenstrual-syndrome-treatment-market
Drug Abuse Testing Market Report: https://www.imarcgroup.com/drug-abuse-testing-market
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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