Lateral Flow Assay Market Growing at a CAGR of 6.1% by 2031

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.

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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Key Players
• 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
• Qiagen N.V.

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Global Lateral Flow Assay Market Segmentation
By Product
• Kits & Reagents
• Lateral Flow Readers

By Application
• Clinical Testing
• Veterinary Diagnostics
• Food Safety & Environment Testing
• Drug Development & Quality Testing

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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.
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. The need for early illness detection skills has also been underlined by recent viral outbreaks of infectious diseases (including Ebola, H1N1, and Zika), which is also anticipated to propel market expansion. Due to the current COVID-19 pandemic, there is a significant need for lateral flow technology-based rapid diagnostic testing, which will drive the market's expansion throughout the ensuing year.

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This release was published on openPR.