Lateral Flow Assay Market to Surpass US$ 12.7 Billion at a CAGR of 5.2% by 2027

According to the latest report by IMARC Group "Lateral Flow Assay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", 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. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Lateral flow assay (LFA) refers to a paper-based platform that detects and quantifies analytes in complex mixtures. It helps test biological samples such as saliva, urine, sweat, serum, plasma, blood, and other fluids. It facilitates the production of low-cost, simple, rapid, and portable detection devices in various fields, including biomedicine, agriculture, food, and environmental sciences. It also aids in the qualitative and quantitative detection of specific agents, antibodies, and gene amplification. As a result, LFA finds extensive applications in hospitals and clinical laboratories across the globe.

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Lateral Flow Assay Market Trends and Drivers:

The global lateral flow assay market is primarily driven by the rising need for an alternative method of sending patient samples to the laboratory amid the sudden coronavirus disease (COVID-19) outbreak. Moreover, the increasing shortage of extensive laboratory facilities and trained health workers to efficiently conduct polymerase chain reaction (PCR) tests is positively influencing the market growth. Additionally, the rising prevalence of infectious diseases requiring new diagnostic methods for effective treatment has catalyzed market growth. Furthermore, the introduction of novel signal enhancement techniques by key players that improve quantification systems and simultaneous detection is contributing to the market growth. Other factors, including rising awareness programs aimed at enhancing the spread of infection diagnosis and prevention, escalating demand for point-of-care (POC) testing, and increasing patient awareness, are also anticipated to drive the market further.

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

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Abbott Laboratories
Becton Dickinson and Company
Biomérieux SA
Bio-Rad Laboratories Inc.
Danaher Corporation
F. Hoffmann-La Roche AG
Hologic Inc.
Merck KGAA
Perkinelmer Inc
Qiagen N.V.
Quidel Corporation
Siemens Healthineers AG (Siemens AG)
Thermo Fisher Scientific Inc.

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