Lateral Flow Assay Market Size Worth USD 12.29 Billion in 2030 | Emergen Research

The lateral flow assay market has been witnessing substantial growth in recent years. Lateral flow assay is a type of immunoassay used to detect the presence or absence of a target analyte in a sample. The technique is commonly used for the rapid and easy detection of a range of diseases, including infectious diseases and cancer. The market for lateral flow assay is driven by several factors, including the increasing prevalence of infectious diseases, the rising demand for rapid diagnostic tests, and technological advancements in lateral flow assay. The global lateral flow assay market size reached USD 7.90 Billion in 2021 and is expected to register a revenue CAGR of 5.0% during the forecast period, according to latest analysis by Emergen Research.

The increasing prevalence of infectious diseases is one of the major drivers of the lateral flow assay market. The World Health Organization (WHO) estimates that infectious diseases account for around 17% of all deaths worldwide. The rapid detection of infectious diseases is crucial for effective treatment and containment. Lateral flow assay provides a quick and easy method for the detection of infectious diseases, making it an important tool in the fight against these diseases.

The rising demand for rapid diagnostic tests is another factor driving the growth of the lateral flow assay market. Rapid diagnostic tests are increasingly being used in a range of settings, including hospitals, clinics, and point-of-care facilities. Lateral flow assays offer several advantages over traditional diagnostic tests, including rapid results, ease of use, and low cost. As a result, lateral flow assays are becoming an increasingly popular choice for rapid diagnostic testing.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/1798

Technological advancements in lateral flow assay are also driving the growth of the market. Advances in technology have led to the development of more sensitive and accurate lateral flow assays, as well as the integration of digital and mobile technologies. These advancements are improving the performance and usability of lateral flow assays, making them more attractive to healthcare providers and patients.

Despite the significant growth opportunities in the lateral flow assay market, there are also several factors that are restraining the growth of the market. One of the main factors is the lack of standardization in lateral flow assay testing. The lack of standardization can lead to variability in results, making it difficult to compare results from different tests. This can be a barrier to the adoption of lateral flow assays, particularly in clinical settings.

Another factor that is restraining the growth of the market is the limited sensitivity of lateral flow assays compared to other diagnostic tests. While lateral flow assays offer several advantages over traditional diagnostic tests, they are generally less sensitive. This can be a limitation in certain applications, particularly in the detection of low levels of analytes.

Despite these challenges, the lateral flow assay market is expected to continue to grow in the coming years. The market is being driven by a range of growth factors, including the increasing prevalence of infectious diseases, the rising demand for rapid diagnostic tests, and technological advancements in lateral flow assay.

Major Companies and Competitive Landscape:

The competitive landscape of the lateral flow assays market is characterized by the presence of several players, both large and small, operating in the market. Some of the leading players in the market include BD, Abbott., Hologic, Inc., Merck KGaA, Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., BIOMÉRIEUX, Danaher, F. Hoffmann-La Roche.

These companies are actively involved in research and development activities to develop innovative lateral flow assays and to expand their product portfolio. They are also engaging in strategic partnerships, collaborations, and acquisitions to strengthen their market position and expand their geographical reach.

For instance, in February 2021, F. Hoffmann-La Roche AG announced the launch of its SARS-CoV-2 Rapid Antigen Test, a lateral flow assay for the detection of COVID-19. The test is designed to provide rapid and accurate results, with a sensitivity of 96.5% and a specificity of 99.6%.

In May 2020, Becton, Dickinson and Company announced the launch of its BD Veritor™ Plus System, a portable and easy-to-use lateral flow assay for the detection of SARS-CoV-2. The system provides results in 15 minutes and has a sensitivity of 84% and a specificity of 100%.

In addition to these established players, there are also several emerging players in the lateral flow assays market, including Mologic Ltd, Abingdon Health Ltd, and Axxin Ltd. These companies are developing innovative lateral flow assays and are focusing on expanding their geographical reach through partnerships and collaborations.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/1798

Segmentation Insights for Lateral Flow Assay Market Report:

Emergen Research has provided a detailed segmentation of the global lateral flow assay market based on various factors. The market is segmented based on product into lateral flow readers and kits and reagents. The kits and reagents segment is expected to dominate the market over the forecast period due to the increasing demand for point-of-care testing and the rising prevalence of infectious diseases.

Based on application, the market is segmented into clinical testing, food safety, drug development and quality testing, and others. The clinical testing segment is expected to hold the largest share of the market due to the increasing demand for rapid diagnostic tests and the rising prevalence of infectious diseases.

The market is also segmented based on technique into sandwich assays, competitive assays, and multiplex assays. The sandwich assays segment is expected to dominate the market over the forecast period due to its high sensitivity and specificity.

Based on end-use, the market is segmented into hospitals and clinics, diagnostic laboratories, biotech and pharmaceutical companies, and others. The hospitals and clinics segment is expected to hold the largest share of the market due to the increasing demand for point-of-care testing and the rising prevalence of infectious diseases.

Browse Full Report Description + Research Methodology + Table of Content + Infographics @ https://www.emergenresearch.com/industry-report/lateral-flow-assays-market

Eric Lee
Corporate Sales Specialist
14671 110 Avenue, Surrey, British Columbia, V3R2A9
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions.

This release was published on openPR.