Lateral Flow Assays Market Latest Report, 2023 by Product Type, Application, Region And Global Forecast to 2029

Global Forecast for Lateral Flow Assays Market: Products (Kits, Readers), Applications (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Techniques (Sandwich, Multiplex Detection Assay), End Users (Hospitals, Home Care) - Up to 2027

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Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).

The global lateral flow assays market is projected to reach USD 22.6 billion by 2027 from USD 20.5 billion in 2022, at a CAGR of 2.0% during the forecast period.

Lateral flow assays (LFAs) are a type of diagnostic test that are used to detect the presence of specific biomolecules, such as antigens or antibodies, in a patient's sample. The LFAs market has been growing rapidly in recent years, as the demand for point-of-care diagnostic testing has increased.

Some key factors driving the growth of the lateral flow assays market include the increasing prevalence of infectious diseases, the need for rapid and accurate diagnostic testing, and the growing demand for home-based healthcare. Additionally, advancements in technology have led to the development of more sophisticated and accurate LFAs, which are helping to expand the range of applications for this type of diagnostic test.

In terms of geography, the lateral flow assays market is growing rapidly in both developed and developing regions. North America and Europe are currently the largest markets for LFAs, due to the high prevalence of infectious diseases and the strong presence of major market players in these regions. However, the market is also growing rapidly in Asia Pacific, driven by increasing healthcare spending and rising awareness about the benefits of point-of-care diagnostic testing.

The report highlights the potential for LFAs to play a significant role in addressing the challenges posed by the COVID-19 pandemic, particularly in the areas of rapid diagnostic testing and disease surveillance.

In summary, the lateral flow assays market is growing rapidly as a result of increasing demand for point-of-care diagnostic testing, technological advancements, and the growing prevalence of infectious diseases. With further investment and innovation, it has the potential to become a major contributor to the global healthcare industry.

"Urine samples accounted for the third largest share of lateral flow assays market in 2021"

Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the third largest market share in 2021. The increasing use of urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing.

"The Pharmaceutical & Biotechnology Companies segment is expected to witness the fastest growth during the forecast period"

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The pharmaceutical & biotechnology companies segment is expected to witness the fastest growth during the forecast period. This growth is owing to increasing adoption of lateral flow assay readers and kits & reagents for quantitative detection of sample in pharmaceutical & biotechnology companies.

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"Asia-Pacific accounted for the second largest share of the lateral flow assays market in 2021"

The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific accounted for the second largest share of the lateral flow assays market, followed by Europe, Latin America, and the Middle East & Africa. However, the North America is a leading region in the lateral flow assay market. Being a high-growth market, many manufacturers are also extending their manufacturing bases in the Asia Pacific, which boasts low-cost manufacturing advantages and the availability of a skilled workforce, especially in China and India. These countries are also regarded as the most profitable manufacturing and R&D locations across the globe. The key factors hindering market growth in this region are a lack of awareness about the advantages of near-patient testing products due to low literacy rates, lack of reimbursements, challenges related to locational remoteness, and the reluctance of physicians to change existing practices.

The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the lateral flow assays market and its segments. This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies. The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.

The market study covers the lateral flow assays market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by product type, application by technique, by sample type, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

This release was published on openPR.