Lateral Flow Assay Market to grow a CAGR of 4.23% by 2032

As per the report published by The Brainy Insights, the global lateral flow assay market is expected to grow from USD 8.45 billion in 2022 to USD 11.77 billion by 2030, at a CAGR of 4.23% during the forecast period 2022-2030. The North American region emerged as the largest market for the global lateral flow assay market, with a 40.93% market revenue share in 2022. The region's well-established healthcare and pharma sector allows the population access to affordable lateral flow assay products. The countries in the region are developed with high per capita income, enabling the consumers to afford lateral flow assays with their rising disposable income. The COVID-19 pandemic boosted the technological advancements and product innovations in lateral flow tests, making them faster, cheaper and easy to use, thereby propelling the market's growth. The increasing prevalence of infectious diseases will augment the demand for lateral flow tests, facilitating the market's development. The extensive retail and hospital pharmacy network enhances the accessibility for consumers.

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Lateral Flow Assay Market Size by Product Type (Kits & Reagents, and Lateral Flow Readers (Digital Readers and Benchtop Readers)), Technique (Sandwich Assays, Multiplex Detection Assays and Competitive Assays), Application, End User, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Abbott Laboratories, Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Danaher Corporation, F Hoffmann-La Roche Ltd., Merck, Quidel Corporation, Siemens Healthineers AG, and Thermo Fisher Scientific Inc., among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The product type segment is divided into kits & reagents and lateral flow readers. The lateral flow readers can be further divided into digital and benchtop readers. The kits & reagents segment dominated the market with a revenue share of around 57% in 2022. The technique segment is divided into sandwich assays, multiplex detection assays and competitive assays. The sandwich assays segment dominated the market with a market share of around 46% in 2022. The application is divided into clinical testing, veterinary diagnostics, food safety & environment testing, drug development & quality testing, and others. The clinical testing segment dominated the market with a market share of around 54% in 2022. The distribution channel is divided into hospitals & clinics, home care, diagnostic laboratories, pharmaceutical & biotechnology companies and others. The hospitals & clinics segment dominated the market with a market share of around 48% in 2022. Hospitals and clinics are the preferred institutions for most of the population regarding any disease/illness or condition. Therefore, hospitals and clinics heavily rely on lateral flow assays as a primary testing method to categorize patients and optimize hospital resources to save every life.

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The covid 19 pandemic infected million and killed millions worldwide. The strict implementation of testing, contact tracing and quarantine were some of the most effective policy-level measures that reduced mortality rates. However, the lack of proper testing kits or inadequate laboratories led to a heavy death toll. Barring the covid 19 pandemic years, around 17 million deaths are attributed to infectious diseases globally. They range from the common cold to hepatitis. HIV, tuberculosis and influenza also claim thousands of lives each year. Testing and contact tracing will play an essential role when dealing with future pandemics, thereby contributing to the market's growth.

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