Lateral Flow Assays Market Size, Share Analysis, Trends, Growth And Global Forecast 2023-2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Lateral Flow Assays Global Market Report 2023 identifies the high prevalence of infectious diseases across the global as the major driver for the lateral flow assays market's growth in the forecast period. In developing countries, the high frequency of infectious diseases such as HIV and malaria, combined with the inadequate healthcare system and raising public awareness, is projected to accelerate the adoption of lateral flow assay testing. The recent COVID-19 pandemic has highlighted the need for early illness detection capabilities, projected to fuel market expansion. According to World Health Organization (WHO), in 2021, an estimated 10.6 million people are infected with tuberculosis globally, 1.6 million died, and 1.5 million people acquired HIV in 2021 while 650,000 people lost lives due to it.

The global lateral flow assays market size grew from $10.46 billion in 2022 to $11.12 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global lateral flow assays is expected to grow to $13.83 billion in 2027 at a CAGR of 5.6%.

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Major competitors in the lateral flow assays market are Abbott Laboratories, Quidel Corporation, Roche Holding AG, Danaher Corporation, Siemens AG.

A key trend in the lateral flow assays market includes technological advancements. Key players operating in the lateral flow assays market are focusing on developing innovative technological testing products to strengthen their position in the market. For instance, in November 2021, IUL SA, a Spain-based laboratory equipment manufacturer, introduced iPeak, a new lateral flow reader equipped with iPeak technology based on machine vision illumination principles to scan fluorescence-labeled lateral flow tests. The fluorescence lateral flow tests provide high sensitivity and specificity as well as an affordable alternative to other PCR tests.

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The lateral flow assays market is segmented -
•By Type: Kits And Reagents, Lateral Flow Readers
•By Technique: Sandwich Assays, Competitive Assays, Multiplex Detection Assays
•By Application: Veterinary Diagnostics, Clinical/Point-Of-Care Testing, Drug Development And Quality Testing, Other Applications
•By End-User: Hospitals And Clinics, Diagnostic Laboratories, Home Care Settings, Pharmaceutical And Biotechnology Companies, Other End Users
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the lateral flow assays market.

The Business Research Company's "Global Lateral Flow Assays Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Lateral Flow Assays Market Include:
1. Lateral Flow Assays Market Executive Summary
2. Lateral Flow Assays Market Segments
3. Lateral Flow Assays Market Size And Lateral Flow Assays Market Growth Rate
4. Key Lateral Flow Assays Market Trends
5. Major Lateral Flow Assays Market Drivers
……
25. Key Mergers And Acquisitions In The Lateral Flow Assays Market
26. Top Lateral Flow Assays Companies
27. Lateral Flow Assays Market Opportunities And Strategies
28. Lateral Flow Assays Market, Conclusions And Recommendations
29. Appendix

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