Lateral Flow Assays Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Forecast

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Lateral Flow Assays Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $16.38 billion In 2028 At A CAGR Of 8.1% :
The lateral flow assays market size has grown strongly in recent years. It will grow from $11.25 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to diagnostic advancements, rise in infectious diseases, application in pregnancy testing, growth in home healthcare, development of immunochromatography, point-of-care testing expansion.

The lateral flow assays market size is expected to see strong growth in the next few years. It will grow to $16.38 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to expanding applications in disease detection, adoption in home testing kits, expansion in veterinary diagnostics, development of multiplex assays, rise in food and environmental testing. Major trends in the forecast period include personalized medicine and home testing, advancements in manufacturing techniques, environmental and food safety testing, focus on cost-effectiveness, application in drug and biomarker detection.

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Lateral Flow Assays Market Major Segments
The lateral flow assays market covered in this report is segmented -
1) By Type: Kits And Reagents, Lateral Flow Readers
2) By Technique: Sandwich Assays, Competitive Assays, Multiplex Detection Assays
3) By Application: Veterinary Diagnostics, Clinical/Point-Of-Care Testing, Drug Development And Quality Testing, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Home Care Settings, Pharmaceutical And Biotechnology Companies, Other End Users

Key Driver - Surge In Infectious Diseases Drives Expansion Of Lateral Flow Assay Market
The high prevalence of infectious diseases across the globe significantly contributes to the growth of the lateral flow assay market. In developing countries, the high frequency of infectious diseases such as HIV and malaria, combined with the inadequate healthcare system and rising 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 the World Health Organization (WHO), in 2021, an estimated 10.6 million people were 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. Therefore, the high prevalence of infectious diseases across the globe will contribute to the growth of the lateral flow assay market.

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Prominent Trend - Technological Advancement Propel Growth In Lateral Flow Assays Market
Technological advancements are the key trends gaining popularity in the lateral flow assays market. Key players operating in the lateral flow assay 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 Europiu*m, 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.

Lateral Flow Assays Market Players
Major companies operating in the lateral flow assays market report are Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Merck KGaA, Hologic Inc., BioMérieux SA, PerkinElmer Inc., Quidel Corporation, Bio-Rad Laboratories Inc., Roche Holding AG, QIAGEN N.V., Alere Inc., OraSure Technologies Inc., Meridian Bioscience Inc., DiaSorin S.p.A., Molbio Diagnostics, Trinity Biotech, Chembio Diagnostics Inc., Novus Biologicals Inc., Coris BioConcept, HYCOR Biomedical, Diagnostic BioSystems GmbH, Express Diagnostics Ltd., Fujirebio Diagnostics Inc., Innova Diagnostics Inc., Leadtec Diagnostics Inc., S&D Diagnostics Inc., Standard Diagnostics Inc., St. Croix Biosciences Inc., V-Chek Diagnostics

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Largest And Fastest Growing Region In The Market
North America was the largest region in the lateral flow assays market in 2023. Asia-Pacific is expected to be the fastest-growing region in the lateral flow assays market share during the forecast period. The regions covered in the lateral flow assays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Lateral Flow Assays Market Report Structure
3. Lateral Flow Assays Market Trends And Strategies
4. Lateral Flow Assays Market - Macro Economic Scenario
5. Lateral Flow Assays Market Size And Growth
…..
27. Lateral Flow Assays Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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