LFIA-Based Rapid Test Market 2024: Growth Analysis and Future Trends

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 Immunoassay (LFIA) Based Rapid Test 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 $7.79 billion In 2028 At A CAGR Of -1.6% :

The lateral flow immunoassay (LFIA) based rapid test market size has declined steeply in recent years. It will decline from $9.19 billion in 2023 to $8.33 billion in 2024 at a compound annual growth rate (CAGR) of -9.4%. The decline in the historic period can be attributed to limited sensitivity and specificity, complexity of multiplexing, cross-reactivity issues, storage and shelf-life challenges, limited quantitative capability.

The lateral flow immunoassay (LFIA) based rapid test market size is expected to see marginal decline in the next few years. It will decline to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of -1.6%. The decline in the forecast period can be attributed to global supply chain disruptions, regulatory challenges, increased competition, emergence of alternative technologies, integration with digital health platforms. Major trends in the forecast period include developing advanced technologies for multiple or repetitive LFIA based rapid test and storage/ communication of results, focus on partnerships and collaborations, develop at home test kits, invest in artificial intelligence-based tests for diseases screening and detection, and should develop low-cost test kits for easy access to patients at low cost.

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Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Major Segments
The lateral flow immunoassay (lfia) based rapid test market covered in this report is segmented -

1) By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay
2) By Application: Infectious Disease, Pregnancy And Fertility, Toxicology, Cardiac Marker And Cholesterol Testing, Other Applications
3) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Other End Users

Key Driver - Rising Demand For Point-Of-Care Testing In Home Care Settings Propels The Lfia-Based Rapid Test Market

The demand for point-of-care testing under home care settings is expected to drive the lateral flow immunoassay (LFIA) based rapid test market. Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays (LFIA) are widely used as POCTs due to their speed and precision, simplicity, and low cost. For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19. These antibodies may be detected in whole blood, serum, or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the lateral flow immunoassay (LFIA) based rapid test market.

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Prominent Trend - Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers

Major companies operating in the lateral flow immunoassay (LFIA) based rapid test market are focusing on innovative products such as Panbio covid-19 antigen self-test to drive their revenues in the market. The Panbio covid-19 antigen self-test is a diagnostic tool designed for individuals to use on themselves to detect the presence of the SARS-CoV-2 virus, which causes COVID-19. For instance, in July 2021, Abbott Laboratories, a US-based company that manufactures lateral flow immunoassay (LFIA) based rapid tests launched Panbio covid-19 antigen self-test. The Abbott lateral flow technology-based self-test uses a minimally invasive nose swab and can produce results without the use of instruments in as little as 15 minutes. The test must be used in conjunction with Abbott's NAVICA mobile app, which enables a self-registration process that is quick and uncomplicated, automatic reading of findings, and straightforward reporting in accordance with ICMR requirements .

Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Players
Major companies operating in the lateral flow immunoassay (lfia) based rapid test market report are Abbott Laboratories, F. Hoffmann-La Roche, Quidel Corporation, Becton, Dickinson and Company, Danaher Corporation, Siemens AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., PerkinElmer Inc., Hologic, Inc., LTEK Co., Ltd., JOYSBIO Biotechnology, Jiangsu Medomics Medical Technologies, Diagnocure, Ubio Biotechnology Systems, Elabscience® Immunoassay Kits, FyoniBio / Glycotope GmbH, Atomo Diagnostics Limited, INDICAL Bioscience, Lionex Gmbh, BIOMED Labordiagnostik GmbH, Charles River Laboratories, EKF Diagnostics, Launch Diagnostics, Diagnostic Instruments Ltd, Qiagen N.V., Merck KGaA, XPhyto Therapeutics, 3a Diagnostics, Roche Holding AG, BATM, Biomaxima, SensDx, Vitrosens Biotechnology, Bioeasy Biotechnology, Fujirebio, Immunodiagnostic Systems Holdings PLC, Mesa Biotech Inc, CTK Biotech, Wamadiagnostica, Marksans Pharma Ltd, Lana Al Khaleej, Natejah Medical Supplies, Synlab, K2 Medical's, SA Biomedical Group

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Largest And Fastest Growing Region In The Market
North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2023. Asia-Pacific was the second largest region in the global lateral flow immunoassay (LFIA) based rapid test market. The regions covered in the lateral flow immunoassay (lfia) based rapid test 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 Immunoassay (LFIA) Based Rapid Test Market Report Structure
3. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Trends And Strategies
4. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market - Macro Economic Scenario
5. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Size And Growth
…..
27. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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