Lateral Flow Assay Industry to Expand at 5.1% CAGR, Expected to Exceed US$ 14,844.6 Million by 2034

The global lateral flow assay market is poised for significant expansion, with projections indicating a rise from US$ 9,035.8 million in 2024 to US$ 14,844.6 million by 2034, reflecting a compound annual growth rate (CAGR) of 5.1% over the forecast period.

The increasing prevalence of infectious diseases such as tuberculosis, malaria, HIV, and hepatitis is a primary driver of the lateral flow assay market. Lateral flow assays (LFAs) are rapid diagnostic tests widely used to detect various diseases in healthcare settings. These tests are easy to use, provide quick results, and require minimal training, making them an ideal choice for point-of-care testing.

Technological advancements have led to the development of innovative LFA products, including multiplex assay tests, which can detect multiple analytes simultaneously, thereby increasing efficiency and reducing costs. The rise in the prevalence of chronic diseases and the need for early diagnosis contribute to the growth of the lateral flow assay industry.

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The growing geriatric population and the increasing demand for home-based diagnostic tests are expected to fuel market growth. LFAs are user-friendly, cost-effective, and provide rapid results, making them suitable for home use and in remote or resource-limited settings.

Key Takeaway from Market Study:

The global lateral flow assay market is forecasted to expand at a CAGR of 5.1% from 2024 to 2034.

The LFA kits segment is the leading product type in the market, with an expected market share of 77.2% in 2024.

The East Asia lateral flow assay market is forecasted to expand at a CAGR of 5.6% through 2034.

North America is projected to hold a 43.8% share of the indwelling catheters market in 2024.

Lateral flow assay kits are projected to grow at a CAGR of 5.2% from 2024 to 2034.

"Market players should invest in cost-effective manufacturing techniques and innovative lateral flow assay technologies to enhance affordability and accessibility, ensuring wider adoption across healthcare, food safety, and environmental sectors while addressing rising demand for rapid diagnostics," says a Fact.MR analyst.

Growing Demand for Lateral Flow Assay (LFA) Kits:

The demand for LFA kits is expected to grow at a CAGR of 5.2% through 2034, driven by their ease of use, rapid results, and cost-effectiveness. These kits dominate the lateral flow assay market, particularly for point-of-care and home-based testing. The rising prevalence of infectious diseases and the need for on-site testing further fuel demand. Market players are focusing on developing innovative LFA test kits with enhanced accuracy and sensitivity, ensuring quicker and more reliable diagnostic results for healthcare professionals and individuals alike.

Key Market Players:

ThermoFisher Scientific Inc.
Meridian Bioscience Inc.
Abbott Laboratories
Becton, Dickinson & Company
PerkinElmer Inc.
Siemens Healthineers
Abcam plc.
Access Bio, Inc.
Humasis Co. Ltd
Hoffmann-La Roche
Bio-Rad Laboratories, Inc.
Maternova Inc.
Quidel Corporation
QIAGEN N.V.
bioMérieux SA
Healgen Scientific, LLC.
DIALUNOX GmbH
Detekt Biomedical LLC

Competitive Landscape:

Key players in the lateral flow assay market are focusing on developing one-step assays that eliminate the need for washing or sample preparation while ensuring high sensitivity and specificity. Companies are also consolidating through mergers and acquisitions to strengthen their market position.

Active product marketing and promotion remain crucial strategies for expanding the consumer base. Leading industry players include ThermoFisher Scientific Inc., Meridian Bioscience Inc., Abbott Laboratories, Becton, Dickinson & Company, PerkinElmer Inc., and Siemens Healthineers.

In 2021, Abbott announced that its Panbio COVID-19 Ag Rapid Test Device received CE Mark approval for asymptomatic screening and self-administered nasal swab sample collection for detecting the SARS-CoV-2 virus.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the lateral flow assay market, presenting historical demand data and forecast statistics for the period (2024 to 2034).

The lateral flow assay market is categorized based on product type, application, distribution channel, and region. Product types include readers and LFA kits, with the latter being widely used due to their ease of use and rapid results. Applications range from infectious disease detection and sexually transmitted diseases to diabetes, pregnancy and fertility testing, and drug abuse testing. Distribution channels include hospital and retail pharmacies, supermarkets/hypermarkets, and e-commerce platforms. Geographically, the market is segmented into North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa.

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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.