Lateral Flow Assay Market to Witness a Pronounce Growth by 2025
Lateral flow tests are of different types, such as sandwich assay and competitive assay. Sandwich assay is a positive test represented by the presence of a colored line at the test line position. Competitive assay is a positive test represented by the absence of a colored line at the test line position. Both sandwich and competitive assays can be developed to include one or more test lines. For instance, nucleic acid lateral flow immunoassay PCRD is a multiplexed sandwich assay containing two test lines and one control line. Lateral flow assays utilize conjugated gold, carbon, or colored latex nanoparticles within the conjugate pad. Other labels include magnetic beads or colored polystyrene beads.
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High prevalence of infectious diseases, rise in geriatric population, increase in demand for home-based lateral flow assay test kits, surge in demand for point-of-care testing, and rise in disposable income in developing countries are the key drivers of the global lateral flow assay market. Other factors such as technological advancements and growing product acceptance are likely to propel the global lateral flow assay market. However, stringent regulation and inconsistency in test results are expected to restrain the global lateral flow assay market.
The global lateral flow assay market can be segmented based on product type, technique, application, end-user, and region. In terms of product type, the market has been classified into kits & reagents, lateral flow readers, benchtop readers, and mobile readers. Based on technique, the global lateral flow assay market can be categorized into sandwich assays, competitive assays, and multiplexed lateral flow assays. In terms of application, the market can be divided into pregnancy & fertility testing, infectious diseases testing, drugs of abuse testing, clinical testing, and others. Based on end-user, the global lateral flow assay market can be classified into hospitals and clinics, home settings, diagnostic centers and others.
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Geographically, the global lateral flow assay market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America dominates the global lateral flow assay market due to rise in demand for home health care, increase in prevalence of multiple chronic conditions, early adoption of test procedures, and presence of large number of key players. Factors such as rise in prevalence of infectious diseases and increase in consumption of drugs and alcohol make Europe the second-largest market for lateral flow assays. The market in Asia Pacific is expected to expand at a high growth rate during the forecast period due to large population base, rise in disposable income, increase in government initiatives to provide better health care facilities, significant patient pool, and high awareness among people. Rise in prevalence of viral diseases is another driver of the lateral flow assay market in Asia Pacific.
Major players operating in the global lateral flow assay market include Alere, Inc., Danaher Corporation, Hoffmann-La Roche AG, Siemens AG, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Merck KGaA, Trinity Biotech plc, Cytodiagnostics, Inc., Thermo Fisher Scientific, Inc., QIAGEN N.V., and PerkinElmer, Inc.
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