USD 20.1 billion
Global Lateral Flow Assays Market Size, Share, Growth Analysis, By Product(Kits & Reagents, Lateral Flow Readers), By Sample Type(Blood Samples, Urine Samples), By Technique(Sandwich Assays, Competitive Assays), By Application(Clinical Testing, Veterinary Diagnostics), By End User(Hospitals & Clinics, Diagnostic Laboratories) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2696 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
147 |
Figures:
78
Global Lateral Flow Assays Market Insights
Lateral Flow Assays Market size was valued at USD 20.1 billion in 2019 and is poised to grow from USD 20.5 billion in 2023 to USD 24.5 billion by 2031, growing at a CAGR of 2% in the forecast period (2024-2031).
Lateral flow assay, also known as an immunoassay is an easy-to-use diagnostic tool called used to determine whether a target analyte—such as contaminants in water supplies, food, or animal feed—is present or absent. Other examples of target analytes include pathogens or biomarkers in humans or animals. Pregnancy tests are the most widely used kind of lateral flow quick test strip. Infectious illness testing, drug misuse screening, and rapid cardiac marker diagnostics are just a few other uses for LFAs. Furthermore, lateral flow tests don't need flowing water, power, or special knowledge to work. They provide analytical information quickly and affordably. They can also detect a wide variety of infections, biomarkers, and environmental pollutants.
LFAs generally have one or more target or test lines as well as a control line to ensure the test is functioning properly. The operation of these devices requires little training because they are made to have intuitive user conventions. When used in conjunction with reader technology, they can be quantitative and read visually or deliver data. In many different sectors, point-of-care testing frequently uses lateral flow tests. In a variety of locations, such as the lab, clinic, or home, they can be carried out by experts, knowledgeable lay users, or a patient. Despite several recent technical developments, some developing nations still struggle to obtain timely medical assistance when they are in need. This is one of the primary drivers of market expansion as dipsticks or lateral flow assays are increasingly used to provide prompt diagnosis and treatment.
US Lateral Flow Assays Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Kits and Reagents
Fastest Growth
Lateral Flow Readers
Growth Rate
2% CAGR
Global Lateral Flow Assays Market, 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Lateral Flow Assays Market Size By Product, 2022-2028 ($ Bn)
Global Lateral Flow Assays Market Size By Product 2022-2028 (%)
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Global Lateral Flow Assays Market Segmental Analysis
Global lateral Flow Assays Market is segmented based on the product, technique, sample type, application, end user and region. Based on product, the Lateral Flow Assays Market is segmented into kits & reagents and lateral flow readers. On the basis of technique, Lateral Flow Assays Market is categorized into sandwich assays, competitive assays and multiplex detection assays. According to sample type, the Lateral Flow Assays Market is segmented into blood samples, urine samples, saliva samples and others. On the basis of application, the Lateral Flow Assays Market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing and drug development & quality testing. According to end user, the Lateral Flow Assays Market is segmented into hospitals & clinics, diagnostic laboratories, home care, pharmaceutical & biotechnology companies and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Lateral Flow Assays Market Analysis by Product
Kits and reagents segment held the highest market share of approximately 76% of the global lateral flow assays market in 2021. The demand for lateral flow assay kits has skyrocketed due to a move toward self-testing. The popularity of self-diagnosis among the general population has led to a sharp rise in the usage of lateral flow assay tests performed at home. These tests have a number of benefits, including ease of use, quick results, and many more, which are also fueling category expansion. Additionally, it is estimated that the introduction of new kits by prominent competitors would accelerate market expansion throughout the projected time.
Lateral flow reader segment is expected to witness fastest growth during the forecast period. This can be attributed to their high need for precise and accurate findings interpretation for research and development and sample testing applications. Digital/mobile and benchtop lateral flow readers are the two different types of lateral flow readers. Due to an increase in the usage of digital connectivity to improve the capabilities of lateral readers, it is projected that digital/mobile lateral flow assay readers will see exponential growth in the future years.
Lateral Flow Assays Market Analysis by End User
The hospital and clinics segment dominated the lateral flow assays market and held the majority of the market approximately amounting to 37.6% of the total market size. For the diagnosis and treatment of medical disorders, hospitals and clinics serve as primary care venues. The majority of the population relies on these long-term facilities for disease diagnosis, management, and treatment. The need for hospitals with improved diagnostic services has increased as a result of ongoing developments in the healthcare sector thereby contributing significantly to the market growth.
The pharmaceutical and biotechnology companies segment is anticipated to register a high growth rate during the forecast period. These companies take part in strategic endeavours such product development, mergers and acquisitions, product approval and launches, and the growth of a global presence. In lateral flow testing, new competitors frequently cooperate to improve their products.
Global Lateral Flow Assays Market By Product, 2021 (%), 2023 (%)
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Global Lateral Flow Assays Market Regional Insights
North America region dominated the global lateral flow assays market and accounted for approximately 45% of the total market share in 2021. Growing use of POC tests for secure and early detection along with an increase in the occurrence of infectious illnesses will strengthen the region's dominance. Over the projected period, it is expected that significant R&D expenditures by public and private funding agencies, particularly lateral flow tests, will increase the lateral assays market size. Furthermore, the market is expanding as a result of the high affordability and broad availability of technologically sophisticated lateral flow tests. In 2021, the U.S. held a market share of over 91.8% of the North American lateral flow assay market. The country's lateral flow assay market is expanding as a result of an increase in the manufacture of these tests. Sales of lateral flow assay kits have increased in the U.S. as a result of increased purchases of these kits by foreign organisations like UNICEF as a result of the growing occurrence of infectious illnesses like the coronavirus, Ebola, Zika virus, and other pandemic diseases.
Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period. The ageing population, rising life expectancy, rising per capita income, increasing investments by major market players in the region, the expansion of private hospitals and clinics into rural areas, the availability of low-cost labour for manufacturing, the presence of a favourable regulatory environment, and rising demand for lateral flow assay kit, home, and POC testing are some of the factors influencing the growth of the lateral flow assays market in this region. In 2021, China had the greatest market share in East Asia for lateral flow assays, accounting for almost 46.3 percent of the total market. Key companies in the China lateral flow test market have a lot of potential thanks to smartphone-based devices. People benefit from using mobile devices since they instantly deliver quick results. This minimises the likelihood of delay and saves a significant amount of time. During the projected period, the introduction of quick diagnostic test kits for use in home healthcare settings is also anticipated to fuel market expansion in China.
Global Lateral Flow Assays Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Lateral Flow Assays Market Dynamics
Lateral Flow Assays Market Driver
- One of the key elements promoting the expansion of the market for lateral flow assays is the rising usage of lateral flow devices in settings providing care for patients at home. Due to features like mobility, compactness, and quick interpretation of data without the need for additional apparatus and medical assistance, the usage of dipsticks has quickly risen since their invention. As a result, the fact that these tests are accessible without a prescription is boosting their use and promoting market expansion.
- The availability of reimbursement agencies, financing programmes, considerable collaboration among major pharmaceutical industry participants, and technological improvements will all contribute to even greater demand for lateral flow rapid test diagnostics.
Lateral Flow Assays Market Restraint
- The market expansion for lateral flow tests may be hampered by low precision of findings. It has been shown that laboratory testing are more accurate than lateral flow assay tests. Because of this, medical professionals favour laboratory tests over fast lateral flow tests.
- The high price of lateral flow assay is a major roadblock to market expansion. The expansion of the market in low-income nations is being hampered by a lack of knowledge and a shortage of specialists.
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Global Lateral Flow Assays Market Competitive Landscape
Global lateral flow assays market is highly competitive owing to the presence of many major and new players. To increase their market share, the major companies in the international market are implementing a variety of business tactics, including mergers and acquisitions, expansions, and investments. Major players include Abbott, Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, Bio-rad Laboratories, Inc. and Biomérieux SA. Key players are creating strong one-step assays with high sensitivity and specificity that don't require sample preparation or wash procedures to expand their product lines globally.
Lateral Flow Assays Market Top Player's Company Profiles
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation
- Abbott Laboratories
- Becton, Dickinson and Company
- Siemens Healthineers
- bioMérieux SA
- Thermo Fisher Scientific Inc.
- QIAGEN N.V.
- Merck KGaA
- PerkinElmer, Inc.
- Creative Diagnostics
- Abcam plc
- Quidel Corporation
- Lumos Diagnostics
- Acon Laboratories Inc.
- MP Biomedicals, LLC
- UCP Biosciences, Inc.
- DCN Dx
- Expedeon AG
- OJ-Bio Ltd.
Lateral Flow Assays Market Recent Developments
- In January 2022, Randox expanded its partnership with Paypoint to make Day 2 lateral flow tests more accessible to customers.
- In July 2022, Argonaut Manufacturing Services ('Argonaut'), a contract manufacturing organization (CMO) that serves the biopharma, life sciences, and molecular diagnostics industries, announced the release of the BioFuseTM* Sample Prep device. BioFuse is a disposable cartridge solution that allows for the seamless integration of lyophilized reagents, sample filtration, and the elimination of pipetting steps in complex assay workflows.
Global Lateral Flow Assays Key Market Trends
- The food quality monitoring system has a critical need for quick, simple, and sensitive detection methods. Nowadays, lateral flow assays are more frequently used in diagnostics as "quick tests" since they offer single-use, one-step testing and findings in a matter of minutes. This idea has recently been used to monitor quality parameters across several disciplines and is emerging as a potential tool in the analytical community. Food quality and safety issues have received extra attention as a result of the harmful impact that food contamination by toxins, infections, heavy metals, and adulterants has on human and animal health. Laws governing food safety have become increasingly strict as a result of public health concerns. Legislation has raised the requirement for testing of pollutants at every link in the food chain and for residue monitoring of veterinarian, pesticide and antibiotic residues in fish, meat and meat products, drinks, and dairy products by all of the world's major food producers. When compared to conventional detection methods, the lateral flow assay is a simple, quick, highly reliable, and inexpensive to produce method of detection.
Global Lateral Flow Assays Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global lateral flow assays market analysis, lateral flow assays test are used in various sectors such as healthcare, animal health, food & feed testing, environmental testing, and plant disease testing. They are gaining immense popularity because of their wide range of usage and ease of use, cost-effectiveness, and high sensitivity characteristics. The veterinary industry has also quickly accepted lateral flow assay testing, which is boosting the overall market growth. Market expansion is sparked by the introduction of new strategic initiatives to sustain competitiveness.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 20.1 billion |
| Market size value in 2031 | USD 24.5 billion |
| Growth Rate | 2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Lateral Flow Assays Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Lateral Flow Assays Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Lateral Flow Assays Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lateral Flow Assays Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Lateral Flow Assays Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Lateral Flow Assays Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Lateral Flow Assays Market Report Snapshots
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