USD 20.1 billion
Report ID:
SQMIG35A2696 |
Region:
Global |
Published Date: July, 2001
Pages:
242
|Tables:
147
|Figures:
78
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.
Global Market Size
USD 20.1 billion
Largest Segment
Kits and Reagents
Fastest Growth
Lateral Flow Readers
Growth Rate
2% CAGR
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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.
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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.
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Lateral Flow Assays Market Driver
Lateral Flow Assays Market Restraint
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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
Lateral Flow Assays Market Recent Developments
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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 2019 | USD 20.1 billion |
Market size value in 2031 | USD 24.5 billion |
Growth Rate | 2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
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Report ID: SQMIG35A2696