What is the global market size of Lateral Flow Assays Market?

Lateral Flow Assays Market size was valued at USD 20.1 billion in 2021 and is poised to grow from USD 20.5 billion in 2022 to USD 24.5 billion by 2030, growing at a CAGR of 2% in the forecast period (2023-2030).

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 News

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.

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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).

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. '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.'

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 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.

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.

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