Lateral Flow Assays Market in terms of revenue was estimated to be worth $10.8 billion in 2023 and is poised to reach $16.8 billion by 2029, growing at a CAGR of 7.6% from 2023 to 2029 according to a new report by MarketsandMarkets™. The rising demand of lateral flow assays due to increasing number of geriatric populations, growing prevalence of infectious diseases as well as increasing of point of care tests are some of the key factors that are driving the growth of this market. However, the hesitance in the patients as well as in health professionals to change in the conventional diagnostic method and the lack of accuracy of lateral flow assays are some of the key restraints for lateral flow assays market.

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"Kits and Reagents segment is expected to witness the highest growth during the forecast period"

Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. During the forecast period, the the lateral flow readers segment is expected to witness the second highest growth during the forecast period. The growth of this segment can be attributed as these are economical, quantitative as well as capability of assaying multiple analytes simultaneously.

"Veterinary Diagnostic segment accounted for the second largest share of lateral flow assays industry in 2022"

Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The veterinary diagnostic segment accounted for the second largest share of the lateral flow assays market in 2022.In the veterinary diagnostic segment, lateral flow tests are used to test commercial livestock and household pets for various medical conditions, including bacterial and viral infections, allergies, fertility issues, and diabetes. The possibility of infectious disease outbreaks (particularly in large livestock animals) drives the demand for lateral flow tests due to their simplicity and rapidity compared to conventional detection methods.

"The multiplex detection assays technique is expected to witness the fastest growth during the forecast period"

Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The multiplex detection assays technique anticipated to undergo the most substantial growth in the given forecast period. The multiplex assays are useful in clinical diagnosis as it allows to help and decide the stage of a disease where multiple interdependent analytes are involved in the test process. It is highly desirable to analyze multiple analytes simultaneously under the same set of conditions.

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Lateral Flow Assays Market Dynamics:

Drivers:

Increase in eye disorders

Restraints:

rising adoption of previously owned equipments

Opportunities:

Low adoption of phacoemulsification devices and premium IOLs in emerging regions

Challenge:

Lack of skilled professionals

Key Market Players of Lateral Flow Assays Industry:

The key players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Thermo Fisher Scientific, Inc. (US), and PerkinElmer Inc. (US).

A breakdown of the primary participants (supply-side) for the lateral flow assays market referred to for this report is provided below:

By Company Type: Tier 1–35%, Tier 2–20%, and Tier 3–45%

By Designation: C-level–45%, Director Level–25%, and Others–30%

By Region: North America–36%, Europe–26%, Asia Pacific–21%, Latin America- 10%, and Middle East and Africa– 7%

Recent Developments of Lateral Flow Assays Industry:

• In August 2023, Quidelortho received authorization from the US Food and Drug Administration (FDA), allowing the company to market its new Sofia 2 SARS Antigen+ FIA.
• In February 2022, Abbott Laboratories received FDA Emergency Use Authorization (EUA) for its Alinity M assay to detect antibodies to SARS-CoV-2.
• In October 2022, Roche launched the next-generation portfolio of SARS-CoV-2 rapid antigen tests ("2.0").

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Lateral Flow Assays Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall lateral flow assays market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

• Analysis of key drivers (High prevalence of infectious diseases, increasing of the geriatric population, Growing use of home-based lateral flow assays devices, Growing demand for point of care testing and need for rapid diagnostic testing for COVID-19), restraints (Inconsistent results of lateral flow analysis), opportunities (evolving application of lateral flow assays, rising demand for lateral flow assays in the food and beverage industries) and challenges limited reimbursements for lateral flow assay products and difficulty in procuring quality raw materials for the development of lateral flow assays tests) influencing the growth of the lateral flow assays market.
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the lateral flow assays market. The report analyzes this market by type of product, application, technique, sample, end-user, and region.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the lateral flow assays market.
• Market Development: Comprehensive information on the lucrative emerging markets by type of product, application, sample, technique, end-user, and region.
• Market Diversification: Exhaustive information about new products and services, growing geographies, recent developments, and investments in the lateral flow assays market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product and service offerings, and capabilities of leading players in the lateral flow assays market.

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