The Lateral Flow Assays industry is expected to grow significantly in the near future due to the increasing demand for rapid, portable, and easy-to-use diagnostic tests. Lateral flow assays have already proven to be valuable in a variety of applications, including medical diagnostics, food safety testing, environmental monitoring, and drug testing, among others. Advances in technology and the development of new and more sensitive detection methods are likely to further improve the performance and accuracy of lateral flow assays, making them even more versatile and useful in the years to come.
The Global Lateral Flow Assays Market in terms of revenue was estimated to be worth $20.5 billion in 2022 and is poised to reach $22.6 billion by 2027, growing at a CAGR of 2.0% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Increasing adoption of kits & reagents and lateral flow assay readers for infectious diseases testing, veterinary diagnostics, and drug of abuse testing, cardiac marker testing. Whereas most of lateral flow assays are having limitation of qualitative detection, lot to lot variation like factors may hinder the growth of global market during the forecast period.
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Key Market Players:
The prominent 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), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).
Kits & reagents segment accounted for the largest share in the lateral flow assay market.
The global market is segmented into kits & reagents and lateral flow readers. Kits & reagents accounted for the larger share of the global market. The large share of kits & reagents is due to the increasing the adoption of kits & reagents for infectious disease testing.
Food Safety & Environmental Testing segment is expected to witness the fastest growth, in global lateral flow assays market, during the forecast period.
The global market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing based on the application. The food safety & environmental testing segment is expected to witness the fastest growth during the forecast period. The fastest of this segment can be attributed to the available LFA tests for identifying toxins and other contaminants in the food industry can potentially compete with other immunoassay methods, such as immuno-chips and immuno-sensors and other analytical methods. The food & beverage industry is shifting from lab-based conventional microbiology techniques to rapid LFA tests for faster result generation
Competitive assays technique accounted for the second largest share of lateral flow assays industry
The global market is segmented into competitive assays, sandwich assays, and multiplex detection assays. In competitive assay technique, the absence of color at the test line indicates the presence of analytes, while the appearance of color at both the test and control lines indicates a negative result.
Others samples accounted for the largest share of lateral flow assays market
The global market is segmented into blood, urine, saliva, and others samples. Others samples accounted for the largest market share. The global market for others samples is likely to be driven by increased R&D and the need for more specific and accurate disease testing. Nasal swabs, throat swabs, and vaginal fluid have been considered as other samples in the study.
The Diagnostics laboratories segment accounted for the third largest share of lateral flow assays market
Based on end users, the market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The diagnostics laboratories segment accounted for the third largest market share The COVID-19 pandemic has resulted in an increased demand for rapid lateral flow-based diagnostic testing in laboratories. These tests may be conducted to gather data regarding the viral spread nationwide by government organizations and individuals for confirmation of symptomatic or asymptomatic cases with contact exposure.
North America accounted for the largest share of the lateral flow assays market
The market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America accounted for the largest share of the lateral flow assay market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR during the forecast period.
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Lateral Flow Assays Industry Dynamics:
Drivers:
- High prevalence of infectious diseases across the globe
- Rapidly increasing geriatric population
- Growing usage of home-based lateral flow assay devices
- Growing demand for point-of-care testing
- Need for rapid diagnostic testing for COVID-19
Restraints:
- Inconsistent results of lateral flow assay tests
Opportunities:
- Evolving applications of lateral flow assays
Rising demand for lateral flow assays in the food & beverage industry
- Omicron – The new variant of concern is an opportunity for the lateral flow assays market
- Government initiatives for omicron
- Initiatives of Medical diagnostic companies for omicron
Challenges:
- Limited reimbursements for lateral flow assay products
- Difficulties in procuring quality raw materials for the development of lateral flow assay tests
Recent Developments:
- In October 2022, F. Hoffmann-La Roche Ltd. (Switzerland) a next-generation portfolio of SARS-CoV-2 rapid antigen test 2.01, SARS-CoV-2 Rapid Antigen Test 2.0 Nasal2, and SARS-CoV-2 Rapid Antigen Test 2.0 Nasal3
- In June 2021, Abbott Laboratories (US) received the CE approval for PanBio Rapid Antigen Self-test, opening access throughout Europe to fast, reliable COVID-19 testing
Lateral Flow Assays Market - Report Highlights:
Refinements in the segments of the lateral flow assays market
The current edition of the report consists of an updated market overview. Additional points in the market overview have been added, keeping in mind the impact of COVID-19 on the overall lateral flow assays market and economic recession impact on lateral flow assays market. Also impact of economic recession on regional market size has been considered in this edition.
Coverage of new market players in the lateral flow assays market
The new edition of the report includes profiles for Oranoxis Inc. (US), AESKU. Diagnostics Gmbh (Germany), Bio Group Medical System (Italy), Pharmact Gmbh (Germany), DIESSE Diagnostica Senese S.P.A (Italy), and Xiamen Biotime Biotechnology Co., Ltd (China).
Updated financial information/product portfolio of players
The new edition of the report provides updated financial information until 2021 for each listed company in a graphical representation as a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segment, and R&D investments.
Updated market developments of profiled players
Recent developments are important to understand market trends and the growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2019 to December 2022, indicating a continuation from the previous version. Product/services launches, approvals, and upgrades, expansions, acquisitions, agreements, partnerships, and collaborations were the principal growth strategies adopted by market players in this period.
Report Link: ( Lateral Flow Assay Market )
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