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Global $16.8 Bn Lateral Flow Assay Market Forecast, 2029: Rising Demand in the Food & Beverage Industry Presenting Lucrative Opportunities

Research and Markets
·5-min read
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Global Lateral Flow Assay Market

Global Lateral Flow Assay Market
Global Lateral Flow Assay Market

Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Global Lateral Flow Assay Market by Product (Kit, Readers), Application (STI, COVID-19, Hep, TB, Cardiac marker, Pregnancy; Drug abuse, Vet Diaganostic, Food), Sample (Blood, Urine, Saliva), Technique (Sandwich, Competitive), End-user - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global lateral flow assays market is valued at an estimated USD 10.8 billion in 2023 and is projected to reach USD 16.8 billion by 2029, at a CAGR of 7.6% during the forecast period. The rising of the lateral flow assay market is because of the high prevalence of infectious diseases in many countries, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices, However the timorousness amongst the doctors and patients to adapt the existing diagnostic procedures and the low accuracy of lateral flow assays are some of the factors which are restraining the market.



The lateral flow readers segment accounted for the fastest growing share in the lateral flow assays market

The lateral flow readers is a part of the product segment in lateral flow assays market. Its large share can be attributed to as it enables the quantitative analysis of lateral flow strips in sandwich, competitive, as well as in the reverse-competitive test formats. The lateral flow readers measures the intensity of the test line to determine the number of analytes present in the sample and yield an assay result that is entirely quantitative. These can also take several readings from a single device or one read from several devices, which is then automatically analyzed statistically to provide a consolidated number. Lateral Flow readers can quantify, precisely collect, and transfer data. They are also very sensitive.

The urine sample accounted for the second largest segment in the lateral flow assays market

On the basis of the sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the second largest market share in 2022. The increasing utilization of the urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing are some of the factors which attribute to the growth of the segment.

Asia-Pacific market to witness the highest growth during the forecast period

During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors are as a lot of manufacturers are significantly increasing their manufacturing especially in the Asia-Pacific region, which is exhibiting a low-cost manufacturing advantages also the availability of a skilled workforce in these regions. The major factors that are restricting the growth of the market in this region is the lack of awareness about the advantages of near-patient testing products due to lack of reimbursements, challenges related to locational remoteness, and low literacy rates.

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Research Coverage

The market study covers the lateral flow assays market across various segments. It aims to estimate the market size and the growth potential of this market across different segments by product, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMerieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).

Key Attributes

Report Attribute

Details

No. of Pages

383

Forecast Period

2023-2029

Estimated Market Value (USD) in 2023

$10.8 Billion

Forecasted Market Value (USD) by 2029

$16.8 Billion

Compound Annual Growth Rate

7.6%

Regions Covered

Global

Premium Insights

  • High Prevalence of Infectious Diseases to Drive Market

  • Asia-Pacific to Register Highest CAGR Over Forecast Period

  • China to Register Highest Growth Over Forecast Period

  • Emerging Economies to Offer High Growth Opportunities in Forecast Period

Market Dynamics

  • Drivers

    • High Prevalence of Infectious Diseases

    • Rising Geriatric Population

    • Growing Use of Home-based Lateral Flow Assay Devices

    • Growing Demand for Poc Testing

  • Restraints

    • Inconsistent Results of Lateral Flow Assay Tests

  • Opportunities

    • Evolving Applications of Lateral Flow Assays

    • Rising Demand for Lateral Flow Assays in Food & Beverage Industry

    • Emergence of Omicron COVID Variant

  • Challenges

    • Limited Reimbursements for Lateral Flow Assay Products

    • Difficulties in Procuring Quality Raw Materials to Develop Tests

Technology Analysis

  • Key Technology: Lateral Flow Assays

  • Adjacent Technology: ELISA (Enzyme-Linked Immunosorbent Assays)

Case Study Analysis

  • Quidel Launches New Test with Broader Detection Window

  • Abington Offers High-Sensitivity Tests for Greater Quality

  • Siemens Offers High-Sensitivity Troponin I Assay to Rapidly Detect Acute Myocardial Infarction

Companies Featured

  • Abbott Laboratories

  • F. Hoffmann-La Roche Ltd.

  • Quidelortho Corporation

  • Danaher Corporation

  • Siemens AG

  • Becton, Dickinson and Company

  • bioMerieux SA

  • Thermo Fisher Scientific Inc.

  • PerkinElmer Inc.

  • Qiagen N.V.

  • Merck KGaA

  • Hologic, Inc.

  • Abcam PLC

  • Surmodics Inc.

  • Chembio Diagnostics, Inc. (Biosynex)

  • Orasure Technologies

  • DCN Diagnostics

  • Polysciences Inc.

  • Abingdon Health

  • Oranoxis Inc.

  • Aesku.Group GmbH

  • Bio Group Medical System S.R.L

  • Pharmact GmbH

  • Diesse Diagnostica Senese S.p.A.

  • Xiamen Biotime Biotechnology Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/m5am8e

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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