Global Lateral Flow Assay Market
Dublin, April 28, 2022 (GLOBE NEWSWIRE) -- The "Global Lateral Flow Assay Market, By Products & Services, By Indication, By Technique, By End User, By Distribution Channel, Estimation & Forecast, 2017 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assay market was valued at USD 9,166.7 Million in 2021 and is forecasted to reach USD 14,128.7 Million by the year 2030. The market is anticipated to register a CAGR of 5.0% over the projected period.
Lateral flow assay is a paper-based platform which is used for detecting and quantifying analytes in complex mixtures. A sample is placed on the test device and results are displayed withing 5 to 30 minutes. Need for rapid diagnostic testing for COVID-19 coupled with the high prevalence of infectious diseases are expected to boost the market growth. Furthermore, evolving applications of lateral flow assays is also expected to fuel the market growth.
Despite the driving factors, inconsistent results of lateral flow assay tests along with the government stringent regulations are expected to hinder the market growth during the forecast period.
Evolving applications of lateral flow assays
Lateral flow assays are commonly used for point of care testing owing to its great efficiency and convenience. These application areas include COVID-19 antibody rapid test, neutralizing antibody test for COVID-19 vaccine development, pregnancy (HCG hormone) test, the HIV test, and hepatitis B virus test.
Furthermore, these tests have also found applications in helping cystic fibrosis patients to breathe more easily, to detect toxins in food, and identifying plant pathogens. Hence, evolving applications of lateral flow assays are expected to fuel the market growth.
The LFA kits segment is anticipated to witness the fastest growth rate of around 5.3% over the forecast period owing to the rising demand for kits for point of care testing purposes. Within this segment, the test strips segment is expected to hold a market opportunity of over USD 1,500 million during 2022 to 2030 owing to their ease of use.
The infectious diseases segment is expected to account for the largest market share of more than 70% in 2021 owing to the rising prevalence of infectious diseases and the high use of LFAs for quick diagnosis of these diseases. Within this segment, the sexually transmitted diseases segment is estimated to surpass a market of USD 2,000 million by 2026 owing to the rising incidence rate of STDs, such as HIV AIDS.
The sandwich assays segment is estimated to account for the highest market share of more than 2/5th of the market in 2021 owing to their better assay sensitivity as well as specificity. The competitive assays and multiplex detection assays segment are also expected to witness lucrative growth rates.
The diagnostics laboratories segment is estimated to surpass a mark of USD 4,000 million by 2029 owing to the high usage of lateral flow assays in diagnostic laboratories. The hospitals and clinics segment is estimated to hold an opportunity of more than USD 1,700 million during 2022 to 2030.
The hospital pharmacies segment is estimated to surpass a mark of USD 6,000 million by 2027 owing to high demand for lateral flow assays through the hospital pharmacies. The e-commerce segment is anticipated to witness significant growth owing to the rising penetration of e-commerce sites.
The North America region is expected to surpass a market value of USD 4,000 million by 2027 owing to the presence of major market players in the region. Europe region also witnessed significant growth owing to growing adoption of technologically advanced products in the region. Asia Pacific region witnessed the fastest growth rate of 5.8% during the forecast period owing to the presence of fast developing nations such as India and China.
The cumulative market share of the four major players is close to 50%. These market players are engaged in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence. For instance, in March 2022, F.Hoffmann-La Roche and its subsidiary TIB Molbiol announced the availability of tests for identification of the SARS-CoV-2 B.1.1.529 variant.
Bio-Rad Laboratories Inc.
F. Hoffmann-La Roche Ltd.
Thermo Fisher Scientific, Inc.,
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