Global Market for Lateral Flow Assays
Dublin, May 23, 2022 (GLOBE NEWSWIRE) -- The "Lateral Flow Assays - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Lateral Flow Assays Market to Reach $11.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Lateral Flow Assays estimated at US$7.8 Billion in the year 2020, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 5.9% over the analysis period.
Lateral flow assays are assays designed to effectively identify compounds of interest present in complex mixtures within 5-30 minutes. Lateral flow technology is fast emerging as a technique of choice for testing of infectious diseases given the numerous benefits the technology offers.
The market expansion is attributed to high incidence of infectious conditions coupled with growing geriatric population, and increasing trend of point-of-care testing. The market is anticipated to also benefit from increasing popularity of self-diagnosis, a prominent trend that is propelling the demand for home-based lateral flow assay devices.
Another factor bolstering the market growth is continuing technological advancements associated with lateral flow assays. These efforts are intended to improve these assays on the basis of selectivity, sensitivity and quantification.
In addition, the integration of advanced quantification systems, new labels and simultaneous detection techniques is boosting growth. The COVID-19 pandemic has presented an ideal growth opportunity for lateral flow assays due to robust demand for lateral flow assay-based screening tests.
Kits & Reagents, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR to reach US$9.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lateral Flow Readers segment is readjusted to a revised 4.9% CAGR for the next 7-year period.
This segment currently accounts for a 17.9% share of the global Lateral Flow Assays market. In contrast to laboratory-based tests that are time-intensive, lateral flow test kits are portable, convenient to use, and require minimal training.
The U.S. Market is Estimated at $3.3 Billion in 2021, While China is Forecast to Reach $872.4 Million by 2026
The Lateral Flow Assays market in the U.S. is estimated at US$3.3 Billion in the year 2021. The country currently accounts for a 38.64% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$872.4 Million in the year 2026 trailing a CAGR of 8.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$917 Million by the end of the analysis period.
The US market is at the forefront of adoption of lateral flow assays supported by rising prevalence of infectious conditions like tuberculosis and Lyme disease along with increasing mortality rate linked with AIDS. Growth is further bolstered by the mayhem created by the COVID-19 pandemic, prompting governments to make aggressive attempts toward mass screening programs. A host of factors are contributing to rapid uptake of lateral flow assays in developing regions, especially Asia-Pacific.
While demand for these products is primarily being driven by growing healthcare expenditure and increased demand for diagnostics, other factors including rising healthcare awareness and subsequent increase in demand for healthcare services are also contributing to demand increase.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
Challenges and Opportunities for Clinical Diagnostics amid the Pandemic
Impact of COVID-19 on Lateral Flow Assays Market
Performance Analysis of COVID-19 Tests
Lateral Flow Assay-based Tests Soar into Spotlight during COVID-19 Pandemic
LFAS Arms Nations to Battle the Coronavirus
A Prelude to Lateral Flow Technology
Lateral Flow Assays: An Introduction
Lateral Flow Assays: A Mighty, Paper-based Diagnostics Approach
Lateral Flow Assays Market Appears Poised to Experience Uninterrupted Flow Ahead
Clinical Testing Remains Primary Application Segment of Lateral Flow Assays Market
Rising Incidence of Infectious Conditions Ignite Demand
LFA Overcomes Testing Barriers
Emerging Applications Present Lucrative Opportunities
The US Retains Leadership Tag in Global Lateral Flow Assays Market
2. FOCUS ON SELECT PLAYERS (Total 55 Featured)
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
F. Hoffmann-La Roche AG
3. MARKET TRENDS & DRIVERS
Growing Incidence of Infectious Diseases to Drive LFA Market
Infectious Diseases Remain Major Cause of Death in Under Developed Regions
Greater Number of Tests for HIV and Sexually Transmitted Diseases Amplify Growth
Number of AIDS-Related Deaths (in Thousands) by Region for 2018
Rapid HIV Tests: A New Age Diagnostic Weapon against the Killer Disease
Home HIV Testing Emerges as a Lucrative Option
Viral Hepatitis Testing Presents Opportunities for Lateral Flow Assays Market
Hepatitis B prevalence Worldwide by Region
Uptrend in Healthcare Spending Creates Fertile Environment
Ageing Demographics to Drive Demand
Self-Diagnosis Emerge as Notable Trend
New Approvals of Self-Test Devices to Give a Boost to the Market
Lateral Flow Assays Hold Rosy Outlook with Emerging Applications Areas
LFAs Gains Foothold in Multiplexing
Multiplexed Point-Of-Care Testing
Remote Healthcare Benefits Lateral Flow Assays Market
Lateral Flow Assays to Become Landmark Approach in Precision Diagnostics
Lateral Flow Assays & Precision Diagnostics
Digitalization of Lateral Flows to Support Healthcare
Digitalized Lateral Flow Assays: An Exciting Platform to Change Data-Driven Healthcare Domain
Lateral Flow Assays Emerge as Integral Components of Food Safety & Environmental Testing
Novel Lateral Flow Assay Marks Shift from Reactive to Proactive Food Safety Testing Approach
Technological Advancements Remain Crucial to Future Growth
Researchers Develop Novel Technique to Significantly Increase Accuracy of Lateral Flow Tests
Smartphone-based Fully-Quantitative Lateral Flow Assay Analyzer for Reliable & Quick Diagnosis
Innovative Lateral Flow Immunoassays Find Increasing Role in Detection of Dengue & Zika Virus
Abingdon Health Introduced ADxLR5 Developer for Assay Development
Rapid Tests Connectivity with Wireless Data Platforms
Miniaturization of Analytical Instruments Presents Lucrative Opportunities for Handheld Lateral Flow Assay Readers
Low Accuracy Remains a Major Restraint
Limited Reimbursement & Raw Material Supply Issues as Key Challenges
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
Lateral Flow Assays Market Presence - Strong/Active/Niche/Trivial - Key Competitors for 2022 (E)
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