Major players in the lateral flow assays market are Abbott Laboratories, Quidel Corporation, Roche Holding AG, Danaher Corporation, Siemens AG, Merck KGaA, bioMérieux SA, Bio-Rad Laboratories Inc. , Thermo Fisher Scientific Inc.
New York, July 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lateral Flow Assays Global Market Report 2022" - https://www.reportlinker.com/p06310834/?utm_source=GNW
, PerkinElmer Inc., Hologic Inc., QIAGEN N.V., Becton, Dickinson and Company, and Abcam plc.
The global lateral flow assays market is expected to grow from $9.75 billion in 2021 to $10.39 billion in 2022 at a compound annual growth rate (CAGR) of 6.55%. The lateral flow assays market is expected to grow to $12.52 billion in 2026 at a compound annual growth rate (CAGR) of 4.78%.
The lateral flow assays market consists of the sale of lateral flow assays products by entities (organizations, sole traders, and partnerships) that paper-based point of care diagnostic tools used to detect an analyte’s presence or absence in a sample.A lateral flow assay (LFA) is made up of four parts: a sample pad where the sample is dropped, a conjugate pad where labelled tags and biorecognition elements are combined, a reaction membrane with test and control lines for target antigen-antibody interaction, and an absorbent pad where waste is stored.
These tests are frequently employed for qualitative and quantitative detection of specific antigens and antibodies to test infectious diseases, cardiac indicators, pregnancy and fertility, cholesterol testing/lipid profile, and drug addiction.
The main types of lateral flow assay are kits and reagents, and lateral flow readers.The lateral flow readers refer to instruments used to read and analyze the findings of lateral flow tests.
The lateral flow assay works on sandwich assays, competitive assays, and multiplex detection assays techniques. These are used for veterinary diagnostics, clinical/point-of-care testing, drug development and quality testing, and other applications by hospitals and clinics, diagnostic laboratories, home care settings, pharmaceutical and biotechnology companies, and other end users.
North America was the largest region in the lateral flow assays market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the lateral flow assays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lateral flow assays market research report is one of a series of new reports that provides lateral flow assays market statistics, including lateral flow assays industry global market size, regional shares, competitors with a lateral flow assays market share, detailed lateral flow assays market segments, market trends and opportunities, and any further data you may need to thrive in the lateral flow assays industry. This lateral flow assays market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The high prevalence of infectious diseases across the globe significantly contributes to the growth of the lateral flow assay market.In developing countries, the high frequency of infectious diseases such as HIV and malaria, combined with the inadequate healthcare system and raising public awareness, is projected to accelerate the adoption of lateral flow assay testing.
The recent COVID-19 pandemic has highlighted the need for early illness detection capabilities, projected to fuel market expansion. According to the Centres for Disease Control and Prevention, the reported cases of infectious diseases rose from 2.97 million cases in 2018 to 3.10 million cases in 2019, a 4% rise in cases in one year. Therefore, the high prevalence of infectious diseases across the globe will contribute to the growth of the lateral flow assay market.
Technological advancements are the key trends gaining popularity in the lateral flow assays market.Key players operating in the lateral flow assays market are focusing on developing innovative technological testing products to strengthen their position in the market.
For instance, in November 2021, IUL SA, a Spain-based laboratory equipment manufacturer introduced iPeak Europium, a new lateral flow reader equipped with iPeak technology based on machine vision illumination principles to scan fluorescence-labeled lateral flow tests. The fluorescence lateral flow tests provide high sensitivity and specificity as well as an affordable alternative to other PCR tests.
In September 2020, Qiagen N.V, a Germany-based provider of sample and assay technologies for molecular diagnostics acquired NeuMoDx Molecular Inc. for $248 million. With this acquisition, Qiagen is focused on expanding its automated testing portfolio and create strong customer reach across the globe. NeuMoDx Molecular Inc. is a US-based molecular diagnostics company involved in desiging, development and manufacturing of molecular diagnostic solutions.
The countries covered in the lateral flow assays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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