Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Global Lateral Flow Assays Market by Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquito, Influenza, STI, Hepatitis, TB) Cardiac Marker Lipid Test) Veterinary, Food Safety) Product (Readers, Kits) Technique, End-user, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assays market is projected to reach USD 11.4 billion by 2026 from USD 9.6 billion in 2021, at a CAGR of 3.4% during the forecast period.
The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.
Kits & Reagents segment accounted for the largest share in the lateral flow assays market
Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, kits & reagents accounted for the larger share of 87.5% of the global lateral flow assays market. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, the growing burden of chronic diseases, the increasing use of lateral flow kits in home care, and their convenience and ease of use. The lateral flow readers segment is bifurcated into digital/handheld readers and benchtop readers. This segment is expected to grow at a higher CAGR of 7.1% during the forecast period.
Clinical Testing segment is expected to witness the fastest growth in the forecast period
Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest share of 89.3% of the lateral flow assays market in 2020. The large share of this segment can be attributed to the rising prevalence of chronic diseases, growing pressure to reduce healthcare costs, and the increasing demand for patient-centric care.
Sandwich assays technique accounted for the largest share of lateral flow assays market in 2020
Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assays technique dominated the lateral flow assays market with a share of 70.9% in 2020. The large share of this segment can be attributed to its better assay sensitivity and specificity and its extensive applications in the measurement of critical analytes (such as cardiac and hepatitis markers).
Blood samples accounted for the largest share of lateral flow assays market in 2020
Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Blood samples accounted for the largest market share of 55.9% in 2020. The use of blood samples in lateral flow tests for infectious diseases such as malaria, HIV, and syphilis; the rising awareness of rapid testing solutions; and easy detection of disease antibodies from blood samples are key factors driving the growth of this segment.
The hospitals & Clinics segment accounted for the largest share of lateral flow assays market in 2020
Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest market share of 37.6% in 2020. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, further driving the growth of this market in the forecast period.
North America accounted for the largest share of the lateral flow assays market in 2020
The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 38.8% of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR of 5.8% during the forecast period.
The rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, the presence of a favorable regulatory environment, and growing demand for home and POC testing are supporting market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific (especially India) have also resulted in a high growth rate in the lateral flow assays market in this region.
The market study covers the lateral flow assays market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by product type, application by technique, by sample type, 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), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).
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
Inconsistent Results of Lateral Flow Assay Tests
Evolving Applications of Lateral Flow Assays
Rising Demand for Lateral Flow Assays in the Food & Beverage Industry
Limited Reimbursements for Lateral Flow Assay Products
Difficulties in Procuring Quality Raw Materials for the Development of Lateral Flow Assay Tests
Access Bio, Inc.
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Bioporto Diagnostics A/S
Chembio Diagnostic Systems, Inc.
F. Hoffmann-La Roche AG
Microcoat Biotechnologies GmbH
Thermo Fisher Scientific Inc.
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