Major players in the lateral flow immunoassay (LFIA) based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, and Hologic Inc.
New York, May 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06071097/?utm_source=GNW
The global lateral flow immunoassay (lfia) based rapid test market is expected to grow from $5.768 billion in 2020 to $6.136 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.136 billion in 2025 at a CAGR of 10%.
The lateral flow immunoassay (LFIA) based rapid test market consists of sales of devices and equipment used to run lateral flow immunoassays (LFIA) based rapid test and related services by companies that develop lateral flow immunoassays (LFIA) based rapid test equipment. These are testing devices used to assess the existence of a target, such as pathogens or biomarkers, in samples obtained from the human body or animals, or pollutants in water sources, food or animal feed.
Companies are collaborating to launch new products. In May 2020, Lateral Flow Diagnostic Company Mologic Ltd., which has teamed up with Biosure Ltd., the developer of the only CE approved HIV home testing kit, to develop a COVID-19 antibody self-test. The companies combine Mologic’s validated IgG lateral flow test strip with Biosure’s test kit. In July 2020, MP Biomedicals Asia Pacific Pte Ltd collaborated with a Singapore company A*STAR to create the ASSURE® SARS-CoV-2 IgG / IgM rapid antibody test kit to detect IgG and IgM antibodies in a person infected with SARS-CoV-2. The kit delivers precise results in very less time as less as 15 minutes and uses the lateral flow method.
The lateral flow immunoassay (LFIA) based rapid test market covered in this report is segmented by technique into competitive assay; sandwich assay; multiplex detection assay. It is also segmented by end user into hospital and clinic; diagnostic laboratory; home care; others, and by application into infectious disease; pregnancy and fertility; toxicology; others.
In April 2020, True Diagnostics, a leading US-based Point of Care (POC) company, partnered with Veravas and Infectolab Americas to create and distribute a fast, point-of-care immunoassay for SARS-CoV-2, the VeraTest SARS-CoV-2 IgA / IgG Fast Test will be developed to detect immunoglobulin A and immunoglobulin G antibodies to SARS-CoV-2 in the blood within 15 minutes.The test combines True Diagnostics, TrueDx lateral flow immunoassay technology with Veravas, VeraPrep clean and VeraPrep capture technologies designed to remove cross-reaction antibodies and ensure the detection of only SARS-CoV-2-specific antibodies.
Veravas is an emerging US-based diagnostic company. Infectolab Americas is a US-based laboratory specialized in the lab testing for tick-borne disease.
The demand for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market.Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment.
The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format.Lateral flow immunoassays (LFIA) are widely used as POCTs due to their speed and precision, simplicity and low cost.
For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance.Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19.
These antibodies may be detected in whole blood, serum or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market.
Low sensitivity of Lateral Flow Immunoassay (LFIA) Based Rapid Test is expected to limit the market. The sensitivity of the test is mainly the ability of the test to correctly identify those with the disease, which is low for Lateral Flow Immunoassay (LFIA) Based Rapid Test compared to other methods that may, in some cases, require a re-test for confirmation. according to a study conducted by researchers, including those from the Harvard medical school in the USA and also the University of British Columbia, Canada. The medical databases and preprint servers were searched from January 1 to April 30 2020, for studies measuring the sensitivity and specificity of the Covid-19 antibody test compared to the control test. It had been found that pooled sensitivities were consistently lower for the lateral flow immunoassay (LFIA) test compared to other test methods. The low level of sensitivity is anticipated to restrain the market growth for Lateral Flow Immunoassay (LFIA) based rapid test.
Read the full report: https://www.reportlinker.com/p06071097/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001