Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2023

ReportLinker

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, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2023" - https://www.reportlinker.com/p06280917/?utm_source=GNW


The global lateral flow immunoassay (LFIA) based rapid test market declined from $10.14 billion in 2022 to $9.19 billion in 2023 at a compound annual growth rate (CAGR) of -9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The lateral flow immunoassay (LFIA) based rapid test market is expected to decline to $7.32 billion in 2027 at a CAGR of -5.5%.

Lateral Flow Immunoassay (LFIA) based rapid test market consits of sales of conjugarte pads, nitrocellulose membrane and absorbent pad. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

Lateral Flow Immunoassay (LFIA) based rapid test is a simple technology-based diagnostic device that is used to determine the presence of a target such as pathogens or biomarkers in samples collected from the human body. These samples may include urine, saliva, blood, sweat and other fluids.

North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2022.Asia Pacific was the second largest region in the lateral flow immunoassay (LFIA) based rapid test market.

The regions covered in the lateral flow immunoassay (LFIA) based rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main techniques in lateral flow immunoassay-based rapid test are competitive assay, sandwich assay, and multiplex detection assay.The competitive assay is used to assess the existence of a target, such as pathogens or biomarkers in the samples.

The applications are infectious disease, pregnancy and fertility, toxicology, others that are used in hospitals and clinics, diagnostic laboratory, home care, and others.

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.

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.

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 lab testing for tick-borne disease.

The countries covered in the lateral flow immunoassay (LFIA) based rapid test market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The lateral flow immunoassay (LFIA) based rapid test market research report is one of a series of new reports that provides lateral flow immunoassay (LFIA) based rapid test market statistics, including lateral flow immunoassay (LFIA) based rapid test industry global market size, regional shares, competitors with a lateral flow immunoassay (LFIA) based rapid test market share, detailed lateral flow immunoassay (LFIA) based rapid test market segments, market trends and opportunities, and any further data you may need to thrive in the lateral flow immunoassay (LFIA) based rapid test industry. This lateral flow immunoassay (LFIA) based rapid test 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.
Read the full report: https://www.reportlinker.com/p06280917/?utm_source=GNW

About Reportlinker
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: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001