Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global lateral flow assay market was pegged at US$ 5.68 billion in 2017, and is projected to display a CAGR of 7.5% over the forecast period (2017-2025).
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Growing demand for point-of-care testing coupled with increasing need for early diagnosis of infectious disease are major factors driving growth of the global lateral flow assay market over the forecast period. The continuous research and development in the lateral flow assay technology allows to introduce the better and affordable product in the field of clinical diagnosis. In February 2018, researchers from University of Wisconsin–Madison created the cheap and effective tuberculosis (TB) diagnostic assays, based on lateral flow assay technology. The current diagnostic assays for TB involve lengthy DNA extraction and analysis from sputum samples. However, this new technique based lateral flow assay, uses lipoarabinomannan (LAM) protein from urine samples as a biomarker to detect TB, within short duration of time.
Moreover, in October 2017, SYGNIS AG introduced its Universal Lateral Flow Assay (LFA) kit, which is being commercialized under the Innova Biosciences brand name. This novel product provides a tool for the easy and quick development of customized sandwich lateral flow assays, thereby providing physicians with faster access to POC testing for rapid early detection of disease. In April 2017, Neogen Corp. introduced a single-step lateral flow Immunochromatographic assay. The assay detects the raw pork and can be used to screen raw and processed raw meats in food processing industry. This test offers quick and easy test to prevent the accidental or deliberate insertion of pork in the other raw processed meat. Moreover, manufacturers are focusing on the developing new point-of-care testing lateral flow assay system, which will offer quick, easy, and accurate result at low cost.
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Key Market Trends:
- Asia Pacific, Latin America, Middle East, and Africa are recognized as the most lucrative regions, in terms of growth, in the global lateral flow assay market.
- The kits and reagents segment lead the global lateral flow assay market, as there is an inevitable need for lateral flow assay procedures worldwide.
- The sandwich assay segment holds the greatest market fragment, due to higher efficiency and sensitivity in antigen detection offered by this assay.
- The clinical testing segment accounted for an enormous market share in the global market, owing to the rising adoption of lateral flow assay for early detection of infectious diseases. For instance, in 2015, World Health Organization (WHO), proposed guidelines and recommendations to use the lateral flow urine lipoarabinomannan assay for the diagnosis and screening of active tuberculosis in people living with HIV.
- Among the various end users, the diagnostic laboratories segment holds the largest market position, owing to the various point-of care applications, potential cost reduction, and ability to offer qualitative result within short duration.
- The major players actively involved in the global lateral flow assay market include Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG.
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