Global Lateral Flow Assay Market Size & CAGR (2021 to 2026)
As per the report published by MarketDataForecast, during the forecast period, the size of the global lateral flow assay market is estimated to be growing at a CAGR of 8.2% and worth USD 10.45 billion by 2026 from USD 7.04 billion in 2021.
Impact of COVID-19 on the global lateral flow assay market:
There have been an urgent demand for diagnostic solutions, particularly lateral flow assays, since the new coronavirus (COVID-19) outbreak, as it is a cornerstone for managing the COVID-19 pandemic. Rapid testing enables the early diagnosis of viruses and the isolation of patients, which helps to prevent further transmission. Therefore, the COVID-19 pandemic has significantly impacted the global market for lateral flow assays.
As the number of cases has grown worldwide, most of the significant lateral flow assay market players have invested in R&D and formed partnerships and agreements with other industry players and government agencies to create lateral flow diagnostic solutions. Instead of sending patient samples to the lab, lateral flow test kits are more convenient because they are smaller, portable, and require little training to operate. This makes them appealing for use outside clinics in low- and middle-income nations and countries implementing mass population screening programs.
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KEY DRIVING FACTORS:
Y-O-Y growth in the prevalence of infectious diseases & technical advancements is estimated to accelerate the development of the global lateral flow assay market.
Infectious diseases remain a significant public health problem worldwide, even though non-communicable diseases are the most important cause of morbidity and mortality. The industry has also benefited from technological improvements in the field of lateral flow assays (LFA). Novel signal amplification techniques, the introduction of new labels, enhanced quantification systems, and simultaneous detection have all been vital developments in LFA development in recent years. To improve the signal from gold nanoparticles, some new strategies were applied silver enhancement technology or combinations of GNPs with an enzyme (such as horseradish peroxidase) have been used to extract maximum power in GNPs.
Lower accuracy of lateral flow assay is one of the significant restraints to the lateral flow assay market’s growth rate.
With the introduction of new technologies like PCR and molecular diagnostics, demand for lateral flow assays has slowed. In addition, advanced molecular techniques, such as PCR, have changed infectious illness diagnostics. Although easier to execute and less expensive than laboratory tests, lateral flow assay procedures are less accurate. The SARS-CoV-2 antibody tests, for example, based on lateral flow technique, have a high margin of error. This has resulted in false negatives, making it difficult to trace the coronavirus’s progress.
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KEY MARKET INSIGHTS:
- Based on the product, in 2020, the kits and reagents segment accounted for the largest share of the market. The launch of new kits by leading players is expected to fuel the market growth during the forecast period.
- Based on the technique, Sandwich assays accounted for the largest share of the market in 2020 due to their accuracy, cost, and convenience of use. In addition, a colored line usually depicts a positive test at the test line position in this technique. Thus, the test can be utilized in any low-resource healthcare or field situation, requiring no training.
- Based on the application, due to the necessity of diagnosing and detecting disease with an increase in the prevalence of infectious diseases, the clinical testing segment is expected to hold the most significant market share in the LFA market. In addition, the Atomo HIV Self-Test, TRUSTline HIV-Ab/Ag 4th Gen Rapid Test, Dr. Trust Hiv Sure, and other self-test devices that have received additional FDA approvals in recent years have raised the demand for the category. Patients benefit from these self-test devices and kits in terms of assurance, earlier diagnosis, increased convenience, and ease of use, all of which are expected to fuel the market.
- Based on the End-User, in 2020, the hospitals and clinics category had the largest market share. Hospitals and clinics are primary care facilities where medical issues are diagnosed and treated. For disease diagnosis, treatment, and management, the bulk of the population relies on these long-term hospitals. Because of the constant developments in the healthcare industry, there is a greater demand for hospitals with improved diagnostic services. In addition, the market’s expansion has been aided by a rise in healthcare spending around the world.
- Based on the region, due to an increase in the incidence of numerous infectious diseases such as Lyme disease, tuberculosis, and an elevated mortality rate related to HIV/AIDS in the region, North America is likely to lead the overall LFA market over the forecast period. The United States has the highest market share in North America, owing to a larger patient pool and higher affordability as disposable income rises.
- Abbott Laboratories, Danaher Corporation, Thermo Fisher Scientific Inc., QIAGEN N.V., F. Hoffmann-La Roche AG, Siemens Healthineers AG, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., and PerkinElmer Inc. are among the key market players covered in the report. There are several main participants in the LFA market, which is moderately competitive. Some companies increase their market share through various strategies such as mergers and acquisitions, while others invent new diagnostic test methods and introduce new goods to maintain their market share.
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RECENT MARKET DEVELOPMENTS:
- The PanBio COVID-19 immunochromatographic test for quick qualitative identification of the Sars-CoV-2 virus was launched in Europe by Abbott Laboratories (US) in September 2020.
- Thermofisher Scientific, Inc. (US) will open a new Bioprocessing Collaboration Center (BCC) in Missouri, USA, in September 2020 to bring together its experience in GMP biologics manufacturing and bioprocessing technologies such as chromatography and analytical tools.
- Qiagen N.V. (Netherlands) acquired NeuMoDx Molecular, Inc. (US) in September 2020, with the acquisition assisting QIAGEN in expanding its diagnostic instrument product portfolio.
- Qiagen announced the availability of the new Access Anti-SARS-CoV-2 Total antibody test in August 2020, which gives quick results for detecting COVID-19 antibodies.
SEGMENTS COVERED IN THIS REPORT:
- Drug Development
- Food Safety
By End User:
- Hospitals and Clinics
- Home Care
- Diagnostic Laboratories
- Pharmaceutical and Biotechnology Companies
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Lateral Flow Assay Market
- Europe Lateral Flow Assay Market
- APAC Lateral Flow Assay Market
- Latin America Lateral Flow Assay Market
- MEA Lateral Flow Assay Market
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