Lateral Flow Assay (LFA) is a very well-established marketable product in the on-sight diagnostics field as it provides fast, low-cost, and precise results such as home-based pregnancy test kits. Over the years, lateral flow assay technology has advanced significantly, and it is now widely employed for companion diagnostic and point-of-care applications. Furthermore, technological advancements are propelling the lateral flow assay market growth, transforming basic qualitative tests into composite multi-analyte quantitative assays. Due to the rising need for point-of-care tests, high incidences of infectious diseases, rising medical diagnosis applications, and high acceptance of home-based lateral flow assays testing, the global lateral flow assay market is expected to increase during the forecast period. The global lateral flow assay market in 2017 was worth US$ 5.6 billion and is expected to register a CAGR of 7.5 % during the forecast period of 2017 – 2025.
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The global lateral flow assay market is growing due to a rising preference for home-based lateral flow assay tests.
With the increased incidence of lifestyles and infectious disease, there is a growing preference for point-of-care tests in the home care settings that can provide results in 5 to 15 minutes and also, is convenient to use. A home-based pregnancy test, which typically confirms the hormone presence generated at the time of pregnancy and gives a binary answer, is a well-known instance of lateral flow assay technology. The prominence of the home-based lateral flow assay devices is growing due to a variety of benefits, such as portability, low production costs, quick results, and ease to use. Due to several advantages provided by lateral flow assay-based point-of-care tests, such as low cost, fewer doctor appointments, and lab overhead expenses, it improves the quality of care. Moreover, lateral flow assay test result variance may restrict the global lateral flow assay market’s growth.
Lateral flow assay tests are intended to be inexpensive, quick, and simple to perform. Moreover, lateral flow assay tests are useful for point-of-care primary screening. Furthermore, they have some drawbacks such as erroneous sample volume affecting the accuracy of the result, limiting the overall volume in test and putting a sensitivity limit on the test, and time for analysis is depending on the type of the sample (the analysis time increases when the test sample is viscous).
The development of novel point-of-care tests, that would deliver few variances and highly accurate test reports, is being sought by major players in the in-vitro clinical diagnostic device manufacturing sector. For instance, the U.S. Food and Drug Administration (FDA) in March 2018, approved Alfa Scientific Designs, Inc.’s immunoassay fecal occult blood test for diagnosing colorectal cancer and precancerous polyps.
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This newly developed test requires only a single drop of sample solution and takes less than a minute to conduct. The test is five times faster than the traditional lateral flow assay test. For instance, Agdia, Inc., introduced a new strip for lateral flow test in October 2014. The test was created to determine whether the Vip3A protein is absent or present in the transgenic corn in order to evaluate seed quality. The global lateral flow assay market is expected to grow due to the increase in demands for point-of-care test devices and improvements of technology in lateral flow assay devices to provide cost-effective, quick, and inexpensive devices in the market for primary disease detection during the forecast period.
The global lateral flow assay market is expected to expand due to the increasing incidence of infectious diseases.
Rising prevalence and growing occurrence of infectious diseases are fueling the global lateral flow assay market growth. According to research issued in the Journal Lancet Infectious Disease, between January 2004 and December 2013, of 45 infectious diseases around 54,984,661 cases were identified in China, with an average annual prevalence of 41,798 cases for every 100,000 people. Moreover, Tuberculosis and Hepatitis B, have high incidence rates of 81.57 and 80.33 for every 100,000 people respectively. In 2015, the World Health Organization (WHO) reported 212 million cases of malaria globally, with the highest occurrence in African countries.
Some of the major players contributing in the global lateral flow assay market are Tetracore, Inc., Humasis Co. Ltd, Becton Dickinson and Co., Siemens Healthineers, Inc., Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG., Thermo Fisher Scientific Inc., Diagnostic Consulting Network Inc., and Qiagen NV
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Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Technique
- Market Snippet, By Application
- Market Snippet, By End User
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Market Trends
- Epidemiology
- Product Launches
- PEST Analysis
- Market Dynamics
- Global Lateral Flow Assay Market, By Product Type, 2015 – 2025, (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-o-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Kits and Reagents
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Lateral Flow Readers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Introduction
- Global Lateral Flow Assay Market, By Technique, 2015 – 2025, (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-o-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Competitive Assay
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Multiplex Detection Assay
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Sandwich Assay
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Introduction
- Global Lateral Flow Assay Market, By Application, 2015 – 2025, (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-o-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Veterinary Diagnostics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Drug Development and Quality Testing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Clinical Testing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Food Safety and Environmental Testing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Introduction
- Global Lateral Flow Assay Market, By End User, 2015 – 2025, (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-o-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Diagnostic Laboratories
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Pharmaceutical and Biotechnology Companies
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Home Care Settings
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2015 – 2025, (US$ Million)
- Introduction
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