Global Lateral Flow Assay Market revenue was US$ 9,165.7 Mn in 2021 and is forecast to reach US$ 14,128.7 Mn by 2030. The market is registering a CAGR of 5% over the forecast period 2022-2030.
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Lateral flow assays (LFAs) are the technology behind simple, low-cost, rapid, and portable detection devices popular in agriculture, biomedicine, food, and environmental sciences. The absence or presence of a target analyte, such as biomarkers or pathogens in animals or people, or contaminants in water supplies, foods, or animal feeds, can be determined using a diagnostic tool called a lateral flow assay. The pregnancy test is the lateral flow quick test strip that is most well-known.
However, in recent times, lateral flow tests have taken center stage for swiftly identifying COVID-19-causing SARS-CoV-2. Thus, the low-cost, straightforward, quick, and portable detection tools that are common in biomedicine, agriculture, food, and environmental sciences are made possible by lateral flow assays (LFAs).
Factors Pushing the Growth of the Global Market
Market Driver
In 2020, the COVID-19 pandemic struck the entire world, and the demand for quick diagnostic tests to stop COVID’s spread had risen. Rapid test kits/rapid antigen testing are more frequently used to refer to COVID-19 lateral flow assays. Mucus collected with a nose or throat swab is typically used in rapid COVID-19 test kits. The sample is then put into the test cartridge after being dipped into a solution-filled tube. When SARS-CoV-2 antibodies detect the virus, a colored line will appear in the test/target line.
Additionally, lateral flow tests have shown to be efficient, rapid, trustworthy, and reasonably priced in identifying the presence of drugs and infections, which aids doctors in creating the best intervention. Rapid antigen testing was also useful for halting the spread of COVID since it could identify the presence of COVID virus proteins even in the absence of symptoms. Rapid antigen (lateral flow) testing could therefore be used to identify asymptomatic people before they have an opportunity to spread the infection to others. Furthermore, heightened globalization has facilitated the rapid spread of infectious diseases throughout the world, leading to widespread infection and fueling market expansion.
Market Restraints
The growth of the market could be hampered by the lateral flow assay tests’ variable results. Due to the inconsistent nature of linking several reaction steps, LFA has the disadvantage of reducing the signal’s (i.e., the first collected labels) ability to be quantified.
Geographical Insights
North America maintained the maximum share of 34.9% of the global industry. The US acquired the largest stakeholder in the region. The demand for rapid and decentralized testing is being driven by the strain of price and quality management, which is accelerating market expansion in the area. Additionally, the LFA kits segment held the lion’s share of the North America lateral flow assay industry in terms of products and services.
Asia Pacific will witness the highest CAGR during 2022-2030 due to the widespread occurrence of infectious and chronic diseases. Due to these countries’ growing populations, China holds the majority of the market share in the area, while India has experienced the highest annual growth rate during the forecast period.
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Companies Landscape
Abbott Laboratories, bioMerieux S.A., Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Hologic Inc., Merck KGaA, PerkinElmer Inc., Qiagen N.V., Quidel Corporation, Siemens Healthineers, and Thermo Fisher Scientific, Inc. are a few of the major companies active in the global lateral flow assay market. The four major players’ collective market share is very close to 50%.
In order to increase their market presence, these industry players participate in mergers, acquisitions, partnerships, and new product launches. For instance, in March 2022, tests for identifying the SARS-CoV-2 B.1.1.529 variant were made available, according to F. Hoffman-La Roche and its subsidiary TIB Molbiol.
Segmentation Overview
Products & Services Analysis
In 2021, the LFA kits segment recorded a share of 71.9% in the global lateral flow assays industry and will witness a rise in CAGR of 5.3% in the coming years. This is due to the quick and simple use of LFA test kits. Due to the fact that LFA provides more rapid and consistent test findings than PCR kits, LFA kits gradually began to replace other test kits like PCR during the COVID-19 pandemic.
Indication Analysis
In 2021, the infectious diseases segment dominated the lateral flow assays industry with 72.2% of the share and is likely to have the highest annual growth rate from 2022 to 2030. The covid-19 pandemic has caused the demand for lateral flow assays to increase to unprecedented heights, requiring hundreds of millions of tests per year for both professional and even household use. As a result, over the course of the forecast period, growing infectious disorders are anticipated to fuel market expansion.
Technique Analysis
In 2021, the sandwich assays segment acquired a significant share in the Global industry because they frequently have many binding sites that are typically used for bigger analytes. Additionally, the sandwich-based assay that is quick and affordable is frequently used for at-home pregnancy tests to find human chorionic gonadotropin. Contrary, the segment for multiplex detection assays has the highest CAGR. This is due to the fact that multiplex detection assays can be used to detect and identify numerous targets in a single test as opposed to using numerous separate tests.
End-User Analysis
In 2021, the hospitals & clinics segment held a significant market share of 38.8% and will record the highest growth rate throughout the prognosis years. This is mainly because there are more quick tests for infectious diseases worldwide, most notably COVID-19 in small and major healthcare facilities.
Segmentation Outline
By Product & Services Segment
- Readers
-
- Bench-top Readers
- Hand-held Readers
- LFA Kits
- Test Strips
- Dipsticks
- Cassettes
- Lancets
By Indications Segment
- Infectious Diseases
-
- Mosquito-borne Diseases
- Streptococcus Infections
- Sexually Transmitted Diseases
- Hepatitis
- Tuberculosis
- Asthma
- Pneumonia
- Sepsis
- Gastrointestinal Infections
- Others
- Pregnancy Test
- Drug Abuse Testing
By Technique Segment
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
By End-User Segment
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
- Other
By Distribution Channel Segment
- Hospital Pharmacies
- Retail Pharmacies
- Supermarkets/ Hypermarkets
- e-Commerce
By Region Segment
- North America
-
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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