The research study on Lateral Flow Assays Market – Global Outlook & Forecast 2023-2028, recently published by Arizton Advisory & Intelligence, states that the market will grow at a CAGR of 3% during 2022-2028.
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The report considers the present scenario of the lateral flow assays market and its market dynamics for 2023−2028. Several market growth enablers, restraints, and trends are covered in detail. The industry’s supply and demand sides are covered in the study. Additionally, it provides profiles and analyses of several other significant businesses active in the sector. Analysts at Arizton evaluated the obtained material and data, gaining insights and understanding of the industry’s workings to provide the data systematically, along with predictions and future insights presented to shareholders based on the past evaluation.
Lateral Flow Assays Market Report Scope
| Report Attributes | Details |
| Market Size (2028) | USD 11.30 Billion |
| Market Size (2022) | USD 9.53 Billion |
| CAGR (2022-2028) | 3% |
| Base Year | 2022 |
| Forecast Year | 2023-2028 |
| Market Segmentation | Product, Application, Technique, End-Users, and Geography |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Market Dynamics |
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Huge Adoption of Home-based Lateral Flow Assays Devices in the Global Market
Home-use LFA devices play an essential role in treating CVD and infectious diseases. These devices can also be used in pregnancy and stigmatized disease testing, such as HIV tests. Therefore, the increased adoption of home-based LFA devices for such purposes is expected to drive market growth. Many companies introduced at-home lateral flow assays for COVID-19 testing during the pandemic.
Smartphone and AI Integration in Lateral Flow Immunoassay
Using smartphones as biosensors in many applications (e.g., optical-based methods such as absorption, reflection, fluorescence, etc.) is particularly important for improving diagnostics, healthcare, medical, food, and environmental monitoring. It has the potential as a portable, low-cost POC platform and provides treatment in remote low-income areas. The Cambridge-based startup, PocDoc, has received CE mark approval for a digital reader powered with artificial intelligence (AI) for lateral flow testing. The cloud-based system turns any smartphone or tablet into a universal digital reader, enabling healthcare organizations to perform large-scale lateral flow testing for any disease or marker. An AI-driven innovation that can read a COVID-19 lateral flow diagnostic test using a user’s smartphone has received special use approval from the Medicines and Healthcare Products Regulatory Agency (MHRA).
Vendors Strategies
The global lateral flow assay market is highly dynamic. Several global and local players offer various instruments/analyzers and reagents for diagnosing various clinical testing, food safety, Veterinary Diagnostics, drug testing, etc. The industry is consolidated with global players accounting for dominant shares. Abbott, Danaher, F. Hoffmann-La Roche, Quidel, and Siemens Healthineers are the leading players and account for significant global lateral flow assays market share.
Global players focus on developing technologically advanced diagnoses and enlarging their product portfolio to remain competitive. The companies invest extensively in R&D and product development activities to expand their portfolio. Manufacturers such as Abbott, F. Hoffmann-La Roche, Danaher, Quidel, and Siemens Healthineers continuously focus on product development and offer diagnostics with new technology to increase their market presence. Merck, a leading science, and technology company has broken ground today at its first US lateral flow membrane manufacturing facility in Sheboygan, Wisconsin. Lateral flow membranes are a key component of rapid diagnostic test kits for various applications, including Covid-19 testing. The new facility is backed by his USD 128 million contract award from the US Department of Defense (DoD) on behalf of the US Department of Health and Human Services.
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