Global Lateral Flow Assay
Market Report
2024
Lateral Flow Assay market was valued at USD 10.9 billion in 2022 and will reach USD 15.5 billion by 2030, registering a CAGR of 4.5% for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The Global Lateral Flow Assay market was valued at USD 10.9 billion in 2022 and will reach USD 15.5 billion by 2030, registering a CAGR of 4.5% for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Lateral Flow Assay Market Sales Revenue 2020 | $ 8259.44 Million |
Global Lateral Flow Assay Market Sales Revenue 2030 | $ 12333 Million |
Global Lateral Flow Assay Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.56% |
Market Split by Product |
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Market Split by Application |
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Market Split by Technique |
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Market Split by Test-Type |
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Market Split by End-User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Lateral Flow Assay Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The lateral flow assay (LFA) is a paper-based platform for detecting and quantifying analytes in complex mixtures. Moreover, Without using expensive or specialist equipment, lateral flow tests are used to identify the presence of a target component in the liquid sample. Throughout the forecast period, it is projected that the prevalence of infectious diseases would increase. For instance, the WHO estimates that in 20 years, nearly 10 million individuals worldwide contracted tuberculosis.
Rising prevalence of Infectious Diseases
Due to the increase in infectious diseases, it is anticipated to boost the lateral flow assay market growth during the forecast period. For instance, according to WHO, about 10 million people worldwide suffered from tuberculosis in 2020. Furthermore, new product approval and increased revenue due to sales of the Covid-19 rapid test are driving the market growth. FDA had approved 12 rapid antigen testing kits which have boosted the market. Lateral flow assay devices provide results in less time than ELISA tests. Thus lateral flow assays have been rapidly adopted in the veterinary sector too boosting overall market growth
Increase in the lateral flow assay
Applications of lateral flow assays are significantly increasing globally. Public awareness campaigns aimed at identifying the symptoms of infectious diseases and ways to prevent them play an important role in controlling disease epidemics. Thus, increased patient awareness has led to high demand for lateral flow assays. Furthermore, new product approvals and increasing revenue due to the sales of COVID-19 rapid tests are driving the lateral flow assay market growth.
Restraining Factor
High cost of lateral flow assay
The high price of lateral flow assay is a major barrier to market expansion. The development of the dental industry in low-income nations is hampered by a lack of knowledge and a shortage of qualified dentists. This lateral flow assay market report details recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, and the impact of domestic and localized market players. Moreover, it also analyzes opportunities in terms of emerging revenue pockets, regulatory changes, strategic market growth analysis, market size, and category market growths,. Application niches and dominance, product approval with product launches, geographic expansions, and technological innovations in the market. Are the main factors restraining market growth
Impact of the COVID-19 Pandemic on the Lateral Flow Assay Market
The COVID-19 pandemic has propelled the adoption of lateral flow assays due to a sharp rise in the demand for rapid, point-of-care testing of the deadly disease. As lateral flow assays represent a cost-effective, and easy-to-use testing solution for mitigation of COVID-19 outbreak, these assays are expected to witness significant demand for disease surveillance during the pandemic period. There has been an urgent need for diagnostic solutions, including lateral flow assays, as they are a critical component of the COVID-19 pandemic management. COVID-19 incidence increased exponentially across countries by 2020, prompting key operating players to invest in R&D for rapid tests. As a result, several antibody/antigen tests have been launched.
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Dec 2021
Eurofins Technologies launches new Lateral Flow Reader RapidScan
Eurofins Technologies a supplier of test kits and systems for laboratory analyses, announces the launch of its new RapidScan ST5-W lateral flow reader. Specifically designed for field and in-process testing applications requiring qualitative to semi-quantitative test results. This portable instrument is a highly flexible, easy-to-use, and accurate imaging platform used for lateral flow assay analysis. RapidScan ST5-W is unique to the market with its flexibility and multiple target analyses. Eurofins Technologies' mission is to provide an integrated solution to its food and water safety customers. The reader provides a reliable and quick way to test for multiple contaminations with high-quality lateral flow devices and obtain and analyze results with a single reader platform in any environment and within just a few minutes.
Top Companies Market Share in Lateral Flow Assay Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
North America accounts for the largest share
Based on the region Breast Augmentation can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa where North America held the market globally. Increased public awareness and a rise in the availability of a wide range of diagnostic tests fueled by the COVID-19 pandemic are expected to lead to significant growth in the segment. For instance, as of December 2021, there were about 300 million at-home, rapid tests for COVID-19 available in the U.S.In addition, an increasing number of new entrants and approvals in this domain are anticipated to boost the lateral flow assay market growth during the forecast period.
The current report Scope analyzes Lateral Flow Assay Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Lateral Flow Assay Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Lateral Flow Assay Industry growth. Lateral Flow Assay market has been segmented with the help of its Product, Application Technique , and others. Lateral Flow Assay market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Kits and Regeant holds the largest market share
Based on the product segment of lateral flow assay it can be segmented as Kits and Regents, Lateral Flow Readers. Where kits and regents dominate market share.As these lateral flow kits enable greater adaptability to capture and detect any type of analyte without the requirement to spray the captured antibodies on the test strip. Due to their versatility, these kits are also used in pharmaceuticals, animal health, environmental testing, feed & food testing, and crop & plant testing. Moreover, the launch of new kits by the major players is anticipated to boost the market growth during the forecast period.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Lateral Flow Assay Industry. Request a Free Sample PDF!
Clinical testing holds the largest market share
The clinical testing segment held the largest share of 76.87% in 2022 owing to an increase in the incidence of infectious diseases. Based on clinical testing, the market is sub-segmented into infectious diseases, cardiac marker testing, cholesterol/lipid testing, pregnancy & fertility testing, drugs of abuse testing, and another clinical testing. The demand for rapid diagnostic kits such as lateral flow assays is increasing due to the rising risk of pathogen diseases and their exposure.
Lateral flow assay testing is used in clinical testing scenarios and multiple diagnostic industries due to ease of use & portability. These tests provide rapid results and are most commonly used for testing infectious diseases, pregnancy, and urine analysis
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Lateral Flow Assay market report 2024 Edition by contacting our team.
Sandwich Assay holds the largest market share
Based on the technique segment lateral flow assay can be segmented as Sandwich Assay, Competitive Assay, and Multiplex Detection Assay. Where sandwich assay dominates the market.Owing to their accuracy affordability, and ease of use. The test can also be used in low-resource healthcare settings, without the need for trained personnel. The format of sandwich assays is typically used for the detection of larger analytes, which have about two epitopes or binding sites.
The multiplex detection assay segment is expected to grow at the fastest CAGR during the study period. Increasing development of various multiplex lateral flow assays by research & academic centers is a major factor anticipated to influence market growth.
Lateral flow immunoassay holds the largest market share
Based on the Test-type of lateral flow assay can be segmented as Sandwich Assay, Competitive Assay, and Multiplex Detection Assay. where Lateral flow assay dominates the market. In physician offices, hospitals, clinical laboratories, & clinics, lateral flow-based tests are used for the quantitative and qualitative detection of a wide variety of antibodies & antigens. It is an easy-to-perform and low-cost analytical method used for screening, monitoring, & diagnosis of numerous diseases. Owing to such factors, the applicability of lateral flow immunoassays is very high; these can be used by any health staff and patients at home.
The hospital segment holds the largest market share
Hospitals & clinics represent primary care setups, with the majority of the population relying on them for diagnosis and treatment of various medical conditions. As a result, the hospitals & clinics segment held the largest market share. Constant changes in the healthcare industry have led to an increase in the need for hospitals with enhanced diagnostic services. The increase in healthcare expenditure globally has significantly contributed to the growth of the market. Furthermore, various infectious diseases, such as influenza, HIV, and hepatitis, are easily transmitted in hospitals, often causing outbreaks. To reduce or even eliminate such occurrences, hospitals have to comply with specific guidelines to ensure adequate patient quarantine measures, the safety of healthcare workers, and proper sanitization. These attributes can positively affect market growth.
Research Associate at Cognitive Market Research
Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.
Anushka is a highly motivated and detail-oriented research analyst with a passion for uncovering valuable insights from data. Her expertise in Market Research and business intelligence has equipped her with the skills necessary to analyze complex information and provide strategic recommendations. She thrives in dynamic environments where her analytical abilities and research expertise can contribute to informed decision-making for businesses
I played a pivotal role in conducting market research and competitive analysis. I have a demonstrated ability to synthesize diverse data sources, identify trends, and translate findings into actionable recommendations. My collaborative approach facilitated effective communication of insights, fostering a data-driven culture within the organization. I am committed to maintaining excellence through continuous learning and staying ahead of industry trends. Regular participation in conferences and professional development opportunities keeps my skills sharp and relevant.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Lateral Flow Assay Market is witnessing significant growth in the near future.
In 2023, the Kits and Regents segment accounted for noticeable share of global Lateral Flow Assay Market and is projected to experience significant growth in the near future.
The Clinical Testing segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Abbott Laboratories , F. Hoffmann-La Roche AG and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Product | Kits and Regents, Lateral Flow Readers |
Application | Clinical Testing, Veterinary Diagnostics, Food Safety, Environment Testing, Drug Development, Quantity testing |
Technique | Sandwich Assay, Competitive Assay, Multiplex Detection Assay |
Test-Type | Lateral Flow Immunoassay, Nucleic Acid Lateral Flow Assay |
End-User | Hospital, , Diagnostic laboratories, Pharmaceutical, Biotechnology companies |
List of Competitors | Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Bio-Rad Laboratories Inc, bioMérieux SA, Quidel Corporation, Hologic Inc., PerkinElmer Inc., Merck KGaA, BD, Siemens Healthineers, Danaher Corporation, QIAGEN N.V. |
This chapter will help you gain GLOBAL Market Analysis of Lateral Flow Assay. Further deep in this chapter, you will be able to review Global Lateral Flow Assay Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Lateral Flow Assay Market Trends North America Lateral Flow Assay Technological Road Map North America Lateral Flow Assay Market Drivers North America Lateral Flow Assay Market Restraints North America Lateral Flow Assay Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Analysis 2019 -2031, will provide market size split by Product. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Technique Analysis 2019 -2031
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Chapter 13 Market Split by Test-Type Analysis 2019 -2031
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Chapter 14 Market Split by End-User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Lateral Flow Assay market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Kits and Regents have a significant impact on Lateral Flow Assay market? |
What are the key factors affecting the Kits and Regents and Lateral Flow Readers of Lateral Flow Assay Market? |
What is the CAGR/Growth Rate of Clinical Testing during the forecast period? |
By type, which segment accounted for largest share of the global Lateral Flow Assay Market? |
Which region is expected to dominate the global Lateral Flow Assay Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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