The global lateral flow assay market size reached USD 7.90 Billion in 2021 and is expected to register a revenue CAGR of 5.0% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of chronic and infectious diseases, growing elderly population, rising demand for Point Of Care (POC) devices, and technological advancements in medical science are some of the key factors boosting market revenue growth.
Increasing prevalence of chronic and infectious diseases is a key factor boosting market growth. Chlamydia, gonorrhea, syphilis, and trichomoniasis are some of the infectious diseases, which are increasing the demand for testing pathogens in blood or sample, where lateral flow assay can play a vital role in detecting the pathogen in a short period of time.
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As well as new entrants in the Lateral Flow Assays market. It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others.
Some major companies in the global market report include BD, Abbott., Hologic, Inc., Merck KGaA, Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., BIOMÉRIEUX, Danaher, F. Hoffmann-La Roche.
Market Scope:
One of the report’s central components is the broad Lateral Flow Assays market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.
Reports Highlights:
- Sandwich assays segment accounted for the largest revenue share owing to good sensitivity and shelf life properties. Increasing government approvals are driving up demand for this assay in this market.
- For instance, on 19 June 2021, according to the Ministry of Science and Technology, under the auspices of the COVID-19 Research Consortium, Ubio Biotechnology Systems Pvt. Ltd. created the DBT-BIRAC-supported 'SENSIT Rapid COVID-19 Ag kit' in 15 minutes for the qualitative detection of SARS CoV-2 Nucleocapsid Protein. This ICMR-approved kit is a chromatographic immunoassay that enables healthcare professionals to visually read the test result. The sandwich immunoassay principle is used in the test, which implements a pair of monoclonal antibodies that, when bound to the COVID-19 specific antigen, generate a colored line.
- Biotech and pharmaceutical companies segment is expected to account for a significant revenue growth rate over the forecast period owing to increasing number of infectious diseases and related research and development activities. Pharmaceutical companies are working hard to develop medicines and vaccines that will save lives.
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The global Lateral Flow Assays market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Lateral Flow Assays sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Emergen Research has segmented the global lateral flow assay market on the basis of product, application, technique, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Lateral flow readers
- Kits and reagents
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Clinical testing
- Food safety
- Drug development and quality testing
- Others
- Technique Outlook (Revenue, USD Billion; 2019-2030)
- Sandwich assays
- Competitive assays
- Multiplex assays
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals and clinics
- Diagnostic laboratories
- Biotech and pharmaceutical companies
- Others
Regional Bifurcation of the Lateral Flow Assays Market Includes:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Radical Features of the Lateral Flow Assays Market Report:
- The report encompasses Lateral Flow Assays market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
- An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
- Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
- Supply chain analysis along with technological advancements offered in the report
- The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Lateral Flow Assays industry
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