Lateral Flow Assay Market

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from $4,750	142 Pages	Global Insight Services	August, 2022	GIS17392987

Best Price Guarantee
Price	from $4,750
Length	142 Pages
Publisher	Global Insight Services
Published Date	August, 2022
SKU	GIS17392987

Lateral Flow Assay Market

The lateral flow assay market was valued at USD 8.3 billion in 2021 and it is anticipated to grow further till USD 15.0 billion by 2031, at a CAGR of 6.1% during the forecast period.

A target analyte can be detected in a sample using lateral flow assays (LFA), also referred to as lateral flow immunochromatographic tests (matrix). For the qualitative and quantitative identification of particular antigens and antibodies, these tests are frequently employed in hospitals and clinical laboratories. Additionally, lateral flow assay kits are used to quickly screen for drug addiction, pregnancy, fertility, cardiac indicators, viral disorders, and cholesterol testing/lipid profiling. They are also employed in the testing of foods and drinks.

Market Trends and Drivers

The frequency of infectious diseases is still very high on a worldwide scale despite great advancements in sanitation and medicine. Infectious diseases continue to be a major public health problem around the world, despite the fact that non-communicable diseases constitute the largest cause of morbidity and mortality. The popularity of lateral flow assay tests is anticipated to increase in poor nations due to the high frequency of infectious diseases like HIV and malaria, as well as the underdeveloped healthcare infrastructure and growing public awareness.

The popularity of lateral flow assay tests is anticipated to increase in poor nations due to the high frequency of infectious diseases like HIV and malaria, as well as the underdeveloped healthcare infrastructure and growing public awareness. The need for early illness detection skills has also been underlined by recent viral outbreaks of infectious diseases (including Ebola, H1N1, and Zika), which is also anticipated to propel market expansion. Due to the current COVID-19 pandemic, there is a significant need for lateral flow technology-based rapid diagnostic testing, which will drive the market's expansion throughout the ensuing year.

Market Restraints and Challenges

Although lateral flow assay tests are simple to conduct and more affordable than laboratory procedures, it has been noted that they are less accurate. For instance, the lateral flow-based SARS-CoV-2 antibody tests have demonstrated a significant margin of error. False-negative results have resulted as a result, making it challenging to monitor the coronavirus's spread. Most doctors and patients choose molecular diagnostics over fast tests for the more accurate diagnosis of COVID-19 and other infectious diseases as a result of the low reliability of lateral flow assay tests.

Global Lateral Flow Assay Market Segmental Overview

The report analyses the global lateral flow assay market based on the product, application, technique, end use, and region.

Global Lateral Flow Assay Market by Product

Based on the product, it is segmented into kits reagents, and lateral flow readers. The kits reagents segment is anticipated to dominate the market during the forecast period. During the forecast period, it is anticipated that leading players would expand the market by releasing new kits. For instance, Abbott's Panbio COVID-19 Antigen Self-Test obtained CE certification in Europe in June 2021. Its business in Europe is anticipated to grow as a result. To detect the Lambda and Delta variants of SARS-CoV-2, Thermo Fisher Scientific updated its TaqMan SARS-CoV-2 Mutation Panel in August 2021. In March 2021, the panel was initially introduced. A customizable screen for identifying mutations is included in the upgrades.

Due to the strong need for lateral flow readers to provide precise and accurate interpretation of results for RD and sample testing applications, the market for them is expected to expand at a profitable rate. Benchtop and digital/mobile lateral flow readers are the two different types of lateral flow readers. Due to an increase in the usage of digital connectivity to improve lateral readers' capabilities, it is projected that the market for digital/mobile lateral flow assay readers will grow rapidly in the future years.

Global Lateral Flow Assay Market by Application

Based on the application, it is segmented into clinical testing, veterinary diagnostics, food safety environment testing, drug development quality testing. The clinical testing segment is anticipated to dominate the market during the forecast period. This is due to an increase in infectious diseases, such as the COVID-19 outbreak. For the quantitative and qualitative identification of certain antibodies, products of gene amplification, and antigens, lateral flow-based assays are frequently employed in medical offices, hospitals, and clinical laboratories. Because of its portability and convenience of use, lateral flow assay testing makes illness testing easier.

Unlike other laboratory tests, these tests yield results instantly, saving time. The most frequent tests that make use of lateral flow assays are those for infectious illnesses, pregnancy, and urine analysis strip testing. Government mass screening efforts are being driven by an increased incidence of COVID-19 in numerous locations, which is strengthening the market. For instance, the North Dakota Department of Health launched a COVID-19 fast antigen test-based mass screening program in February 2021. It was anticipated that the initiative will increase demand for lateral flow tests.

Global Lateral Flow Assay Market by Technique

Based on the technique, it is segmented into the sandwich assay, competitive assay, and multiplex detection assay. The sandwich assay segment dominated the market during the forecast period. In this method, a colored line at the test line position typically serves as a representation of a positive test. The test doesn't need any special training and can be applied in any sector or healthcare setting with limited resources. The market expansion is anticipated to be boosted by the increasing number of research activities conducted by various research institutes. Developing a sandwich-based immunochromatographic strip called a lateral flow was the goal of a research study that was published in the Asian Pacific Journal of Tropical Biomedicine in July 2019. Its use was to quickly detect circulating Schistosoma mansoni antigens in urine and serum samples of patients with active schistosomiasis.

Global Lateral Flow Assay Market by End Use

Based on the end use, it is segmented into hospitals clinics, diagnostic laboratories, home care, pharmaceutical biotechnology companies, and others. The hospital clinics segment is anticipated to dominate the market during the forecast period. The primary care settings for the diagnosis and treatment of medical diseases include hospitals and clinics. For the diagnosis, treatment, and management of diseases, the majority of the population depends on these long-term facilities. The demand for hospitals with improved diagnostic services has increased as a result of the healthcare industry's ongoing changes. Globally rising healthcare costs have made a substantial contribution to the market's expansion.

Geographical Analysis of the Global Lateral Flow Assay Market

Region-wise, it is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to dominate the market during the forecast period. This can be attributable to the great affordability and broad accessibility of modern lateral flow assays. Additionally, the region is seeing an increase in demand for detection and treatment due to the high incidence of respiratory illnesses such COVID-19, influenza, and RSV. Furthermore, it is projected that the region's lateral flow assays market would develop as a result of the region's established healthcare infrastructure and access to government funding for research. The NIH funded USD 248.7 million in the creation of new technologies in July 2020 to solve issues related to the testing of COVID-19.

Major Players in the Global Lateral Flow Assay MarketRecent Development

August 2021, Becton, Dickinson and Company got approval for the OTC rapid antigen test using the Scanwell Health Mobile App.
April 2021, Becton, Dickinson and Company partnered with USA Track Filed to provide rapid COVID-19 testing for athletes using the BD Veritor plus system.
September 2020, Qiagen N.V. acquired Neu Mo Dx Molecular Inc., to broaden Qiagen’s diagnostics instruments product portfolio and strengthen its automated molecular testing market position.
July 2020, Merck KGaA announced its expansion of a new manufacturing facility worth USD 21 million in Buchs.

Frequently Asked QuestionsQ1. How big is the Lateral Flow Assay market?Ans. The global Lateral Flow Assay market size was USD 8.3 Billion in 2021 and is anticipated to reach USD 15.0 Billion in 2031, growing at a rate of 6.1% from 2022 to 2031.Q2. What is the Lateral Flow Assay market growth rate?Ans. The growth rate of the Lateral Flow Assay market is 6.1%.Q3. Which region holds a major market share for the Lateral Flow Assay market?Ans. North America holds a major market share of the Lateral Flow Assay market in 2021.Q4. Which segment accounted for the largest Lateral Flow Assay market share?Ans. By product, kits reagents segment accounted for the largest Lateral Flow Assay market share.Q5. Who are the key players in the Lateral Flow Assay market?Q6. What are the factors driving the Lateral Flow Assay market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Lateral Flow Assay market players?Ans. The key growth strategies of Lateral Flow Assay market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Lateral Flow Assay market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Lateral Flow Assay market during the forecast period.

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Chapter 1. Market Introduction: 1.1. Objectives Of the Study; 1.2. Market Definition and Research & Scope; 1.3. Research Methodologies; 1.4. Market Estimation Techniques
Chapter 2. Executive Summary: 2.1. Summary; 2.2. Key Highlights of The Market
Chapter 3. Lateral Flow Assay Market Outlook: 3.1. Lateral Flow Assay Market Segmentation; 3.2. Market Dynamics; 3.2.1. Market Drivers; 3.2.1.1. Driver 1; 3.2.1.2. Driver 2; 3.2.1.3. Driver 3; 3.2.2. Market Restraints; 3.2.2.1. Restraint 1; 3.2.2.2. Restraint 2; 3.2.3. Market Opportunities; 3.2.3.1. Opportunity 1; 3.2.3.2. Opportunity 2; 3.3. Porter’s Five Forces Analysis; 3.3.1. Threat Of New Entrants; 3.3.2. Threat Of Substitutes; 3.3.3. Bargaining Power of Buyers; 3.3.4. Bargaining Power of Supplier; 3.3.5. Competitive Rivalry; 3.4. Pestle Analysis; 3.5. Value Chain Analysis; 3.5.1. Raw Material Suppliers; 3.5.2. Manufacturers; 3.5.3. Wholesalers And/or Retailers; 3.6. Impact Of the Russia and Ukraine War on The Global Lateral Flow Assay Market
Chapter 4. The Economic Impact of Covid-19: 4.1. Overall Impact of Covid-19; 4.2. Impact Of Covid on The Global Lateral Flow Assay Market; 4.3. Economic Impact Analysis
Chapter 5. Lateral Flow Assay Market by Product: 5.1. Market Overview; 5.2. Kits & Reagents; 5.2.1. Market Size and Forecast, 2021-2031 ($Million); 5.2.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 5.3. Lateral Flow Assay; 5.3.1. Market Size and Forecast, 2021-2031 ($Million); 5.3.2. Market Size and Forecast, By Region, 2021-2031 ($Million)
Chapter 6. Lateral Flow Assay Market by Application: 6.1. Market Overview; 6.2. Clinical Testing; 6.2.1. Market Size and Forecast, 2021-2031 ($Million); 6.2.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 6.3. Veterinary Diagnostics; 6.3.1. Market Size and Forecast, 2021-2031 ($Million); 6.3.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 6.4. Food Safety & Environment Testing; 6.4.1. Market Size and Forecast, 2021-2031 ($Million); 6.4.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 6.5. Drug Development & Quality Testing; 6.5.1. Market Size and Forecast, 2021-2031 ($Million); 6.5.2. Market Size and Forecast, By Region, 2021-2031 ($Million)
Chapter 7. Lateral Flow Assay Market by Technique: 7.1. Market Overview; 7.2. Sandwich Assays; 7.2.1. Market Size and Forecast, 2021-2031 ($Million); 7.2.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 7.3. Competitive Assays; 7.3.1. Market Size and Forecast, 2021-2031 ($Million); 7.3.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 7.4. Multiplex Detection Assays; 7.4.1. Market Size and Forecast, 2021-2031 ($Million); 7.4.2. Market Size and Forecast, By Region, 2021-2031 ($Million)
Chapter 8. Lateral Flow Assay Market by End Use: 8.1. Market Overview; 8.2. Hospitals & Clinics; 8.2.1. Market Size and Forecast, 2021-2031 ($Million); 8.2.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 8.3. Diagnostic Laboratories; 8.3.1. Market Size and Forecast, 2021-2031 ($Million); 8.3.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 8.4. Home Care; 8.4.1. Market Size and Forecast, 2021-2031 ($Million); 8.4.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 8.5. Pharmaceutical & Biotechnology Companies; 8.5.1. Market Size and Forecast, 2021-2031 ($Million); 8.5.2. Market Size and Forecast, By Region, 2021-2031 ($Million); 8.6. Others; 8.6.1. Market Size and Forecast, 2021-2031 ($Million); 8.6.2. Market Size and Forecast, By Region, 2021-2031 ($Million)
Chapter 9. Global Lateral Flow Assay Market, By Region: 9.1. Overview; 9.2. North America; 9.2.1. Key Market Trends and Opportunities; 9.2.2. North America Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.2.3. North America Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.2.4. North America Lateral Flow Assay Market Size and Forecast by Country, 2021-2031, ($Million); 9.2.5. The U.S.; 9.2.5.1. The U.S. Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.2.5.2. The U.S. Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.2.6. Canada; 9.2.6.1. Canada Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.2.6.2. Canada Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.2.7. Mexico; 9.2.7.1. Mexico Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.2.7.2. Mexico Lateral Flow Assay Market Size and Forecast by End User Product, 2021-2031, ($Million); 9.3. Europe; 9.3.1. Key Market Trends and Opportunities; 9.3.2. Europe Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.3. Europe Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.4. Europe Lateral Flow Assay Market Size and Forecast by Country, 2021-2031, ($Million); 9.3.5. Germany; 9.3.5.1. Germany Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.5.2. Germany Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.6. France; 9.3.6.1. France Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.6.2. France Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.7. U.K.; 9.3.7.1. U.K. Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.7.2. U.K. Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.8. Spain; 9.3.8.1. Spain Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.8.2. Spain Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.9. Italy; 9.3.9.1. Italy Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.9.2. Italy Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.10. Russia; 9.3.10.1. Russia Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.10.2. Russia Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.3.11. Rest Of Europe; 9.3.11.1. Rest Of Europe Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.3.11.2. Rest Of Europe Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.4. Asia-Pacific; 9.4.1. Key Market Trends and Opportunities; 9.4.2. Asia-Pacific Lateral Flow Assay Market Size and Forecast by Country, 2021-2031, ($Million); 9.4.3. Asia-Pacific Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.4.4. Asia-Pacific Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.4.5. China; 9.4.5.1. China Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.4.5.2. China Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.4.6. India; 9.4.6.1. India Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.4.6.2. India Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.4.7. Japan; 9.4.7.1. Japan Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.4.7.2. Japan Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.4.8. South Korea; 9.4.8.1. South Korea Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.4.8.2. South Korea Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.4.9. Rest Of APAC; 9.4.9.1. Rest Of APAC Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.4.9.2. Rest Of APAC Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.5. Rest Of the World; 9.5.1. Key Market Trends and Opportunities; 9.5.2. Rest Of the World Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.5.3. Rest Of the World Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.5.4. Rest Of the World Lateral Flow Assay Market Size and Forecast by Country, 2021-2031, ($Million); 9.5.5. Latin America; 9.5.5.1. Latin America Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.5.5.2. Latin America Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.5.6. Middle East; 9.5.6.1. Middle East Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.5.6.2. Middle East Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million); 9.5.7. Africa; 9.5.7.1. Africa Lateral Flow Assay Market Size and Forecast by Product, 2021-2031, ($Million); 9.5.7.2. Africa Lateral Flow Assay Market Size and Forecast by End User, 2021-2031, ($Million)
Chapter 10. Competitive Landscape: 10.1. Market Overview; 10.2. Market Share Analysis/Key Player Positioning; 10.3. Developmental Strategy Benchmarking; 10.3.1. New End User Development; 10.3.2. Product Launches; 10.3.3. Business Expansions; 10.3.4. Partnerships, Joint Ventures, And Collaborations; 10.3.5. Mergers And Acquisitions
Chapter 11. Company Profiles: 11.1. Abbott Laboratories; 11.1.1. Company Snapshot; 11.1.2. Financial Performance; 11.1.3. Product Offerings; 11.1.4. Key Strategic Initiatives; 11.1.5. SWOT Analysis; 11.2. Thermo Fisher Scientific Inc.; 11.2.1. Company Snapshot; 11.2.2. Financial Performance; 11.2.3. Product Offerings; 11.2.4. Key Strategic Initiatives; 11.2.5. SWOT Analysis; 11.3. F. Hoffmann-La Roche AG; 11.3.1. Company Snapshot; 11.3.2. Financial Performance; 11.3.3. Product Offerings; 11.3.4. Key Strategic Initiatives; 11.3.5. SWOT Analysis; 11.4. Bio-rad Laboratories, Inc.; 11.4.1. Company Snapshot; 11.4.2. Financial Performance; 11.4.3. Product Offerings; 11.4.4. Key Strategic Initiatives; 11.4.5. SWOT Analysis; 11.5. Biomérieux SA; 11.5.1. Company Snapshot; 11.5.2. Financial Performance; 11.5.3. Product Offerings; 11.5.4. Key Strategic Initiatives; 11.5.5. SWOT Analysis; 11.6. Quidel Corporation; 11.6.1. Company Snapshot; 11.6.2. Financial Performance; 11.6.3. Product Offerings; 11.6.4. Key Strategic Initiatives; 11.6.5. SWOT Analysis; 11.7. Hologic, Inc.; 11.7.1. Company Snapshot; 11.7.2. Financial Performance; 11.7.3. Product Offerings; 11.7.4. Key Strategic Initiatives; 11.7.5. SWOT Analysis; 11.8. Perkinelmer, Inc.; 11.8.1. Company Snapshot; 11.8.2. Financial Performance; 11.8.3. Product Offerings; 11.8.4. Key Strategic Initiatives; 11.8.5. SWOT Analysis; 11.9. Merck KGAA; 11.9.1. Company Snapshot; 11.9.2. Financial Performance; 11.9.3. Product Offerings; 11.9.4. Key Strategic Initiatives; 11.9.5. SWOT Analysis; 11.10. Becton, Dickinson and Company; 11.10.1. Company Snapshot; 11.10.2. Financial Performance; 11.10.3. Product Offerings; 11.10.4. Key Strategic Initiatives; 11.10.5. SWOT Analysis; 11.11. Siemens Healthineers; 11.11.1. Company Snapshot; 11.11.2. Financial Performance; 11.11.3. Product Offerings; 11.11.4. Key Strategic Initiatives; 11.11.5. SWOT Analysis; 11.12. Danaher Corporation; 11.12.1. Company Snapshot; 11.12.2. Financial Performance; 11.12.3. Product Offerings; 11.12.4. Key Strategic Initiatives; 11.12.5. SWOT Analysis; 11.13. Qiagen N.V.; 11.13.1. Company Snapshot; 11.13.2. Financial Performance; 11.13.3. Product Offerings; 11.13.4. Key Strategic Initiatives; 11.13.5. SWOT Analysis; *The List of Company Is Subject to Change During the Final Compilation of The Report