Lateral Flow Assays Market (Type - Lateral Flow Readers, and Kits and Reagents; Technique - Competitive Assays, and Sandwich Assays; Application - Veterinary Diagnostics, and Clinical/Point-of-Care Testing; End User - Home Care, Diagnostic Laboratories, a

Lateral Flow Assays Market (Type - Lateral Flow Readers, and Kits and Reagents; Technique - Competitive Assays, and Sandwich Assays; Application - Veterinary Diagnostics, and Clinical/Point-of-Care Testing; End User - Home Care, Diagnostic Laboratories, and Hospitals and Clinics): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

The report on the global lateral flow assays market provides qualitative and quantitative analysis for the period from 2021-2030. The global lateral flow assays market was valued at USD 9424.47 million in 2022 and is expected to reach USD 13688.42 million in 2030, with a CAGR of 4.25% during the forecast period 2023-2030. The study on lateral flow assays market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The lateral flow assays market encompasses the global industry involved in producing, distributing, and utilizing diagnostic tests known as lateral flow assays. These assays are designed for the rapid and point-of-care detection of various analytes. Lateral flow assays also referred to as lateral flow immunoassays or lateral flow tests, find wide applications in pregnancy testing, infectious disease diagnosis, drug screening, food safety testing, and veterinary diagnostics. In recent years, the lateral flow assays market has witnessed steady growth driven by several factors.

One of the primary factors is the increasing demand for rapid and portable diagnostic solutions worldwide, regardless of whether the region is developed or developing. Lateral flow assays offer numerous advantages, including user-friendly operation, quick results, minimal equipment requirements, and cost-effectiveness. These features make them suitable for deployment in various settings, such as clinics, hospitals, homes, and remote locations.

The sandwich assays segment has emerged as the dominant category in the lateral flow assay kits & reagents market. These assays, widely utilized in clinical testing, have garnered significant market share. The primary drivers of growth in the sandwich assay market are the numerous advantages associated with their use, including higher sensitivity and specificity for larger analyses.

The lateral flow readers segment is projected to exhibit the highest compound annual growth rate in the market. These readers enable the quantitative analysis of lateral flow strips across different test formats such as sandwich, competitive, and reverse-competitive. By measuring the intensity of the test line, lateral flow readers can determine the number of analytes present in samples, thereby providing fully quantitative assay results.

North America has emerged as the dominant region in the global lateral flow assay market. This can be attributed to several factors, including the growing demand for home healthcare services, the increasing prevalence of multiple chronic conditions, the early adoption of test procedures, and the presence of a large number of key players in the region. These factors have contributed to the significant market share held by North America.

In Europe, the market for lateral flow assays holds the position of the second-largest, driven by various factors. The region experiences a rise in the prevalence of infectious diseases, which has led to an increased demand for diagnostic tests, including lateral flow assays. Additionally, there has been a notable increase in the consumption of drugs and alcohol, which further drives the demand for lateral flow assays in monitoring and screening applications.

Report Findings

1) Drivers

The growth of the lateral flow assay market is driven by the increasing global prevalence of infectious diseases and chronic health conditions.

The growth of the lateral flow assay market is boosted by the growing demand for home-based testing kits that offer prompt results.

2) Restraints

The growth of the lateral flow assay market is hampered by the limitations in the sensitivity and specificity of these tests when compared to other diagnostic methods.

3) Opportunities

Emerging markets such as ASIA-pacific and LATIN AMERICA offer an opportunity for the expansion of the lateral flow assays market due to the increasing demand for these tests in these regions.

Research Methodology

A) Primary Research

Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include

1. Key Opinion Leaders associated with Infinium Global Research

2. Internal and External subject matter experts

3. Professionals and participants from the industry

Our primary research respondents typically include

1. Executives working with leading companies in the market under review

2. Product/brand/marketing managers

3. CXO level executives

4. Regional/zonal/ country managers

5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

1. Company reports and publications

2. Government/institutional publications

3. Trade and associations journals

4. Databases such as WTO, OECD, World Bank, and among others.

5. Websites and publications by research agencies

Segment Covered

The global lateral flow assays market is segmented on the basis of type, technique, application, and end user.

The Global Lateral Flow Assays Market by Type

Lateral Flow Readers

Kits and Reagents

The Global Lateral Flow Assays Market by Technique

Competitive Assays

Sandwich Assays

The Global Lateral Flow Assays Market by Application

Veterinary Diagnostics

Clinical/Point-of-Care Testing

The Global Lateral Flow Assays Market by End User

Home Care

Diagnostic Laboratories

Hospitals and Clinics

Company Profiles

The companies covered in the report include

Abbott

Quidel Corporation

Thermo Fisher Scientific Inc.

F. Hoffmann-La Roche Ltd

Siemens Healthcare Private Limited

Hologic, Inc.

PerkinElmer Inc.

ACCESS BIO.

Abingdon Health

Creative Diagnostics

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the lateral flow assays market.

2. Complete coverage of all the segments in the lateral flow assays market to analyze the trends, developments in the global market and forecast of market size up to 2030.

3. Comprehensive analysis of the companies operating in the global lateral flow assays market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.

4. IGR- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.