Global Lateral Flow Immunoassay Reader Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Lateral Flow Immunoassay Reader Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Lateral flow Immunoassay, also known as Lateral flow tests (LFTs) or rapid tests, are simple devices intended to detect the presence of a target substance in a liquid sample without the need for specialized and costly equipment. These tests are widely used in medical diagnostics for home testing, point of care testing, or laboratory use. Lateral Flow Immunoassay Reader is a device used to read Lateral Flow Immunoassay.

Market Overview:

The latest research study on the global Lateral Flow Immunoassay Reader market finds that the global Lateral Flow Immunoassay Reader market reached a value of USD 825.26 million in 2022. It’s expected that the market will achieve USD 1211.67 million by 2028, exhibiting a CAGR of 6.61% during the forecast period.

Market Opportunities and Drivers

Many lateral flow immune analyzers have mobile device integration capabilities. Moreover, the extensive testing functions provided by these readers and the simple and transparent development process provide users with a wide range of customization options to meet the individual needs of users, so as to obtain the readers they need. In addition, these readers can easily integrate with LIS and EMR databases, providing users with a secure way to manage data in one place. These advantages are conducive to market growth.

Market Challenges

Worldwide, national reimbursements for lateral flow immunoassay tests are limited. Due to this limitation of reimbursement, the use of diagnostic diagnosis based on lateral flow analysis will face some challenges. This is one of the main challenges facing the global lateral flow immunoassay reader market.

Lateral flow immunoassay development test requires a lot of money and energy in the early stage, and the research cycle is relatively long, which brings certain challenges to related enterprises. In addition, the results obtained by the lateral flow immunoassay test are inaccurate. Companies need to improve this and make their results more accurate for users to take the next step. Therefore, high investment costs and lack of accuracy are the main challenges hindering the development of the lateral flow immunoassay reader market.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Abbott (Alere) is one of the major players operating in the Lateral Flow Immunoassay Reader market, holding a share of 26.46% in 2021.

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Abbott's portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritional and branded generic medicines.

Quidel Corporation is a leading manufacturer of diagnostic solutions at the point of care delivering a continuum of rapid testing technologies that further improve the quality of health care throughout the globe. An innovator for over 40 years in the medical device industry, Quidel pioneered the first FDA-cleared point-of-care test for influenza in 1999 and was the first to market a rapid SARS-CoV-2 antigen test in the U.S. Under trusted brand names Sofia, Solana, Lyra, Triage and QuickVue, Quidel's comprehensive product portfolio includes tests for a wide range of infectious diseases, cardiac and autoimmune biomarkers, as well as a host of products to detect COVID-19.

Segmentation Overview:

By type, Benchtop Readers segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Hospitals & Clinics segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Lateral Flow Immunoassay Reader market covered in Chapter 3:

LRE Medical (Esterline)
Abbott(Alere)
Abingdon Health
BD Company
Boditech Med Inc.
Chembio Diagnostics(optricon)
Axxin
Quidel Corporation
Fio Corporation
QIAGEN

In Chapter 4 and Chapter 14.2, on the basis of types, the Lateral Flow Immunoassay Reader market from 2018 to 2029 is primarily split into:

Digital/Mobile Readers
Benchtop Readers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Lateral Flow Immunoassay Reader market from 2018 to 2029 covers:

Hospitals & Clinics
Home Care
Diagnostic Laboratories
Pharmaceutical & Biotechnology Companies
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)