Lateral Flow Assays Market by Product (Kits, Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Technique (Sandwich, Multiplex Detection Assay), End User (Hospitals, Home care) - Global Forecast to 2027

Lateral Flow Assays Market by Product (Kits, Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Technique (Sandwich, Multiplex Detection Assay), End User (Hospitals, Home care) - Global Forecast to 2027

The global lateral flow assays market is projected to reach USD 22.6 billion by 2027 from USD 20.5 billion in 2022, at a CAGR of 2.0% during the forecast period. The growth of lateral flow assay market is due to the high prevalence of infectious diseases in many countries, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices whereas reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are restraining the market.

“Urine samples accounted for the third largest share of lateral flow assays market in 2021”

Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the third largest market share in 2021. The increasing use of urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing.

“The Pharmaceutical & Biotechnology Companies segment is expected to witness the fastest growth during the forecast period”

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The pharmaceutical & biotechnology companies segment is expected to witness the fastest growth during the forecast period. This growth is owing to increasing adoption of lateral flow assay readers and kits & reagents for quantitative detection of sample in pharmaceutical & biotechnology companies.

“Asia-Pacific accounted for the second largest share of the lateral flow assays market in 2021”

The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific accounted for the second largest share of the lateral flow assays market, followed by Europe, Latin America, and the Middle East & Africa. However, the North America is a leading region in the lateral flow assay market. Being a high-growth market, many manufacturers are also extending their manufacturing bases in the Asia Pacific, which boasts low-cost manufacturing advantages and the availability of a skilled workforce, especially in China and India. These countries are also regarded as the most profitable manufacturing and R&D locations across the globe. The key factors hindering market growth in this region are a lack of awareness about the advantages of near-patient testing products due to low literacy rates, lack of reimbursements, challenges related to locational remoteness, and the reluctance of physicians to change existing practices.

A breakdown of the primary participants (supply-side) for the lateral flow assays market referred to for this report is provided below:

By Company Type: Tier 1–35%, Tier 2–20%, and Tier 3–45%

By Designation: C-level–45%, Director Level–25%, and Others–30%

By Region: North America–36%, Europe–26%, Asia Pacific–21%, Latin America- 10%, and Middle East and Africa– 7%

Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).

Research Coverage:

The market study covers the lateral flow assays market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by product type, application by technique, by sample type, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the lateral flow assays market and its segments. This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies. The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.