Lateral Flow Assays Market Size By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer, Troponin I}, Pregnancy & Fertility Testing {Pr

Lateral Flow Assays Market Size By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer, Troponin I}, Pregnancy & Fertility Testing {Pregnancy Testing, Fertility Testing}, Cholesterol Testing, Drug of Abuse), By Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By End-use (Hospital & Clinics, Diagnostic Laboratories, Homecare Settings), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Lateral Flow Assays Market is slated to grow significantly through 2032, owing to the major developments in technology which has helped increase the product application. These include advanced signal enhancement methods, broader applications, improved quantification methodologies, and continuous detection. Such advancements have made it possible to employ LFA in situations that need high sensitivity and accuracy while preserving therapeutic advantages such as minimal infrastructure requirements, cost-effectiveness, as well as user-friendliness.

Growing product innovations is further slated to enhance lateral flow assays market landscape over 2023-2032. For instance, in July 2021, Abbott revealed the Panbio COVID-19 Antigen Self-Test for SARS-CoV-2 virus identification in children and adults. The latest innovation can deliver results in under 15 minutes. Through this, the firm is seeking to boost its revenue flow and diversify its line of lateral flow testing products.

The lateral flow assays market has been divided in terms of product, application, technique, end-use, and region.

On the basis of product, lateral flow readers segment is gaining significant traction, impelled by rising adoption of readers for quantitative results and tech innovations. Ongoing product developments and R&D studies by leading service providers is further likely to expedite the market dynamics. Citing an example, in a recent study in 2022, a senior product manager at NHS Digital declared that the use of digital readers could improve the precision of reporting positive lateral flow tests.

Based on application, the infectious disease testing segment attained more than US$2.6 billion in revenue in 2022. The segmental expansion can be credited to the rising prevalence of infectious diseases worldwide. Various leading companies are launching technical products for gathering accurate test results. For instance, in December 2021, Eurofins Technologies, a provider of laboratory testing kits and solutions, introduced the RapidScan ST5-W lateral flow reader, which is specifically developed for in-process and field-testing applications involving semi-quantitative to qualitative test findings.

With respect to end-use, the diagnostic laboratories segment is expected to expand considerably through 2032, credited to the availability of cutting-edge equipment, quick turnaround times, and patient-centered treatment. The demand for influenza testing and other common conditions has increased dramatically, which has supported the use of diagnostic laboratories. In addition, the growing need for low-cost, self-administered diagnostic equipment worldwide has driven the demand for better and more reliable testing solutions. For instance, in January 2023, Gemina Laboratories Ltd. announced successful completion of its influenza A/B diagnostic test prototype. The technology can help detect several strains of complete influenza A and B viruses.

From the regional perspective, the MEA lateral flow assays market is projected to grow at more than 3% CAGR from 2023 to 2032. High disposable income, more public awareness, top-notch health facilities, and a robust healthcare infrastructure are set to foster the regional market expansion. Additionally, the rising infectious disease burden and favorable initiatives by the government and top industry players will further flourish regional growth.