LATERAL FLOW ASSAYS Market 2022-2028,

LATERAL FLOW ASSAYS Market 2022-2028,

The global lateral flow assays market is growing at a considerable CAGR of around 8.8% during the forecast period. The lateral flow devices are used to confirm the presence or absence of a target disease without the need for lab equipment. The lateral flow assay devices are generally used in the hospital are clinical laboratories quantitative,and qualitative detection of particular antigens and antibodies. It is simple and less expensive technology use in the quantitative, and qualitative detection of pathogens in humans, animals, or pollutants or toxic elements in animal feeds, water supplies, and foodstuffs. The major factors that are driving the growth of the market include the Increasing prevalence of infectious disease owning to this acceptance of smart devices are also increasing. For instance, According to the National Institute of Allergy and Infectious Diseases, around 15 million people across the globe are diagnosed with infectious diseases. According to the World Health Organization, Global Tuberculosis Report 2021, In 2021 around 1.4 million people mortality from Tuberculosis, and around 10 million people were diagnosed with tuberculosis. Also, the benefits of LFA-bassed rapid tests as compared with laboratory testing are driving the market growth, and growing use of home-based lateral flow assay kits due to this the demand for the home-based lateral flow assay kits is increasing. Moreover, increasing applications of lateral flow assays and growing demand for lateral flow assays in the food & beverage industry offer substantial growth opportunities for the companies operating in the lateral flow assays market.

The lateral flow assays are also used in diagnosed COVID-19 disease. These simple-to-use tests provide the prospect of rapid case detection. According to WHO, around 150,989,419 people are diagnosed with COVID-19, and 3,173,576 mortality in May 2021. Due to this, the major key players are adopting different market strategies such as the US FDA approval. For instance, In September 2021,F. Hoffman-La Roche Ltd. receivedCE Mark from the US Food and Drug Administration (FDA) for its SARS-CoV-2 Rapid Antigen test. The SARS-CoV-2 Rapid Antigen Test is for use in point-of-care (POC) settings for people with both symptomatic and asymptomatic.

Impact of COVID-19 on the Lateral Flow AssaysMarket

The COVID-19 pandemic has created a positive impact on the global lateral flow assays market since December 2021. The need for the rapid diagnosis of the coronavirus infection has been the emphasis since the beginning of the COVID-19pandemic.As the number of COVID-19 cases is increasing day by day across the globe. The major key player in the lateral flow assays market has entered into the partnership with government agencies or non-government organizations for the launches of COVID-19 antigens tests, and antibody tests with extra production, and distribution due to the increasing demand. The companies also invested in research and development, to develop lateral flow diagnostic solutions for the COVID-19. The lateral flow assays are low in cost and easy to use. Hence, it is mostly using in low- and middle-income countries. Also, the rapid turnaround time has led to their high acceptance. Although The diagnostic precision of these tests is lower than other tests.

Segmental Outlook

The market is segmented based on product, technique, application, and end-user. Based on, product the market is segmented into kits & reagents, lateral flow readers, and mobile readers. By technique, the market is segmented into sandwich assays, competitive assays, and multiplex detection assay. By application, the market is segmented into clinical testing, veterinary diagnostics. By end-user, the market is segmented into hospitals and diagnostic centres, home care, pharmaceuticals, and biotechnology companies.

The Clinical Segment is Projected to Have Considerable Growth In The Global Lateral Flow Assays Market

Based on the application, the clinical testing segment has primarily driven the growth of the market. The clinical tests are used as substitute lab-based immunoassays with distributed testing. Generally known as point-of-care (POC) testing. The POC testing provides much faster results than centralized (lab) testing. Due to this, the use of lateral flow assays in qualitative and quantitative analysis is increasing. The key companies increased R&D and launches in the field of clinical testing with government and non-government organizations. These factors are responsible for the growth of this segment during the forecast period.

Regional Outlooks

The global lateral flow assays market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2021 in the global lateral flow assays market. Some factors that are boosting the market growth in North America include the increasing incidence of various infectious diseases such as tuberculosis, HIV/AIDS, Lyme disease, increased patient pool, and high affordability with increasing disposable income. Increasing the generic population in the region are the factors that drive the growth of the market, rising investment in Lateral Flow Assays due to the current COVID-19 pandemic are other factors that are promoting the growth of the market.

Asia-Pacific will Have Considerable Growth in the Global Lateral Flow AssaysMarket

Asia-Pacific is expected to witness significant growth opportunities for the market due to the increasing prevalence of infectious diseases in the region. Improved healthcare structure, government initiatives, and R&D in the region, also the COVID-19 disease are other factors that are promoting the growth of the market.

Market Player Outlook

Key players of the global lateral flow assays market include Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, bioMerieux SA, Becton Dickinson and Company, Thermo Fisher Scientific, Inc. To sustain significant share in the market, these players adopt different marketing strategies such as product launches. For instance, In October 2021, Access Bio received approval from the US Food and Drug Administration (FDA) to detect SARS-CoV-2 infections for the COVID-19.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global lateral flow assays market Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where in the market.