Lateral Flow Assay Market Size Ascends: Estimated USD 11.77 Billion by 2030, Fueled by a 4.23% CAGR
The global lateral flow assay market size is projected to reach USD 11.77 billion by 2030 from its value USD 8.45 billion in 2022, at CAGR of 4.23% during forecast period, according to The Brainy Insights. Throughout the forecast period, it is projected that the prevalence of infectious diseases will increase. The growing government support through funding and favourable policies to develop highly precise lateral flow assays will offer lucrative opportunities for the market.
Newark, Oct. 13, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 8.45 Billion in 2022 lateral flow assay market will reach USD 11.77 Billion by 2030. Without the use of costly or specialised equipment, lateral flow tests are used to identify the presence of a target component in the liquid sample. The spread of various chronic and infectious diseases, an increase in the use of home-based lateral flow assay kits, an increase in government initiatives to promote health awareness, an increase in the demand for point-of-care testing, an increase in the adoption of LFA due to innovations, and the advantages of LFA rapid tests over laboratory tests are some of the main factors driving market growth for lateral flow assays.
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Key Insight of the Lateral Flow Assay Market
Asia-Pacific is anticipated to expand at the highest CAGR of 6.38% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 6.38% over the forecast period. It is due to growing cooperation between new market entrants, government efforts, and important market players. Additionally, increasing awareness efforts by top industry participants is projected to fuel market expansion.
The lateral flow readers segment is expected to register the highest CAGR of 7.03% over the projected period in the lateral flow assay market.
The lateral flow readers segment is anticipated to grow at the highest CAGR of 7.03% in the lateral flow assay market. The readers are affordable, simple to use, and deliver precise results in a short amount of time. Increased strategic actions implemented by the market’s players are anticipated to fuel the expansion of the lateral flow assay throughout the forecast year.
Over the projected period, the multiplex detection assays segment is expected to register the highest CAGR of 7.63% in the lateral flow assay market.
Over the forecasted period, the multiplex detection assays segment is anticipated to grow at the highest CAGR of 7.63% in the lateral flow assay market. One of the key factors projected to affect market expansion is the rising number of multiplex lateral flow tests being developed by academic and research institutions. The test is a six-plex assay with six test spots printed on it. It is paired with a sensor known as the MACAW (Modular Automated Colorimetric Analysis Widget) for analysing and interpreting test results. It resolves the issues with capillary flow dynamics and the design restrictions in creating assays with many horizontal test lines. These developments in creating multiplex lateral flow tests are anticipated to increase their use in the near future, propelling the segment’s expansion.
The drug development & quality testing segment is expected to register the highest CAGR of 6.41% over the projected period in the lateral flow assay market.
The drug development & quality testing segment is anticipated to grow at the highest CAGR of 6.41% in the lateral flow assay market. Due to its simplicity of use, affordability, and ability to identify several sample markers, lateral flow assays are being utilised more frequently for therapeutic medication monitoring. Such assays are used in several regulated and unregulated businesses to produce full and semi-quantitative results.
The pharmaceutical and biotechnology companies segment is expected to register the highest CAGR of 6.54% over the projected period in the lateral flow assay market.
The pharmaceutical and biotechnology companies segment is anticipated to grow at the highest CAGR of 6.54% in the lateral flow assay market. This is because these businesses can engage in strategic initiatives like mergers and acquisitions, product development, product approval & launch, and international expansion. Emerging market participants are working together in many ways to improve their lateral flow test solutions.
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Driver: Infectious diseases are occurring more frequently
The COVID-19 pandemic has shown how accelerating globalisation might negatively affect the transfer of microorganisms across international borders. As with the COVID-19 pandemic, isolated infection threats can become a global catastrophe if not handled and quickly disclosed. With the threat of climate change, the chance of locally transmitted illnesses reappearing has increased. The unnecessary and avoidable use of antibiotics and other treatments leads to new strains of viruses, bacteria, and other diseases becoming increasingly resistant to the current vaccinations and medications. Additionally, individuals are becoming more susceptible to animal viruses because they can now infect humans due to increased meat consumption and exotic meat. Increased risk from climate change, rapid growth, globalisation, pathogenic variables, and other human factors have increased the prevalence of infectious diseases. The rise in infectious diseases will result in an expansion of the lateral flow tests market globally.
Opportunity: The application of the lateral flow assay is changing
Over the past 20 years, the lateral flow test has undergone rapid modification. It is currently routinely utilised at the point of care and for diagnostics. Capillary flow and nitrocellulose film can be used to create lateral flow assays. The lateral flow assay is used in point-of-care (POC), prenatal testing, and the detection of infectious illnesses. Instruments for lateral flow assays are available for application in the pharmaceutical, veterinary, food, industrial, and membrane industries. These tools have become necessary due to a study of the flow cytometry field. The market for lateral flow assays is seeing rapid expansion due to the expanding uses of these tests in fields including cancer diagnosis, veterinary medicine, and drug testing.
Challenge: Unpredictable test findings from a lateral flow assay
Lateral flow assay tests are less expensive and easier to perform than laboratory tests, but they are less accurate, which limits the market’s growth throughout the forecast period.
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Some of the major players operating in the lateral flow assay market are:
• Abbott Laboratories
• Becton, Dickinson and Company
• Biomérieux SA
• Bio-Rad Laboratories
• Danaher Corporation
• F Hoffmann-La Roche Ltd.
• Quidel Corporation
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.
Key Segments cover in the market:
By Product Type:
• Kits & Reagents
• Lateral Flow Readers
o Digital Readers
o Benchtop Readers
• Sandwich Assays
• Multiplex Detection Assays
• Competitive Assays
• Clinical Testing
• Veterinary Diagnostics
• Food Safety & Environment Testing
• Drug Development & Quality Testing
By Distribution Channel:
• Hospitals & Clinics
• Home Care
• Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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