Lateral flow assays are rapid diagnostic tests used to detect the presence of a specific analyte in a sample. The assay consists of a lateral flow strip that contains reagents that react with the target analyte in the sample. A sample is applied to the strip and allowed to migrate along it. If the analyte is present in the sample, a colored line will appear indicating a positive result. If the analyte is not present, no line will appear indicating a negative result. Lateral flow assays are used for a variety of applications, including clinical diagnostics, food safety tests, and environmental tests.
Currently, 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. Increasing adoption of kits reagents and lateral flow assay readers for infectious diseases testing, veterinary diagnostics, and drug of abuse testing, cardiac marker testing. Whereas most of lateral flow assays are having limitation of qualitative detection, lot to lot variation like factors may hinder the growth of lateral flow assays market during the forecast period.
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Market Growth Drivers
- High prevalence of infectious diseases
- Rapidly increasing geriatric population
- Growing usage of home-based lateral flow assay devices
- Growing demand for point-of-care testing
- Need for rapid diagnostic testing for COVID-19
Market Growth Opportunities
- Evolving applications of lateral flow assays
- Rising demand for lateral flow assays in the food beverage industry
- Omicron offers growth opportunities for players in lateral flow assays market
Market Challenges
- Limited reimbursements for lateral flow assay products
- Difficulties in procuring quality raw materials for the development of lateral flow assay tests
The prominent players operating in the lateral flow assay market are Abbott Laboratories (US), Quidel Corporation (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), and Merck KGaA (Germany) among others.
Abbott Laboratories, Inc.
Abbott Laboratories accounted for an estimated share of 33–36% of the lateral flow assays market in 2021. Abbott is leading player in this market due its strong organic and inorganic strategies such as, the company focuses on expanding and strengthening its partnerships with existing customers, enhancing operations and quality, and enhancing product scope, capabilities, and expertise.
Hoffmann-La Roche AG
Becton, Dickinson and Company
Becton, Dickinson and Company accounted for an estimated share of 7–9% of the lateral flow assays market in 2021. The company’s diagnostics product portfolio focuses on rapid tests for infectious diseases through investments in the form of partnerships and collaborations. For instance, in April 2021, the company partnered with USA Track Field (USATF) (US) to provide rapid COVID-19 testing for USATF athletes at Journey to Gold through the use of the BD Veritor Plus System.
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Objectives of the Study
- To define, describe, analyze, and forecast the lateral flow assays market by product, application, technique, sample type, end user, and region
- To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the lateral flow assays market in North America, Europe, the Asia Pacific, Latin America, and the Middle East Africa
- To analyze the impact of the economic recession on the growth of the lateral flow assays market
- To strategically profile key players in the global lateral flow assays market and comprehensively analyze their core competencies
- To track and analyze competitive developments such as product launches, expansions, acquisitions, partnerships, agreements, and other developments of leading players in the global lateral flow assays market
Recent Developments:
- In October 2022, F. Hoffmann-La Roche Ltd. (Switzerland) a next-generation portfolio of SARS-CoV-2 rapid antigen test 2.01, SARS-CoV-2 Rapid Antigen Test 2.0 Nasal2, and SARS-CoV-2 Rapid Antigen Test 2.0 Nasal3
- In June 2021, Abbott Laboratories (US) received the CE approval for PanBio Rapid Antigen Self-test, opening access throughout Europe to fast, reliable COVID-19 testing
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