Lateral Flow Assays Market in terms of revenue was estimated to be worth $20.5 billion in 2022 and is poised to reach $22.6 billion by 2027, growing at a CAGR of 2.0% from 2022 to 2027 according to a new report by MarketsandMarkets™. The increasing demand of lateral flow assays due to increase in prevalence of infectious disease, increasing number of geriatric populations in many countries, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.
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"Lateral Flow Readers segment is expected to witness the fastest growth during the forecast period"
Based on product type, the lateral flow assays market is segmented into kits reagents and lateral flow readers. During the forecast period, this segment is expected to witness the fastest growth during the forecast period. The factors responsible for the growth of this segment are increasing demand of quantitative analysis of clinical sample.
"Veterinary Diagnostics segment accounted for the second largest share of lateral flow assays market in 2021"
Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety environmental testing, and drug development quality testing. The veterinary diagnostics segment accounted for the second largest share of the lateral flow assays market in 2021. The possibility of infectious disease outbreaks (particularly in large livestock animals) is driving the demand for lateral flow tests due to their simplicity and rapidity compared to conventional detection methods.
"Multiplex Detection Assays technique is expected to witness the fastest growth during the forecast period"
Based on technique, the lateral flow assay kits reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The multiplex detection assays technique is expected to witness the fastest growth during the forecast period. The widening scope, applications, and research on multiplex detection assays are expected to boost the growth of this segment in the forecast period.
The lateral flow assays market is segmented into five regions namely North America, Europe, Asia-Pacific, Latin America, and Middle East Africa. Asia-Pacific is the second largest region along with fastest growing region of lateral flow assays market owing to major investments in rapid testing in this region.
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Lateral Flow Assays Market Dynamics:
Drivers:
- High prevalence of infectious diseases across the globe
- 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
Restraints:
- Inconsistent results of lateral flow assay tests
Opportunities:
- Evolving applications of lateral flow assays
Rising demand for lateral flow assays in the food beverage industry
- Omicron – The new variant of concern is an opportunity for the lateral flow assays market
- Government initiatives for omicron
- Initiatives of Medical diagnostic companies for omicron
Challenges:
- Limited reimbursements for lateral flow assay products
- Difficulties in procuring quality raw materials for the development of lateral flow assay tests
Key Market Players:
The prominent players in the global lateral flow assays market include 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).
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
Frequently Asked Questions (FAQs):
- What is the projected market value of the global lateral flow assays market?
- What is the estimated growth rate (CAGR) of the global lateral flow assays market for the next five years?
- What are the major revenue pockets in the lateral flow assays market currently?
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