Lateral Flow Assay Market Size is valued at USD 20.65 Bn in 2023 and is predicted to reach USD 24.45 Bn by the year 2031 at a 2.21% CAGR during the forecast period for 2024-2031.
Immunochromatographic tests, known as lateral flow assays, can determine if a target analyte, such as a pathogen or a biomarker, is present or absent in people or animals. Due to increased usage in medical diagnostics, a rise in the occurrence of infectious diseases, the increasing need for point-of-care testing, and the widespread acceptance of home-based lateral flow assay tests. In terms of sensitivity, selectivity, and quantification advancements, technological growth is causing lateral flow tests to work better. Manufacturers' test readers are frequently utilized to assess the robustness of a sample's test line. Portable lateral flow assay readers are becoming increasingly popular due to their expanding mobility and downsizing. Technological advancements in using various wavelengths for sample illumination and various sample detection systems, which use CMOS or CCD detecting technologies, are driving innovations in lateral flow assay testing equipment.
Furthermore, assays are evolving from straightforward qualitative tests to intricate multi-analyte quantitative assays, driving the growth of the lateral flow assay market. The substantial incidence of infectious diseases, the growing geriatric population, the rising demand for point-of-care testing, the rising demand for home-based lateral flow assay test kits, and the rising disposable income in developing nations are the main factors driving the global lateral flow assay market. The global market is expected to be driven by technological development and rising product usage. The demand for user-friendly point-of-care testing in-home care settings that can provide results in real-time (5-15 minutes) is rising due to the increased frequency of infectious and lifestyle diseases.
Competitive Landscape
Some Major Key Players In The Lateral Flow Assay Market:
- Abbott Laboratories (US),
- Quidel Corporation (US),
- 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),
- Merck KGaA (Germany).
- Abcam Plc
- Surmodics, Inc.
- Chembio Diagnostics, Inc.
- Orasure Technologies
- Dcn Diagnostics
- Polysciences Inc.
- Abingdon Health
- Oranoxis Inc.
- Group Gmbh
- Bio Group Medical System S.R.L
- Pharmact Gmbh
- Diesse Diagnostica Senese S.P.A.
- Xiamen Biotime Biotechnology Co., Ltd.
- Others
Market Segmentation:
The Lateral Flow Assay market segmentation is on the basis of type, application, technique, sample type and end users. Based on type, the market is segmented as kits & reagents and lateral flow readers. As per the application, the market is divided into clinical testing, veterinary diagnostics, food safety & environment testing and drug development & quality testing. By technique, the market is segmented into sandwich assay, competitive assays and multiplex detection assays. According to sample type, the market is divided into Blood Samples, Urine Samples, Saliva Samples and Others Samples. The end users segmentation compriseshospitals & clinics, diagnostic laboratories, home care, pharmaceutical & biotechnology companies and other end users.
Based On Product, The Kits & Reagents Segment Is A Major Contributor In The Lateral Flow Assay Market.
The kits & reagents category will hold a major share of the world lateral flow assay market in 2022 due to the spread of infectious diseases and the expanding usage of lateral flow kits in home care settings. To improve the creation of efficient and sensitive lateral flow test instruments, Newmarket participants are working together. As a result, the market is projected that the demand for lateral flow assays will expand throughout the projection period due to increased strategic collaborations to accelerate the development of lateral flow kits.
The Sandwich Assay Technique Segment Witnessed Growth At A Rapid Rate.
The sandwich assay technique segment is projected to grow rapidly in the global lateral flow assay market owing to growing concerns about the harmful effects of synthetic chemicals on the skin. Hence, with the growing popularity of bio-based beauty products and personal hygiene products, there is an increase in demand for lateral flow assay in the personal care sector, especially in countries such as the US, Germany, the UK, China, and India.
The North American Lateral Flow Assay Market Holds A Significant Regional Revenue Share.
The North America lateral flow assay market is expected to record the maximum market share in revenue shortly. As the increase in chronic disease prevalence, the rise in requirement for home health care, the early adoption of test procedures, and the existence of many important stakeholders. In addition, Asia Pacific is estimated to grow rapidly in the global lateral flow assay market. Due to a huge patient pool, increased government initiatives to provide improved healthcare facilities, a growth in disposable money, and increased public knowledge.
Recent Developments:
- In Feb 2021, A partnership was established between BD (Becton, Dickinson and Company) and Scanwell Health with the aim of developing an in-home fast test for SARS-CoV-2. This will be achieved by utilising a BD antigen test in conjunction with the Scanwell Health mobile application.
Lateral Flow Assay Market Report Scope
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Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 20.65 Bn |
|
Revenue Forecast In 2031 |
USD 24.45 Bn |
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Growth Rate CAGR |
CAGR of 2.21% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By Application, By Technique, By Sample Type, By End Users |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
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Competitive Landscape |
Abbott Laboratories (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche AG (Switzerland), Siemens Healthineers AG (Germany), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany), PerkinElmer Inc. (U.S.), Quidel Corporation (U.S.), Merck KGAA (Germany), Abcam Plc, Surmodics, Inc., Chembio Diagnostics, Inc., Orasure Technologies, DCN Diagnostics, Polysciences Inc., Abingdon Health, Oranoxis Inc., Aesku.Group Gmbh, Bio Group Medical System S.R.L, Pharmact Gmbh, Diesse Diagnostica Senese S.P.A., Xiamen Biotime Biotechnology Co., Ltd. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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