Trends and Opportunities in the Lateral Flow Assay Industry
Dublin, Dec 30, 2021 (GLOBE NEWSWIRE) – The “Global Lateral Flow Assay Market By Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquitoes, Flu, STI, Hepatitis, Tuberculosis) Cardiac Marker Lipid Test) Veterinary, Safety )) Product (readers, kits) Technical, end user and region – Forecast to 2026 report “has been added to ResearchAndMarkets.com offer.
The global lateral flow testing market is expected to reach USD 11.4 billion by 2026, up from USD 9.6 billion in 2021, at a CAGR of 3.4% during the forecast period.
The high prevalence of infectious diseases around the world, the rapid growth of the geriatric population, the increasing demand for point-of-care testing and the increasing use of home lateral flow dosing devices are the main factors behind the growth of this market. On the other hand, the reluctance of physicians and patients to modify existing diagnostic procedures and the low accuracy of lateral flow tests are the main constraints.
Kits and reagents segment accounted for largest share of lateral flow assay market
Based on the product type, the lateral flow assay market is segmented into kits and lateral flow reagents and readers. In 2020, kits and reagents accounted for the largest 87.5% share of the global lateral flow testing market. The large share of this segment can be attributed to the increasing application of lateral flow kits and reagents for POC testing, increasing burden of chronic diseases, increasing use of lateral flow kits in home care, as well as their convenience and ease of use. Lateral flow readers segment is divided into digital / handheld readers and benchtop readers. This segment is expected to grow at a higher CAGR of 7.1% during the forecast period.
Fastest Growth Segment for Clinical Trials During Forecast Period
Based on the applications, the lateral flow assay market is segmented into clinical testing, veterinary diagnostics, food safety and environmental testing, and drug development and quality testing. The clinical testing segment accounted for the largest 89.3% share of the lateral flow testing market in 2020. The large share of this segment can be attributed to the increasing prevalence of chronic diseases, increasing pressure to reduce costs health care and the growing demand for patient-centered care.
Sandwich test technique accounted for the largest share of the lateral flow test market in 2020
On the basis of technique, the lateral flow assay kits and reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assay technique dominated the lateral flow assay market with a share of 70.9% in 2020. The significant share of this segment can be attributed to its better assay sensitivity and specificity and its extensive applications in measurement of critical analytes (such as cardiac and hepatitis markers).
Blood samples accounted for the largest share of the lateral flow testing market in 2020
Based on sample type, the market for lateral flow assays for clinical testing is segmented into blood, urine, saliva, and others. Blood samples accounted for the largest market share of 55.9% in 2020. The use of blood samples in lateral flow testing for infectious diseases such as malaria, HIV and syphilis; the growing awareness of rapid test solutions; and easy detection of disease antibodies from blood samples are key factors that stimulate the growth of this segment.
Hospitals and clinics segment accounted for largest share of lateral flow testing market in 2020
Based on end users, the lateral flow testing market is segmented into hospitals and clinics, diagnostic laboratories, home care facilities, pharmaceutical and biotechnology companies, and other end users. The hospital and clinic segment accounted for the largest market share of 37.6% in 2020. Technological advancements, increasing adoption of point-of-care testing and increasing patient inclination towards rapid and early diagnosis are driving the growth in the hospital and clinic segment. The COVID-19 pandemic has also increased the demand for point-of-care testing at professional healthcare facilities, further driving the growth of this market during the forecast period.
North America accounted for the largest share of the lateral flow testing market in 2020
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. In 2020, North America accounted for the largest 38.8% share of the lateral flow testing market, followed by Europe, Asia-Pacific, Latin America, Middle East and of Africa. However, APAC is expected to grow at the highest CAGR of 5.8% during the forecast period.
The rapid development of the health industry in China and India, the growth of the aging population, the increase in life expectancy, the increase in per capita income, the increase in investment in the region by key market players, the expansion of private sector hospitals and clinics in rural areas, the availability of low-cost manpower for manufacturing, the presence of a favorable regulatory environment, and the growing demand for testing home and POC support market growth in APAC. The current COVID-19 scenario and its high impact in Asia-Pacific (especially India) has also resulted in high growth rate of Lateral Flow Testing market in this region.
The market study covers the Lateral Flow Testing market in various segments. It aims to estimate the market size and growth potential of this market across different segments by product type, application by technique, by sample type, end user, and region. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Some of the major players in the lateral flow testing market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US ), bioMÃ©rieux SA (France), Bio-Rad Laboratories (United States), Thermo Fisher Scientific, Inc. (United States), PerkinElmer Inc. (United States), Hologic Inc. (United States), QIAGEN NV (Netherlands), Quidel Corporation (United States) and Merck KGaA (Germany).
- High prevalence of infectious diseases in the world
- Rapidly increasing geriatric population
- Growing use of home lateral flow dosing devices
- Growing demand for point-of-care testing
- Need for rapid diagnostic tests for COVID-19
- Inconsistent results of lateral flow assay tests
- Scalable Applications of Lateral Flow Assays
- Growing demand for lateral flow assays in the food industry
- Limited refunds for lateral flow dosing products
- Difficulties in sourcing quality raw materials for the development of lateral flow assay tests
- Abbott Laboratories
- Abcam plc
- Abingdon Health
- Access Bio, Inc.
- Becton, Dickinson and company
- Bio-Rad Laboratories, Inc.
- bioMÃ©rieux SA
- Bioporto Diagnostics A / S
- Chembio Diagnostic Systems, Inc.
- Danaher Company
- DCN diagnostic
- F. Hoffmann-La Roche SA
- Hologic, Inc.
- Merck KGaA
- Microcoat Biotechnologies GmbH
- Orasure Technologies
- Perkinelmer inc.
- Polysciences, Inc.
- Qiagen SA
- Quidel Corporation
- Scienion AG
- Senova GmbH
- Siemens AG
- IVD Surmodics
- Thermo Fisher Scientific Inc.
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