Lateral Flow Assays Market expected to reach at a CAGR of 4.0% by 2028

 Lateral Flow Assays Industry Overview

The global lateral flow assays market size was valued at USD 7.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028.

Lateral Flow Assays (LFAs) have been developed over half a century ago, facilitating diagnosis across several applications, such as healthcare, environmental testing, and food and beverage. The use of LFAs in point of care diagnostic settings has been gaining significant traction in the research community in turn, driving the growth of the market for lateral flow assays.

The use of POC devices reduces the need for laboratory testing eliminating the need for trained laboratory personnel and propelling self-testing. Although several technological advancements have been made in the recent past, several emerging economies are still facing the struggle to get timely medical intervention in times of need. This is one of the major factors propelling market growth as dipsticks or Lateral Flow Assays are increasingly being adopted to facilitate timely diagnosis and treatment.

Gather more insights about the market drivers, restrains and growth of the Global Lateral Flow Assays Market

Since the outbreak of the novel coronavirus (COVID-19), there has been an urgent demand for diagnostic solutions, including lateral flow assays, as it is a cornerstone for the management of the COVID-19 pandemic. The incidence of COVID-19 increased exponentially across the different countries over 2020, driving investment by key operating players in R&D for rapid tests. This has resulted in several launches of antibody/antigen tests.

For instance, in June 2021, Novacyt introduced two COVID-19 antigen lateral flow tests, expanding its COVID-19 product portfolio, mainly in the point-of-care segment. The company introduced Pathflow COVID-19 rapid antigen and PathFlow COVID-19 rapid antigen pro tests. Similarly, in October 2021, Siemens introduced the Clinitest rapid COVID-19 antigen test in Europe, which can identify individuals infected with COVID-19 in 15 minutes.

The increasing use of lateral flow devices in-home care settings is one of the major factors facilitating the growth of the market for lateral flow assays. The use of dipsticks has increased rapidly since their inception owing to factors such as portability, compactness, and rapid interpretation of results without the need for external instrumentation and medical intervention. Thus, the availability of these tests without prescription is increasing their adoption, thereby facilitating the market growth. The use of lateral flow devices also eliminates the need to wait for deciphering test results as well as aids in the optimization of timely treatment decisions, improves the efficacy of care provided, and significantly reduces diagnosis costs, especially in resource-constrained settings where laboratory infrastructure is weak. Rising trends toward decentralized testing have been crucial in increasing the adoption of lateral flow devices globally.

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Lateral Flow Assays Market Segmentation

 

Grand View Research has segmented the global lateral flow assays market report on the basis of product, application, technique, end use, and region:

 

  • Lateral Flow Assays Product Outlook (Revenue, USD Million, 2017 - 2028)
  • Kits & Reagents
  • Lateral Flow Readers
    • Digital/Mobile Readers
    • Benchtop Readers

 

  • Lateral Flow Assays Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Clinical Testing
      • Infectious Diseases Testing
        • COVID-19 Testing
          • Mosquito Borne Disease Testing
          • Influenza Testing
          • Sexually Transmitted Infection Testing
            • HIV Testing
            • HPV Testing
            • Chlamydia Testing
            • Gonorrhea Testing
            • Syphilis Testing
            • Others
          • Hepatitis
          • Tuberculosis
          • Others
        • Cardiac Marker Testing
          • Troponin I and T Testing
          • CK-MB Testing
          • BNP and NT-proBNP Testing
          • Myoglobin Testing
          • D-Dimer Testing
          • Others
        • Pregnancy & Fertility Testing
          • Pregnancy Testing
          • Fertility Testing
        • Cholesterol Testing/Lipid Profile Testing
        • Drugs of Abuse Testing
        • Others
      • Veterinary Diagnostics
      • Food safety & Environment Testing
      • Drug Development & Quality Testing

 

  • Lateral Flow Assays Technique Outlook (Revenue, USD Million, 2017 - 2028)
    • Sandwich Assays
    • Competitive Assays
    • Multiplex Detection Assays

 

  • Lateral Flow Assays End-use Outlook (Revenue, USD Million, 2017 - 2028)
    • Hospitals & Clinics
    • Diagnostic Laboratories
    • Home Care
    • Pharmaceutical & Biotechnology Companies
    • Others

 

  • Lateral Flow Assays Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

Market Share Insights

  • September 2021: ANP Technologies Inc. was approved emergency use authorization by the U.S. FDA for its NIDS COVID-19 Antigen Rapid Test Kit. This test is based on lateral flow immunoassay and uses ANP’s Nano-Intelligent Detection System (NIDS) platform technology.
  • February 2020: The company received CE marking for its COVID-19 LFA immunoassay kits, declared by Bioeasy Biotechnology, and thus, introduction of novel product coupled with acceptance of lateral flow tests for prompt diagnosis and treatment are factors influencing market growth as lateral flow assays.

Key Companies profiled:

Some prominent players in the global lateral flow assays market include

  • Abbott
  • Thermo Fisher Scientific, Inc.
  • Hoffmann-La Roche AG
  • Bio-rad Laboratories, Inc.
  • Biomérieux SA
  • Quidel Corporation
  • Hologic, Inc.
  • Perkinelmer, Inc.
  • Merck KGAA
  • Becton, Dickinson and Company
  • Siemens Healthineers
  • Danaher Corporation
  • Qiagen N.V.

 

Order a free sample PDF of the Lateral Flow Assays Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

 

 

 

 

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