Global lateral flow assays market was estimated at $8.35 billion in 2020 and is expected to hit $13.35 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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High prevalence of infectious diseases across the globe, rise in usage of home based lateral flow assay kit, and growing demand for point-of-care testing drive the growth of the global lateral flow assays market. On the other hand, lower accuracy of lateral flow assay tests and limited reimbursements for lateral flow assay products impede the growth to some extent. However, evolving applications of lateral flow assays are expected to pave the way for lucrative opportunities in the industry.
COVID-19 scenario-
- Lateral flow assay-based tests are being used worldwide for diagnosing COVID-19 infections as LFA test kits have demonstrated the potential to detect both symptomatic and asymptomatic COVID-19 infections. This factor has boosted the market growth in more than one way.
- Many healthcare companies are focused on developing lateral flow assay devices that can detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in blood samples using a finger prick, saliva samples, or nasal fluid swabs.
The global lateral flow assays market is analyzed across technique, product, application, end user, and region. Based on technique, the sandwich assay segment accounted for the major share in 2020, holding more than half of the global lateral flow assays market. The same segment would also grow at the fastest CAGR of 5.3% throughout the forecast period.
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Based on product, the kits and reagents segment generated the highest share in 2020, accounting for nearly three-fourths of the global market. At the same time, the lateral flow readers segment is projected to manifest the fastest CAGR of 5.7% from 2021 to 2030 .
Based on region, the market across North America held the lion’s share in 2020, garnering- nearly two-fifths of the global market. The Asia-Pacific region is, however, expected to cite the fastest CAGR of 6.2% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global lateral flow assays market report include Abbott Laboratories, F. Hoffmann-La Roche AG, Siemens Healthineers AG, Becton, Dickinson and Company, bioMérieux SA, PerkinElmer Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Thermo Fisher Scientific Inc., and QIAGEN N.V. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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