London, Oct. 13, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Lateral Flow Assays Market by Product (Kits, Readers), Technique (Sandwich, Competitive, Multiplex), Application (Clinical [Pregnancy, Infectious Diseases], Food Safety, Drug Development, Veterinary), and End User (Hospitals, Home Care) - Forecast to 2027’, published by Meticulous Research®, the lateral flow assay market is expected to grow at a CAGR of 8.8% from 2021 to 2027 to reach $13.85 billion by 2027.
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According to this latest publication, growth of this market is mainly attributed to the benefits of LFA-based rapid tests over laboratory testing, increasing usage of home-based lateral flow assay kits, growing demand for point-of-care testing, increasing prevalence of chronic & infectious diseases, and growing acceptance of smart devices. In addition, evolving applications of lateral flow assays and rising demand for lateral flow assays in the food & beverage industry offer significant growth opportunities for players operating in the lateral flow assays market. On the other hand, the reluctance towards changing existing diagnostic practices and the development of multiplexing assays are some of the factors challenging the growth of this market to a certain extent. Also, variance in lateral flow assay test results and stringent regulations are expected to hinder the growth of this market.
The Impact of COVID-19 on the Lateral Flow Assays Market
The lateral flow assays market has seen substantial growth due to the prevalence of the novel COVID-19 coronavirus worldwide. The lateral flow assays-based tests are used extensively globally to diagnose and manage COVID-19 infections. These LFA test kits can detect symptomatic and asymptomatic COVID-19 infections. Many healthcare companies concentrated on developing lateral flow assay devices to detect patient antibodies (IgG and IgM) or COVID-19 viral antigen in the blood samples from a finger prick, saliva samples, or nasal swab fluids. Factors contributing to the demand for the LFA-based devices for COVID-19 testing include the low cost of the LFA devices and the fact that these tests do not require trained personnel to perform the test. The potential of LFA devices to detect symptomatic and asymptomatic COVID-19 infections is the main advantage over other detection methods. For example, RT-PCR can only determine the active infections in patients.
On the other hand, LFA-based test devices can determine asymptomatic patients who are no longer at risk of spreading the virus. Also, LFA-based tests can diagnose different stages of the COVID-19 infection in the patient. LFA-based tests largely shape the medical and economic decisions for countries that continue to be affected by the COVID-19 pandemic and those preparing for the second wave.
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Key Findings in the Lateral Flow Assays Market Study:
To provide efficient analysis, Meticulous Research® has segmented this market based on Product (Kits, Readers), Technique (Sandwich, Competitive, Multiplex), Application [Clinical (Pregnancy, Cholesterol)], Food Safety, Drug development), End User (Hospitals, Veterinary, Home Care, Pharma) and Geography (Asia-Pacific, North America, Europe, Latin America, Middle East & Africa)
Based on products, the global lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, the kits & reagents segment accounted for the largest share of the global lateral flow assays market. Factors such as the higher adoption rate of kits & reagents, increasing use of home-based lateral flow assay devices, and growing demand for point-of-care testing are driving the growth of this segment.
Based on technique, the global lateral flow assays market is segmented into sandwich assays, multiplex detection assays, and competitive assays. In 2020, the sandwich assays segment accounted for the largest share of the global lateral flow assays market. Factors such as the wide application of sandwich assays in various medical testing settings and advantages offered by these assays, such as higher sensitivity and specificity for larger analytes, are driving the growth of this segment.
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Based on application, the global lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. In 2020, the clinical testing segment accounted for the largest share of the global lateral flow assays market. Factors such as increasing healthcare expenditure, rising initiatives towards health awareness, growing awareness about clinical testing, and increasing spread of various chronic and infectious diseases are contributing towards the growth of this segment.
Based on region, the lateral flow assays market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2020, North America accounted for the largest share of the global lateral flow assays market, followed by Europe and Asia-Pacific. Factors such as increasing prevalence of chronic and infectious diseases, rising geriatric population, growing demand for point-of-care testing facilities, and the presence of key players in the region are driving the growth of this regional segment.
The key players operating in the global lateral flow assays market are Abbott Laboratories (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.), and Merck KGaA (Germany).
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Scope of the Report
Lateral Flow Assays Market, by Product
- Kits & Reagents
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
Lateral Flow Assays Market, by Technique
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
Lateral Flow Assays Market, by Application
- Clinical Testing
- Infectious Disease Testing
- Cardiac Marker Testing
- Pregnancy & Fertility Testing
- Cholesterol Testing/Lipid Profile
- Drug Abuse Testing
- Other Clinical Tests
- Veterinary Diagnostics
- Food Safety & Environment Testing
- Drug Development & Quality Testing
Lateral Flow Assays Market, by End User
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care
- Pharmaceutical & Biotechnology Companies
- Other End Users
(Note: Other End Users Include Water Treatment Facilities and Food Processing Units)
Lateral Flow Assays Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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