Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Lateral Flow Assay Market: Analysis and Trends by Product Type, Application, Technology, End User and Region with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assay (LFA) market is on a steady growth trajectory, with a market value of US$8.55 billion in 2022, expected to reach US$12.10 billion by 2028.
Several key factors are contributing to this growth, including the increasing incidence of infectious diseases, the growing demand for point-of-care testing (POCT), and heightened awareness of infection prevention and control following the COVID-19 pandemic.
In both developed and developing countries, the global lateral flow assay market has witnessed consistent growth, driven by the rising prevalence of infectious and chronic diseases. Factors such as an aging population, a focus on preventive healthcare, the adoption of self-management of medical conditions, and the surge in demand for home-based medical kits are fueling this growth. Additionally, the rapid expansion of healthcare infrastructure in developing economies and the high consumption of home-based diagnostic kits are boosting the demand for lateral flow assays.
One of the key drivers of this market is the rise of POCT, facilitated by lateral flow assays, which brings diagnostics closer to patients, especially in remote or underserved areas. This accessibility to healthcare has become crucial, particularly in emergency situations and for diseases requiring immediate assistance. As more companies focus on developing innovative lateral flow assay-based POCT devices, these tests are increasingly replacing lengthy and conventional laboratory procedures.
Market Segmentation Analysis:
- By Product Type: The market is segmented into two categories: kits and reagents, and lateral flow readers. Kits & reagents are the largest segment, driven by the adoption of lateral flow tests in home care settings, the development of cost-effective and user-friendly diagnostic kits, and their increasing popularity in self-diagnosis and diagnostic testing of diseases, contaminants, and allergens in food products and environmental testing. Lateral flow readers are the fastest-growing segment, owing to advancements in reader technology, rising demand for portable and easy-to-use diagnostic devices, and the integration of smartphones and mobile applications with lateral flow readers.
- By Application: The market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. Clinical testing is the largest segment due to the growing patient population with chronic diseases, expanding healthcare infrastructure, the increase in infectious diseases, and the use of lateral flow assays in clinical laboratories, hospitals, and physician's offices for the identification of specific antibodies, gene amplification products, and antigens.
- By Technology: The market is segmented into sandwich assays, competitive assays, and multiplex detection assays. Sandwich lateral flow assays dominate the market due to their applications in point-of-care testing, home healthcare diagnostic devices, and research and drug discovery. They also offer better assay sensitivity and specificity for the measurement of larger analytes.
- By End User: The market is segmented into hospitals and clinics, diagnostic laboratories, home care, pharmaceutical & biotechnology companies, and others. Pharmaceutical & biotechnology companies are the fastest-growing segment, driven by the increase in infectious diseases, research activities, the demand for rapid and accurate diagnostic tests for drug development and quality testing, and the strategic efforts of emerging market participants.
- By Region: The market is segmented into Europe, North America, Asia Pacific, and the rest of the world. North America is the largest region, with a well-established healthcare and pharmaceutical sector, high per capita income, and ongoing technological advancements. Asia Pacific is the fastest-growing region, with a large population exposed to infectious diseases, increasing healthcare expenditure, growing public health awareness, and a developing lateral flow assay components manufacturing industry.
Market Dynamics:
- Growth Drivers: The global lateral flow assay market is experiencing rapid growth due to factors such as an aging population, increased infectious diseases, the adoption of home-based assay kits and devices, and the popularity of point-of-care testing. The demand for rapid lateral flow assay diagnostic tests is increasing, especially for diagnosing age-related diseases, such as cardiovascular ailments, diabetes, and certain types of cancer.
- Challenges: Challenges in the market include strict regulatory requirements due to inconsistent diagnostic results and competition from alternative diagnostic technologies. Lack of standardization, stringent regulations, and lengthy approval procedures in industrialized nations can negatively impact market growth.
- Trends: The market is projected to grow rapidly due to trends such as the integration of artificial intelligence and biosensors, digital technology integration, evolving applications of lateral flow assays, increasing demand for personalized and customized lateral flow assays, and their use in various applications beyond traditional diagnostics.
Impact Analysis of COVID-19 and Way Forward:
COVID-19 brought in many changes in the world in terms of reduced productivity, loss of life, business closures, closing down of factories and organizations, and shift to an online mode of work. The sudden outbreak of the COVID-19 pandemic was associated with an increase in the demand for simple, rapid, cost-effective, and point-of-care diagnostic devices, such as lateral flow assay kits and readers, needed by hospitals, clinics, airports, schools, and other workplaces for the detection and control of the SARS-CoV-2 virus as LFA test kits demonstrated the ability to detect both symptomatic and asymptomatic COVID-19 infections.
The impact of the COVID-19 pandemic on the global lateral flow assay market turned out to be positive, as government organizations and healthcare associations increased their focus on mass population testing, infection prevention & control, and public awareness campaigns aimed at identifying the symptoms and creating patient awareness about the use of lateral flow assay COVID-19 kits.
Competitive Landscape:
The lateral flow assay market is relatively fragmented with increasing number of large and medium sized players accounting for the majority of market revenue. Major companies in the market have been implementing both organic (such as launches, expansion, and product approvals) and inorganic development strategies (such as product launches, partnerships, and collaborations) to expand their product portfolio and gain larger market share.
For instance, on October 12, 2022, F. Hoffmann-La Roche Ltd, announced the launch of company's next-generation portfolio SARS-CoV-2 rapid antigen tests ("2.0") for self-testing and professional use in countries accepting the CE Mark, where ARS-CoV-2 Antigen Self Test Nasal is a lateral flow test for the qualitative detection of SARS-CoV-2 nucleocapsid antigen in human nasal samples.
The key players of the lateral flow assay market are:
- F. Hoffmann-La Roche Ltd
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.
- Abbott Laboratories
- Merck KGaA (MilliporeSigma)
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- QuidelOrtho Corporation (Quidel Corporation)
- Access Bio, Inc.
- PerkinElmer, Inc.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Aging Population
6.1.2 Rising Cases Of Infectious Diseases
6.1.3 Growing Adoption Of Home Based Assay Kits And Devices
6.1.4 Rising Popularity Of Point-of-care Testing
6.2 Challenges
6.2.1 Strict Regulatory Requirements Due to Inconsistent Diagnostic Results
6.2.2 Increased Competition From Alternative Diagnostics Technologies
6.3 Market Trends
6.3.1 Increasing Integration Of Artificial Intelligence (AI) And Biosensors
6.3.2 Rising Digital Technology Integration
6.3.3 Evolving Newer Applications Of Lateral Flow Assays
6.3.4 Rising Demand For Personalized And Customized Lateral Flow Assays
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/gq6jgz
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