Dublin, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The "Lateral Flow Assays Market by Product (Kits, Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Technique (Sandwich, Multiplex Detection Assay), End User (Hospitals, Home care) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assays market is projected to reach USD 22.6 billion by 2027 from USD 20.5 billion in 2022, at a CAGR of 2.0% during the forecast period. The growth of lateral flow assay market is due to the high prevalence of infectious diseases in many countries, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices whereas reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are restraining the market.
Urine samples accounted for the third largest share of lateral flow assays market in 2021
Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the third largest market share in 2021. The increasing use of urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing.
The Pharmaceutical & Biotechnology Companies segment is expected to witness the fastest growth during the forecast period
Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The pharmaceutical & biotechnology companies segment is expected to witness the fastest growth during the forecast period. This growth is owing to increasing adoption of lateral flow assay readers and kits & reagents for quantitative detection of sample in pharmaceutical & biotechnology companies.
Asia-Pacific accounted for the second largest share of the lateral flow assays market in 2021
In 2021, Asia-Pacific accounted for the second largest share of the lateral flow assays market, followed by Europe, Latin America, and the Middle East & Africa. However, the North America is a leading region in the lateral flow assay market. Being a high-growth market, many manufacturers are also extending their manufacturing bases in the Asia Pacific, which boasts low-cost manufacturing advantages and the availability of a skilled workforce, especially in China and India. These countries are also regarded as the most profitable manufacturing and R&D locations across the globe. The key factors hindering market growth in this region are a lack of awareness about the advantages of near-patient testing products due to low literacy rates, lack of reimbursements, challenges related to locational remoteness, and the reluctance of physicians to change existing practices.
Market Dynamics
Drivers
- High Prevalence of Infectious Diseases
- Rapidly Increasing Geriatric Population
- Growing Use of Home-Based Lateral Flow Assay Devices
- Growing Demand for Point-Of-Care Testing
- Need for Rapid Diagnostic Testing for COVID-19
Restraints
- Inconsistent Results of Lateral Flow Assay Tests
Opportunities
- Evolving Applications of Lateral Flow Assays
- Rising Demand for Lateral Flow Assays in Food & Beverage Industry
- Omicron Offers Growth Opportunities for Players in Lateral Flow Assay Market
Challenges
- Limited Reimbursements for Lateral Flow Assay Products
- Difficulties in Procuring Quality Raw Materials for the Development of Lateral Flow Assay Tests
| Report Attribute | Details |
| No. of Pages | 376 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $20.5 Billion |
| Forecasted Market Value (USD) by 2027 | $22.6 Billion |
| Compound Annual Growth Rate | 2.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Lateral Flow Assays Market, by Product
6.1 Introduction
6.2 Kits and Reagents
6.3 Lateral Flow Readers
7 Lateral Flow Assays Market, by Application
7.1 Introduction
7.2 Clinical Testing
7.3 Veterinary Diagnostics
7.4 Food Safety and Environmental Testing
8 Lateral Flow Assays Market, by Technique
8.1 Introduction
8.2 Sandwich Assays
8.3 Competitive Assays
8.4 Multiplex Detection Assays
9 Lateral Flow Assays Market for Clinical Testing, by Sample Type
9.1 Introduction
9.2 Blood Samples
9.3 Urine Samples
9.4 Saliva Samples
9.5 Other Samples
10 Lateral Flow Assays Market, by End-user
10.1 Introduction
10.2 Hospitals and Clinics
10.3 Home Care Settings
10.4 Diagnostic Laboratories
10.5 Pharmaceutical and Biotechnology Companies
10.6 Other End-users
11 Lateral Flow Assays Market, by Region
12 Competitive Landscape
13 Company Profile
14 Appendix
Companies Mentioned
- Abbott Laboratories
- Abcam plc
- Abingdon Health
- Aesku.Group GmbH
- Becton, Dickinson and Company
- Bio Group Medical System S.R.L
- Biomerieux Sa
- Chembio Diagnostics, Inc.
- Danaher Corporation
- Dcn Diagnostics
- Diesse Diagnostica Senese S.P.A.
- F. Hoffmann-La Roche Ltd.
- Hologic, Inc.
- Merck KGaA
- Oranoxis Inc.
- Orasure Technologies
- Perkinelmer Inc.
- Pharmact GmbH
- Polysciences Inc.
- Qiagen N.V.
- Quidel Corporation
- Siemens Ag
- Surmodics, Inc.
- Thermo Fisher Scientific Inc.
- Xiamen Biotime Biotechnology Co., Ltd.
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