Seoul, July 10, 2023 (GLOBE NEWSWIRE) -- According to industry research by Fact.MR, a provider of market research and competitive intelligence, the lateral flow assay market increased at a CAGR of about 2.6%. In 2021, market sales on a global scale were $7.2 billion.
The market growth from 2022 to 2032 is anticipated to be 4.7% & Income is expected to increase 1.5X, reaching around US$ 11.7 Billion by 2032.
Digital lateral flow assay readers employing mobile apps are anticipated to be the fastest expanding sector in the next years as more and more lateral flow assay readers adopt digital formats to improve the accuracy of information collecting. By enabling access to test findings from any laboratory location, the addition of a digital connectivity platform to lateral flow readers is expected to transform single-use diagnostic processes and save time.
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Key Driving Forces Accelerating the Market Growth
- Advances in lateral flow assay technology have improved their sensitivity, specificity, and accuracy. The development of multiplex lateral flow assays capable of detecting multiple analytes simultaneously has further expanded their application in various fields, including clinical diagnostics, food safety, veterinary diagnostics, and environmental testing.
- Various geographies such as North America have witnessed a rise in infectious diseases, including COVID-19, HIV/AIDS, influenza, and others. Lateral flow assays provide quick and cost-effective diagnostic solutions for the detection of these diseases, leading to increased adoption and market growth. The lateral assay market is expected to witness a CAGR of 5.5% during the forecast period in North America.
- The demand for rapid and decentralized diagnostic testing has been growing in North America. Lateral flow assays are well-suited for POC testing due to their simplicity, portability, and fast results. The convenience offered by lateral flow assays in various settings, such as clinics, hospitals, pharmacies, and home care, has fueled their market growth.
- With the aging population in North America, the prevalence of chronic diseases and the need for regular monitoring and early detection of health conditions have increased. Lateral flow assays offer a practical solution for screening and monitoring diseases in the elderly population, contributing to market growth.
Vital indicators shaping the future of the industry
- Continued research and development efforts are expected to drive technological advancements in lateral flow assays. Innovations aimed at improving sensitivity, specificity, multiplexing capabilities, and incorporation of digital technologies are likely to shape the future of the market. The development of next-generation lateral flow assays and integration with smartphones and other devices for data capture and analysis will play a crucial role in market growth.
- Personalized medicine, which involves tailoring medical treatment based on an individual's genetic profile, is gaining prominence. Lateral flow assays have the potential to be used in companion diagnostics, helping physicians select appropriate treatments for patients. As personalized medicine advances, the demand for lateral flow assays that aid in rapid and accurate diagnosis and monitoring of specific biomarkers or genetic variations will increase.
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Challenges hindering the market growth
- One of the primary challenges with lateral flow assays is achieving high sensitivity and specificity, especially for low-concentration analytes or complex samples. The limited sensitivity can result in false negatives, while limited specificity can lead to false positives. Improving the performance of lateral flow assays to enhance sensitivity and specificity remains a challenge.
- The lateral flow assay market faces competition from alternative diagnostic technologies, such as PCR (polymerase chain reaction), ELISA (enzyme-linked immunosorbent assay), and molecular diagnostics. These technologies offer higher sensitivity, multiplexing capabilities, and quantitative analysis, making them preferred options for certain applications. Overcoming this competition and positioning lateral flow assays as a reliable and valuable diagnostic tool is a challenge.
How competition influences the market
Leading key players in the market are implementing various strategies to improve growth potential during the forecast period. Moreover, companies are adopting various strategies such as acquisitions, mergers, and new product releases.
- For instance, In October 2021, Bio-Rad laboratories launched Bio-Plex Pro human immunoglobulin A (IgA) and immunoglobulin SARS-CoV-2 antigen panels.
Moreover, companies are also expanding their distribution networks to reach a wider customer base. Moreover, this has led to collaboration between distributors, suppliers, and healthcare providers. Companies with robust distribution networks can effectively reach customers in various regions, driving the adoption of lateral flow assays and overall market growth.
Key Companies Profiled
- Abbott Laboratories
- Thermo Fisher Scientific, Inc.
- F. 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
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Market Segments Covered in Lateral Flow Assay Industry Analysis
- By Product Type
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
- Kits & Reagents
- By Application
- Drug Development & Quality Testing
- Clinical Testing
- Veterinary Diagnostics
- Food safety & Environment Testing
- By Technique
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
- By Region
- North America
- Latin America
- Europe
- APAC
- MEA
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