Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Lateral Flow Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assay market, projected to reach US$ 8.9 billion by 2024, is set for substantial expansion with a compound annual growth rate (CAGR) of 6%. By 2031, it is expected to grow to US$ 13 billion. This growth is primarily fueled by rising incidences of sexually transmitted diseases (STDs) and the increasing need for quick and precise diagnostic solutions.
The Centers for Disease Control and Prevention (CDC) has reported a concerning 30% increase in the number of sexually transmitted diseases. The World Health Organization (WHO) corroborates these findings, citing approximately 374 million new cases of sexually transmitted infections (STIs) in 2020. These infections include chlamydia, gonorrhea, syphilis, and trichomoniasis. Specifically, chlamydia accounted for 129 million cases, gonorrhea for 82 million, syphilis for 7.1 million, and trichomoniasis for 156 million cases. This surge in STD prevalence underscores the critical need for effective diagnostic solutions, thereby propelling the growth of the lateral flow assay market.
Government and Private Sector Efforts Boosting Market Expansion
To combat the rising STD rates, both government and private agencies are intensifying efforts to raise public awareness and promote self-testing policies. WHO estimates suggest that self-testing could help the U.S. achieve the target of diagnosing 90% of people with HIV. As a result, around 41 countries have adopted HIV self-testing protocols. Additionally, there is increasing funding to enhance the reach and effectiveness of HIV testing kits, services, and programs.
Manufacturers like Abbott are playing a pivotal role in supporting developing regions such as Africa. By collaborating with organizations like the African First Ladies Against HIV/AIDS (OAFLA), these companies aim to reduce the spread of HIV, significantly driving the demand for lateral flow assay tests across various regions.
Why Are Lateral Flow Assay Products Gaining Immense Popularity?
"Ease of Use, Cost-Effectiveness, & High Sensitivity of LFA Tests"
Lateral flow assay (LFA) tests have gained widespread acceptance across multiple sectors, including healthcare, animal health, food & feed testing, environmental testing, and plant disease testing. Beyond infectious disease and pregnancy testing, LFA tests are employed in food testing and drug abuse testing. Their ease of use, which reduces the need for hospital visits, has led to strong market penetration for testing seasonal and outbreak indications such as malaria and dengue.
Moreover, the veterinary sector's fast acceptance of LFA tests is contributing to the overall market growth. Lower-middle-income countries are anticipated to see significant adoption growth due to the economical pricing, easy availability, and high sensitivity of LFA tests in infectious disease testing.
Increasing R&D Efforts and Collaborative Initiatives
Research and development efforts are further boosting market growth. Emphasis on R&D for drugs and therapies targeting rare diseases such as malaria and salmonella is creating substantial opportunities for LFA product manufacturers. Collaborative efforts among leading pharmaceutical manufacturers, funding programs, and the presence of reimbursement policies are expected to supplement market expansion.
Challenges Facing the Lateral Flow Assay Market
"High Competition in Market Leading to Sub-Standard Products"
Despite the promising growth, the lateral flow assay market faces several challenges. One major issue is the poor reproducibility of results. LFA tests can yield different results when administered at different times to the same person. Additionally, the simultaneous analysis of multiple markers (multiplexing) remains difficult, and inaccurate sample volume can reduce result precision.
The market also suffers from pricing pressure due to the falling cost of manufacturing and the high volume, low-value nature of LFA kits. Vendors compete based on volume and pricing, leading to the availability of sub-standard products in the market.
Furthermore, LFAs are primarily qualitative tests that detect the presence of diseases. While they can provide semi-quantitative results based on color change, they are not suitable for quantifiable detection and cannot assess the severity of the condition being diagnosed. This limitation restricts their use to primary screening rather than detailed diagnostic applications.
Key Topics Covered
1. Executive Summary
1.1. Global Lateral Flow Assay Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Price Analysis, 2019 - 2023
3.1. Global Average Price Analysis, by Product Type, US$ Per Unit, 2019 - 2023
3.2. Prominent Factor Affecting Lateral Flow Assay Prices
3.3. Global Average Price Analysis, by Region, US$ Per Unit
4. Global Lateral Flow Assay Market Outlook, 2019 - 2031
4.1. Global Lateral Flow Assay Market Outlook, by Product Type, Value (US$ Bn) and Volume (Units), 2019 - 2031
4.1.1. Key Highlights
4.1.1.1. LFA Readers
4.1.1.1.1. Benchtop Readers
4.1.1.1.2. Handheld Readers
4.1.1.2. LFA Kits
4.1.1.2.1. Test Strips
4.1.1.2.2. Dipsticks
4.1.1.2.3. Cassettes
4.1.1.2.4. Lancets
4.2. Global Lateral Flow Assay Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
4.2.1. Key Highlights
4.2.1.1. Sexually Transmitted Diseases
4.2.1.1.1. Human Deficiency Virus (HIV) Infection
4.2.1.1.2. Gonorrhoea
4.2.1.1.3. Syphilis
4.2.1.1.4. Others
4.2.1.2. Infectious Diseases
4.2.1.2.1. Mosquito-Borne Diseases
4.2.1.2.2. Streptococcus Infections
4.2.1.2.3. Hepatitis Infection
4.2.1.2.4. Gastrointestinal Infections
4.2.1.2.5. Respiratory Tract Infections
4.2.1.2.6. Others
4.2.1.3. Diabetes
4.2.1.4. Pregnancy and Fertility Testing
4.2.1.5. Drug of Abuse Testing
4.3. Global Lateral Flow Assay Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Units), 2019 - 2031
4.3.1. Key Highlights
4.3.1.1. Hospital Pharmacies
4.3.1.2. Retail Pharmacies
4.3.1.3. Supermarkets/Hypermarkets
4.3.1.4. e-Commerce
4.4. Global Lateral Flow Assay Market Outlook, by Region, Value (US$ Bn) and Volume (Units), 2019 - 2031
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
5. North America Lateral Flow Assay Market Outlook, 2019 - 2031
6. Europe Lateral Flow Assay Market Outlook, 2019 - 2031
7. Asia Pacific Lateral Flow Assay Market Outlook, 2019 - 2031
8. Latin America Lateral Flow Assay Market Outlook, 2019 - 2031
9. Middle East & Africa Lateral Flow Assay Market Outlook, 2019 - 2031
10. Competitive Landscape
10.1. Product Type vs Application Heatmap
10.2. Company Market Share Analysis, 2023
10.3. Competitive Dashboard
10.4. Company Profiles
10.4.1. Thermo Fisher Scientific Inc.
10.4.2. F. Hoffmann-La Roche
10.4.3. Abbott Laboratories
10.4.4. Becton, Dickinson & Company
10.4.5. PerkinElmer Inc.
10.4.6. Siemens Healthineers
10.4.7. QIAGEN N.V.
10.4.8. bioMerieux SA
10.4.9. Bio-Rad Laboratories, Inc.
10.4.10. Maternova Inc.
10.4.11. Quidel Corporation
10.4.12. Healgen Scientific, LLC
11. Appendix
11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations
A selection of other companies mentioned in this report includes, but is not limited to:
- Meridian Bioscience Inc.
- Abcam plc
- Access Bio, Inc.
- Humasis Co. Ltd.
- DIALUNOX GmbH
- Detekt Biomedical LLC
- Guangzhou Wondfo Biotech Co. Ltd.
- Creative Diagnostics
For more information about this report visit https://www.researchandmarkets.com/r/gsgcpf
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