New York, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global lateral flow assays market size is expected to expand at ~7% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 180 billion by the end of 2035, up from a revenue of ~USD 11 billion in the year 2022.This growth of the sector is set to be dominate by the surge in marine pollution. Nearly 12 million metric tons of plastic are thought to enter the ocean annually, endangering marine life and contaminating coastal areas, according to research done by the Pew Charitable Trusts. As a consequence, the demand for lateral flow assays is growing in order to investigate marine life.
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Additionally, with the upsurge in cases of COVID19, the use of lateral flow assays also grew. For instance, globally coronavirus (COVID-19) cases were close to 767 million as of June 13, 2023. A lateral flow assay antigen test that can identify and distinguish between influenza A/B and SARS-CoV-2 in one test at the same time. Moreover, even governments of numerous countries are taking initiatives to influence the test of COVID19 which is additionally driving the growth of the market.
Growing Population to Boost the Growth of Lateral Flow Assays Market
After an estimated 2.5 billion people in 1950, the world's population increased to 8.0 billion in mid-November 2022, with an additional 1 billion since 2010 and 2 billion since 1998. In the next 30 years, the world's population is predicted to grow by almost 2 billion people, from the present 8 billion to 9.7 billion in 2050, with a potential peak of roughly 10.4 billion in the middle of the 1980s. Hence, with this, the demand for agricultural food is also growing further influencing the market demand for lateral flow assays to ensure safety of food.
Lateral Flow Assays Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The surge in Prevalence of Infectious Disease to Drive the Market Growth in Asia Pacific
The lateral flow assays market in Asia Pacific is poised to generate the largest share in the market of about 34% over the coming years. The growth of the market in this region is projected to rise on account of the growing prevalence of infectious diseases. For instance, according to the World Health Organization, as of August 30, 2023, four nations in the Western Pacific Region have reported a total of 244 cases of avian influenza A(H5N1) virus infection in humans.
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Growing Healthcare Expenditure to Influence the Market Expansion in North America
The North America market for lateral flow assays is set to gather the largest share in the market of close to 26% over the forecast period. This growth is poised to be influenced by rising healthcare expenditure. The amount spent on health care in the United States increased by 2.7% in 2021 to USD 4.3 trillion, or $12,914 per person.
Lateral Flow Assays, Segmentation by End User
- Hospitals
- Diagnostic Laboratories
- Pharmaceutical Companies
The diagnostic laboratories segment is poised to generate the largest share over the forecast period. The growth of the segment is set to be dominated by rising cases of dengue. The dengue virus infects up to 400 million individuals annually. Over 100 million individuals contract infections, and 40,000 of those die from severe dengue.
Lateral Flow Assays, Segmentation by Product
- Kits & Reagents
- Lateral Flow Readers
The lateral flow readers segment is set to capture the largest market share of about 60% over the forecast period. This growth in the segment could be owing to rising adoption of smartphones further making it easy to adopt smartphone-based anti -flow digital scanning. As of 2023, there are a total of about 5 billion smartphone users worldwide, or over 84% of population, who possess a smartphone.
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Prominent industry leaders in lateral flow assays market that are profiled by Research Nester are Abbott Laboratories, Becton, Dickinson, and Company, Bio-Rad Laboratories, Danaher Corporation, F.Hoffmann-La Roche AG, QIAGEN N.V, Siemens Healthineers AG, Thermo Fisher Scientific,., Merck kGaA, PerkinElmer Inc
Recent Development in the Market
- The BinaxNOW COVID-19 Ag Card home test, a new lateral flow antigen test, was introduced by Abbott Laboratories. Results from this test can be obtained in 15 minutes and are meant for non-prescription, over-the-counter usage. The US Food and Drug Administration (FDA) has approved its usage as a non-prescription COVID-19 test, making it the first of its kind.
- SD declared the purchase of Infiammatix, a lateral now and clinical diagnostics firm. Patients with suspected infectious or inflammatory disorders can be quickly diagnosed and categorized thanks to Inflammatix's technology. It is anticipated that the acquisition will increase BD's market share in the infectious illness sector and improve its diagnostic capabilities.
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