Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Lateral Flow Assay Market Size and Forecasts, Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product Type, Technique, Test Type, Application, and End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assay market is demonstrating dynamic advancement and is projected to surge from a valuation of US$ 8.505 billion in 2022 to an impressive US$ 16.106 billion by 2030. This substantial growth, boasting a CAGR of 8.4% between 2022 and 2030, can be ascribed to the escalating demand for home-based testing kits and the growing prominence of point-of-care diagnostics.
Despite the robust growth trajectory, the market faces challenges stemming from the variability of assay results. Notwithstanding these procedural constraints, the market encompasses a diverse range of applications extending beyond infectious and heart disease diagnostics to veterinary applications. Newer domains such as environmental testing, food microbiology, and agricultural quality control are increasingly deploying lateral flow assays, indicating an expanding market reach.
Market Insights and Competitive Landscape
- Lateral flow immunoassays stand as the dominant segment, propelled by their pivotal role in curbing the COVID-19 outbreak through rapid detection capabilities.
- Artificial intelligence (AI) and smartphone-based biosensor integrations are carving out new frontiers for lateral flow assays, especially with their promising applications in remote and resource-constrained settings.
- Cutting-edge innovations, such as a universal digital reader for lateral flow tests, are set to revolutionize large-scale infectious disease detection and monitoring.
Test Type-Based Growth Analysis
Lateral flow immunoassay, a prime focus of the current market, is anticipated to witness the highest growth due to its efficacy in identifying a broad array of analytes. These tests are essential in various health settings, facilitating straightforward and cost-effective monitoring of numerous diseases.
End User Insights and Trends
- Hospitals and clinics, the principal end-users of lateral flow assays due to a higher rate of patient admissions, are bolstering market size through a surging need for rapid and reliable diagnostics.
- Pharmaceutical and biotechnology companies are expected to show the steepest growth rate, contributing notably to the advancement of diagnostic methodologies.
The market growth is further nurtured by increasing medical affordability and heightened consumer awareness which enhances early disease detection. Furthermore, diagnostic clinics are optimizing treatments through accessible services, propelling the market forward.
A comprehensive market analysis has been formulated by consulting authoritative sources from the Centers for Disease Control and Prevention, the World Health Organization, and the National Institute of Health. The report provides significant insights into business strategies and market trends, facilitating informed decision-making among stakeholders and potential market entrants.
With a detailed outline of the lateral flow assay market, the report catalyzes strategic planning and investment by delivering key insights into the industry's future.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 246 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value in 2022 | 8.51 Billion |
| Forecasted Market Value by 2030 | 16.11 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories, Inc.
- bioMerieux SA
- Quidel Corporation
- Hologic Inc
- PerkinElmer Inc.
- Merck KGaA
- Becton Dickinson and Co
- Siemens Healthineers AG
- QIAGEN
For more information about this report visit https://www.researchandmarkets.com/r/go6w3f
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