Global Lateral Flow Assays Industry Assessment 2021-2028 | $8.51 Billion Opportunity Assessment by Product, Application, Technique, End-use and Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Lateral Flow Assays Market Size, Share & Trends Analysis Report by Product (Kits & Reagents, Lateral Flow Readers), by Application, by Technique, by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assays market is expected to reach USD 8.51 billion by 2028. It is expected to expand at a CAGR of 5.9% from 2021 to 2028.
Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers & acquisitions among others.
Continuous strategic initiatives by leading and emerging players to develop and launch advanced products are anticipated to significantly support the market growth. For instance, in January 2021, U.K.-based Sensyne Health launched MagnifEye, a novel smartphone app that utilizes deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests.
Additionally, in March 2021, IUL SA, a Spain-based lateral flow products manufacturer, introduced its new lateral flow reader, iPeak+. In addition, a rise in mergers and collaborations by market players is anticipated to facilitate access to novel lateral flow technologies.
In April 2021, DiaSorin, an Italian biotechnology company, entered into a strategic collaboration with Lumos Diagnostics to launch its new immunoassay PoC platform, LIAISON IQ. This platform will be Diasorin's newest generation CLIA-waived immunoassay PoC platform for the lateral flow readers market.
Moreover, in August 2019, Qiagen signed a strategic distribution agreement with ViroGates A/S - a Denmark-based healthcare company - to increase access of its lateral flow reader to other geographies.
A rise in the prevalence of infectious diseases, including the outbreak of COVID-19, and an increase in government initiatives to curb COVID-19, HIV, and other communicable diseases are anticipated to create significant demand for lateral flow devices.
According to the U.S. Department of Health & Human Services, the U.S. government has formed the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) that works towards preventing, early detection, and responding to new as well as existing risks related to AIDS and HIV.
Additionally, the National Institute of Health (NIH) has several programs aimed to increase research-related activities pertaining to HIV/AIDS treatment and management globally. NIH engages in research related to prevention, diagnosis, treatment, and precaution measures to curb HIV infection.
- The outbreak of COVID-19 has created significant demand for lateral flow assays for conducting mass testing in the U.S. and European countries. However, increasing vaccinations leading to reduced COVID-19 cases in the coming years may hamper the segment growth
- By product, kits and reagents held the largest share in 2020 as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases
- The clinical testing application segment held the largest market share in 2020 owing to an increase in the incidence of infectious diseases, a rise in the pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used in any healthcare setting
- Technological advancements in the healthcare sector, innovation in technology and devices, and an increase in the adoption of POC testing by patients and healthcare professionals are anticipated to fuel the market growth during the forecast period
Key Topics Covered
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Competitive Insights
Chapter 3 Lateral Flow Assay Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.2 Penetration and Growth Prospect Mapping
3.3 Regulatory Framework
3.4 Market Dynamics
3.4.1 Market Driver Analysis
126.96.36.199 Rise in Prevalence of Infectious Diseases Across the Globe
188.8.131.52 Growing Demand for Point-of-Care (PoC) Testing
184.108.40.206 Technological Advancements
220.127.116.11 Increase in Usage of Home-Based Lateral Flow Assay Devices
3.4.2 Market Restraint Analysis
18.104.22.168 Implementation of Excise Duty on Medical Devices in the U.S.
22.214.171.124 Intense Competition Among Vendors
3.4.3 Market Opportunities Analysis
126.96.36.199 Improving Healthcare Infrastructure in Emerging Markets
188.8.131.52 Developing Countries Provide Untapped Markets for Multinational Players
184.108.40.206 Evolving Applications of Lateral Flow Assays
3.4.4 Market Challenges Analysis
220.127.116.11 Stringent Regulatory Frameworks and Time-Consuming Approval Processes
18.104.22.168 Limited Reimbursements for Lateral Flow Assay Products
3.5 Lateral Flow Assay Market Analysis Tools
Chapter 4 Lateral Flow Assay Market - Competitive Analysis
4.1 Recent Developments & Impact Analysis, by Key Market Participants
4.2 Company Categorization
4.3 Public Companies
4.4 Private Companies
Chapter 5 Lateral Flow Assay Market: Product Estimates and Trend Analysis
5.1 Definition & Scope
5.2 Product Market Share Analysis, 2020 & 2028
5.3 Segment Dashboard
5.4 Global Lateral Flow Assay Market, by Product, 2016 to 2028
5.5 Market Size & Forecasts and Trend Analyses, 2016 to 2028
5.6 Kits & Reagents
5.7 Lateral Flow Readers
Chapter 6 Lateral Flow Assay Market: Application Estimates and Trend Analysis
6.1 Definition & Scope
6.2 Application Market Share Analysis, 2020 & 2028
6.3 Segment Dashboard
6.4 Global Lateral Flow Assay Market, by Application, 2016 to 2028
6.5 Market Size & Forecasts and Trend Analyses, 2016 to 2028
6.6 Clinical Testing
6.7 Veterinary Diagnostics
6.8 Food Safety & Environment Testing
6.9 Drug Development & Quality Testing
Chapter 7 Lateral Flow Assay Market: Technique Estimates and Trend Analysis
7.1 Definition & Scope
7.2 Technique Market Share Analysis, 2020 & 2028
7.3 Segment Dashboard
7.4 Global Lateral Flow Assay Market, by Technique, 2016 to 2028
7.5 Market Size & Forecasts and Trend Analyses, 2016 to 2028
7.6 Sandwich Assays
7.7 Competitive Assays
7.8 Multiplex Detection Assays
Chapter 8 Lateral Flow Assay Market: End-use Estimates and Trend Analysis
8.1 Definition & Scope
8.2 End-use Market Share Analysis, 2020 & 2028
8.3 Segment Dashboard
8.4 Global Lateral Flow Assay Market, by End-use, 2016 to 2028
8.5 Market Size & Forecasts and Trend Analyses, 2016 to 2028
8.6 Hospitals & Clinics
8.7 Diagnostic Laboratories
8.8 Home Care
8.9 Pharmaceutical & Biotechnology Companies
Chapter 9 Lateral Flow Assay Market: Regional Estimates & Trend Analysis
9.1 Regional Market Snapshot
9.2 Market Share Analysis by Country, 2020
9.3 SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
9.4 Market Size & Forecasts, and Trend Analysis, 2016 to 2028
Chapter 10 Company Profiles (Company Overview, Financial Performance, Product Benchmarking, Strategic Initiatives)
10.1 Company Profiles
10.1.1 Quidel Corporation
10.1.2 Abbott Laboratories
10.1.3 F. Hoffmann-La Roche AG
10.1.4 Danaher Corporation
10.1.5 Siemens AG
10.1.6 Becton, Dickinson and Company
10.1.7 bioMerieux SA
10.1.8 Bio-Rad Laboratories, Inc.
10.1.9 Thermo Fisher Scientific Inc.
10.1.10 QIAGEN N.V.
10.1.11 Perkinelmer Inc.
10.1.12 Hologic Inc.
10.1.13 Merck KGaA
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