Lateral Flow Assays Market is projected to reach a valuation of US$ 6.9 billion by 2033 | FMI
The Lateral Flow Assays Market is expected to be worth US$ 4.3 billion in 2023, rising to US$ 6.9 billion by 2033. During the forecast period, lateral flow assay sales are expected to grow at a CAGR of 4.7%.
The market profited from the COVID-19 pandemic. The use of lateral flow test kits, which are smaller, portable, and easy to operate, can be more practical than sending patient samples to the lab. This makes them appealing for use in low- and middle-income nations, in countries implementing mass population screening programs, or for deployment outside of healthcare facilities.
Although less accurate than PCR testing, lateral flow tests are nonetheless popular in nations without large laboratory infrastructure or skilled medical personnel to perform PCR tests due to their affordability, rapidity, and convenience of use.
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The increasing prevalence of infectious diseases and the need for novel diagnostic techniques and efficient treatments to stop the rising death rate are the key factors propelling the expansion of the lateral flow assay market. The adoption of new labels, innovative signal enhancement techniques, improved quantification systems, and simultaneous detection are just a few of the significant advancements in LFA research that have occurred in recent years.
The expansion of the global market is anticipated to be aided by rising government involvement in containing infectious disease outbreaks and rising public awareness campaigns concerning the spread of infections.
Key Takeaways from Market Study
- The increasing use of lateral flow kits and reagents for POC testing and the rising number of product launches by market participants are both responsible for the segment’s growth of 5.8%.
- Infectious diseases emerged as the market segment’s leading indicators, driving the growth of 4.3%. It reduces the need for repeated patient visits and makes it easier to manage and contain infectious disease outbreaks quickly.
- United States to contribute US$ 1.6 billion by 2033. The COVID-19 pandemic has raised public awareness and increased access to a variety of diagnostic tests which is predicted to stimulate substantial expansion.
- In 2021, the United Kingdom has a market share of roughly 16.8% in Europe for lateral flow assays. The use of quick lateral flow tests for the detection of infection is strongly encouraged by the government, which has benefited the lateral flow assay market in the United Kingdom.
- Due to different government initiatives, improving healthcare infrastructure, and rising demand for high-quality treatment at reasonable pricing, the China market is anticipated to grow at the rate of 9.3% in the coming years.
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Key players in the lateral flow assay market are expanding their market position through a variety of organic and inorganic tactics, including alliances, mergers and acquisitions, geographic growth, and strategic collaborations.
Key Players Include:
- Abbott Laboratories
- Becton, Dickinson and Company
- Biomérieux SA
- Bio-Rad Laboratories
- Danaher Corporation
- F Hoffmann-La Roche Ltd.
- Quidel Corporation
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.
- In August 2021, Becton, Dickinson and Company got approval for an over-the-counter fast antigen test employing the Scanwell Health Mobile App.
- In April 2021, USA Track & Field (USATF) and Becton, Dickinson and Company joined together to offer athletes using the B.D. veritor plus system quick COVID-19 testing.
- In September 2020, Qiagen N.V. (Netherlands) acquired NeuMoDx Molecular, Inc. to diversify its line of diagnostics instruments and strengthen its position in the automated molecular testing industry.
- In July 2020, Merck KGaA (Germany) announced plans to spend US$ 21 million to expand a new production facility in Buchs (Switzerland).
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Key Segments Covered in the Market Report
- Clinical Testing
- Veterinary Diagnostics
- Food Safety & Environmental Testing
- Drug Development & Quality Testing
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
- By Sample Type:
- Blood Samples
- Urine Samples
- Saliva Samples
- By Type
- Kits & Reagents
- Lateral Flow Readers
By End User:
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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