Lateral flow assays market: Growth Drivers, and regional analysis
Lateral flow assays are easy paper-based medical diagnostic tools that can be used in the laboratory, at the point of care, or home. They are designed to identify a target analyte in a liquid sample (matrix) without using expensive, specialist equipment.
In 2021, the market for lateral flow assays was worth USD 8.76 billion, and by 2030 it will be worth USD 12.85 billion, growing at a 4.34% CAGR during the forecast period.
This market expansion is due to the rising rate of infectious and chronic diseases, the rising demand for quick and effective diagnostic treatments, and the rising investment in R&D activities. Furthermore, the lateral flow assay market is expanding globally due to rising globalization and the ease with which infectious diseases can spread.
Market Dynamics
Drivers
The rapid elderly population rise, the rising need for point-of-care testing, and the greater use of rapid testing in-home care settings are all factors accelerating the growth of the lateral flow assay market. Additionally, the market for lateral flow assays is expanding rapidly due to the rise in contagious and infectious diseases. Additionally, expanding applications of lateral flow point-of-need assays and rising demand for lateral flow assays in the food and beverage industry are significant growth prospects for the worldwide lateral flow assays market.Restraints
The main impediments to the global market for lateral flow assays are the need for more skilled caregivers for the effective operation of patient handling equipment and fewer reimbursement rules for lateral flow assay products. The market for lateral flow assays is also anticipated to be constrained by variations in test results, strict regulation, and inconsistent test results.Opportunity
The expansion of awareness campaigns regarding the transmission of infections, diagnosis, and prevention, as well as the introduction of diagnosis systems in home care settings, are additional factors that will aid in the growth of the market.Market Segmentation
By Product
In 2022, the kits and reagent segment led the entire market with a revenue share of 82.24%. One of the main elements influencing the demand for rapid testing is the knowledge of POC and rapid testing for numerous infectious illnesses. The fact that consumables are used frequently and produce ongoing revenue for suppliers contributes to the segment’s huge market share. This increase can be attributed to the increased use of rapid tests to diagnose various diseases, including infectious diseases, diabetes, cancer, and other metabolic diseases, in emergency rooms, doctor’s offices, ambulatory settings, nursing homes, and by individuals.By Application
In 2022, the clinical application segment accounted for the largest revenue share of nearly 46.50%. Rapid diagnostic tests for infectious diseases are essential for identifying diseases for biosurveillance, early detection, and enhancing global health.By Technique
The sandwich assay segment was the global market leader in 2022, with a revenue share of 61.36%. Sandwich or non-competitive assays are the first forms of LFA assay. It is utilize for macromolecular analytes with two antigen-binding sites that bind to the target and have an inert binder. The test line’s signal will get stronger if the target is in the sample. The best-known instances of this format are the over-the-counter pregnancy tests, which the LFA vendor uses to sell their product.By End-User
In 2022, hospitals & clinics had the biggest market share of 25.32% among end users. Hospitals are the first point-of-contact for infections and diseases and conduct testing more quickly than other end users. The initial patient screening is based on the diagnosis, contributing to an increased usage of quick testing in hospitals. In addition, hospitals create contracts with numerous vendors to buy POC analyzers, fast test kits, and related consumables.Regional Analysis
In 2022, North America was the biggest regional market, with a revenue share of nearly 28.57%. The region is leading all other regions as a result of several factors, including the rising incidence of chronic conditions and lifestyle diseases, such as COVID-19, influenza, and HIV, as well as the easy accessibility and high affordability of LFAs with cutting-edge technology and the presence of major LFA vendors. Additionally, the availability of government financing for research and the development of sophisticated healthcare infrastructure will contribute to expanding the LFA market for LFAs in this area.Key Players
- Danaher Corporation
- Quidel Corporation
- Abbott Laboratories
- F. Hoffman-La Roche AG
- Becton, Dickinson, and Company
- Siemens AG
- bioMérieux SA
- Merck KGaA
- Thermo Fisher Scientific, Inc.
- Hologic Inc.
- Bio-Rad Laboratories
- PerkinElmer Inc.
- QIAGEN N.V.
