Meticulous Research®– leading global market research company published a research report titled “Lateral Flow Assays Market by Product (Kits, Readers), Technique (Sandwich, Competitive, Multiplex), Application (Clinical [Pregnancy, Infectious Diseases], Food Safety, Drug Development, Veterinary), and End User (Hospitals, Home Care) - Forecast to 2027.”
According to this latest publication from Meticulous Research®, the lateral flow assays market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach $13.85 billion by 2027. The growth in the lateral flow assays market is mainly attributed to increasing healthcare expenditure, prevalence of various chronic & infectious diseases, growing aging population, increasing usage of home-based lateral flow assay kits, growing demand of PoC testing, the impact of COVID-19, and continuous advancements in lateral flow assay diagnostic techniques. However, implementation of excise duty on medical devices in the U.S., inadequate reimbursement policies for LFA-based rapid test diagnostics, lack of trained caretakers for efficient patient handling equipment, and variance & inconsistency in lateral flow assay test results are expected to hinder the growth of the market.
Lateral Flow Assays Market: Future Outlook
The lateral flow assays market is segmented on the basis of Product [Kits & Reagents and Lateral Flow Readers (Digital/Mobile Readers and Benchtop Readers)], Technique [Sandwich Assays, Competitive Assays, and Multiplex Detection Assays], Application [Clinical Testing (Infectious Disease Testing, Cardiac Marker Testing, Pregnancy & Fertility Testing, Cholesterol Testing/Lipid Profile, Drug Abuse Testing, and Other Clinical Tests), Veterinary Diagnostics, Food Safety & Environment Testing and Drug Development & Quality Testing], End User [Hospitals & Clinics; Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies; and Other End Users] and Geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on product, in 2020, the kits & reagents segment accounted for the largest share of the lateral flow assays market. The large share of this segment is mainly attributed to factors such as the increasing adoption of lateral flow assay-based test kits due to innovations and their benefits over laboratory tests; the increasing spread of various chronic and infectious diseases across the world; and the high number of lateral flow assay rapid detection kits being launched by healthcare companies mainly for COVID-19 testing.
Based on technique, in 2020, the sandwich assays segment accounted for the largest share of the market. The large share of this segment is mainly attributed to the evolving applications of sandwich assays in medical testing settings and the advantages of sandwich assays, such as higher sensitivity and specificity for larger analytes. Moreover, a large number of lateral flow assay-based companies are launching rapid detection kits based on the sandwich assay technique for COVID-19 testing, which is further expected to contribute to the growth of this segment.
Based on application, the clinical testing segment accounted for the largest share of the market in 2020. The large share of this segment is mainly attributed to the increasing healthcare expenditure across the world, rise in government initiatives promoting health awareness, growing awareness among people regarding clinical testing, and the rising prevalence of various chronic and infectious diseases worldwide. In addition, continuous advancements in lateral flow assays are also expected to contribute to the growth of this segment.
Based on end user, the hospitals & clinics segment accounted for the largest share of the market in 2020. Factors driving the growth of this segment are the increasing access to healthcare, economic growth, the rising prevalence of lifestyle diseases, and the impact of COVID-19.
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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa.
The key players operating in the lateral flow assays market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Becton, Dickinson, and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany), PerkinElmer, Inc. (U.S.), Quidel Corporation (U.S.), and Merck KGAA (Germany).
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