The global lateral flow assay market is projected to reach an approximate value of USD 10.9 billion by 2028, growing at a CAGR of 7.1%. Rise in prevalence of infectious diseases, growing geriatric patient population worldwide coupled with increase in demand for point-of-care tests across the globe are factors driving the lateral flow assay market.
Adroit Market Research report on global lateral flow assay market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 and 2019, with the base year of estimation as 2019 and forecast from 2020 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global lateral flow assay market have been studied in detail.
Lateral flow immunoassays are simple to use diagnostic tests that are used to confirm the presence or absence of a target analyte, such as pathogens or biomarkers in humans and animals, or contaminants in water supplies, foodstuffs, and animal feeds. Increase in demand for rapid point-of-care tests and home-based lateral flow assays is anticipated to boost global lateral flow assay market growth over the forecast period.
The global lateral flow assay market has been segmented based on product, application, technique, end-users, and region. Based on product, the global lateral flow assay market is categorized into kits & reagents, lateral flow readers. Lateral flow readers segment is further sub-categorized into digital/mobile readers, benchtop readers. Application-wise, the global lateral flow assay is segmented into clinical testing, veterinary diagnostics, drug development & quality testing, food safety & environmental testing. Based on technique, the global lateral flow assay market is segregated into sandwich assays, competitive assays, and multiplex detection assays. On the basis of end-users, the global lateral flow assay market is segmented into hospitals, diagnostic centers, pharmaceutical & biotechnology companies, and home care.
North America dominated the global lateral flow assay market in 2019. High prevalence of infectious diseases in the U.S. and Canada, rising number of elderly patient pool, presence of well-established market players in the region are key factors likely to drive the growth of the market in the region. However, Asia Pacific lateral flow assay market is anticipated to grow at a rapid pace over the forecast period owing to increase in prevalence of infectious diseases in the region. For instance, according to Avert.org, India has the third largest HIV epidemic in the world, with 2.1 million people living with HIV in 2017.
Major players operating in the global lateral flow assay market include Siemens AG, Abbott Laboratories, Thermo Fischer Scientific, F.Hoffmann-La Roche, Qiagen N.V., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., bioMerieux, PerkinElmer, Danaher Corporation, Hologic, Inc., and Quidel Corporation among others.
Key Segments of the Global Lateral Flow Assay Market
Product Type Overview, 2018-2028 (USD Million)
- Kits & Reagents
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
Application Overview, 2018-2028 (USD Million)
- Clinical Testing
- Infectious Disease Testing
- Cardiac Marker Testing
- Pregnancy & Fertility Testing
- Cholesterol or Lipid Testing
- Drugs of Abuse Testing
- Veterinary Diagnostics
- Food Safety & Environment Testing
- Drug Development & Quality Testing
Technique Overview, 2018-2028 (USD Million)
- Sandwich Assays
- Competitive Assays
- Multiple Detection Assays
End-users Overview, 2018-2028 (USD Million)
- Hospitals & Clinics
- Diagnostic Centers
- Home Care
- Pharmaceutical & Biotechnology Companies
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa