Lateral Flow Assay Market Expanding at a CAGR of 5.2% during 2022-2027

SHERIDAN, WYOMING, UNITED STATES, November 20, 2022 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled “Lateral Flow Assay Market: Global Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the lateral flow assay market trends. The global lateral flow assay market size reached US$ 9.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.

Lateral flow assay (LFA) represents a paper-based platform that quantifies and detects analytes in complex mixtures. It aids in testing biological samples of sweat, serum, saliva, urine, plasma, blood, and other fluids. Consequently, lateral flow assay is extensively utilized in hospitals and clinical laboratories for the qualitative and quantitative detection of specific agents, antibodies, gene amplification, etc. In line with this, it also assists in producing simple, low-cost, and portable detection devices that are used in agriculture, biomedicine, food, environmental sciences, etc. As such, LFA is gaining extensive traction across the globe.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The rising need for an alternative to sending patient samples to the laboratory, owing to the sudden outbreak of the COVID-19 pandemic, is primarily driving the lateral flow assay market. Additionally, the lack of extensive laboratory facilities or trained health workers to easily conduct polymerase chain reaction (PCR) tests and the widespread adoption of LFA kits that are smaller, portable, convenient, can be controlled with minimal training, etc., are further catalyzing the market growth. Besides this, they act as a one-step assay that does not require refrigeration, washing steps, pretreatment, etc., take a relatively short time for development, and allow the preparation of batches in advance, which is acting as another significant growth-inducing factor. Moreover, the growing prevalence of infectious diseases that require new diagnostic methods for effective treatment is positively influencing the global market. Apart from this, leading manufacturers are introducing novel signal enhancement techniques and enhancing quantification systems and simultaneous detection, which is anticipated to fuel the lateral flow assay market over the forecasted period.

Breakup by Technique:

Sandwich Assays
Competitive Assays
Multiplex Detection Assays

Breakup by Product:

Kits and Reagents
Lateral Flow Readers
Digital/Mobile Readers
Benchtop Readers

Breakup by Application:

Clinical Testing
Infectious Disease Testing
Cardiac Marker Testing
Pregnancy and Fertility Testing
Cholesterol Testing/Lipid Profile
Drug Abuse Testing
Others
Veterinary Diagnostics
Food Safety and Environment Testing
Drug Development and Quality Testing

Breakup by End User:

Hospitals and Clinics
Diagnostic Laboratories
Home Care
Pharmaceutical and Biotechnology Companies
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Abbott Laboratories
Becton Dickinson and Company
Biomerieux SA
Bio-Rad Laboratories Inc.
Danaher Corporation
F. Hoffmann-La Roche AG
Hologic Inc.
Merck KGAA
Perkinelmer Inc.
Qiagen N.V.
Quidel Corporation
Siemens Healthineers AG (Siemens AG)
Thermo Fisher Scientific Inc.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Elena Anderson
IMARC Services Private Limited
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