Lateral Flow Assays Market

This study involved four major approaches in estimating the current lateral flow assays market size. Extensive research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the value market. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Secondary Research

This research study involved widespread secondary sources; directories; databases such as Bloomberg Business, Factiva, and Dun & Bradstreet; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the global market. It was also used to obtain important information about key players, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the global market. Primary sources from the demand side include personnel from hospitals, diagnostic labs, pharma companies, and food & beverage companies.

Market Size Estimation

The total size of the lateral flow assays market was arrived at after data triangulation from four different approaches, as mentioned below.

Bottom-up Approach: Revenues of individual companies were gathered from public sources and databases. Shares of the lateral flow assays businesses of leading players were gathered from secondary sources to the extent available. In certain cases, the share of the business unit was ascertained after a detailed analysis of various parameters, including product portfolio, market positioning, selling price, and geographic reach and strength. Individual shares or revenue estimates were validated through expert interviews.

Country level Analysis: The size of the global market was obtained from the annual presentations of leading players and secondary data available in the public domain. The share of kits & reagents in the overall lateral flow assay market was obtained from secondary data and validated by primary participants to arrive at the total market. Primary participants further validated the numbers.

Primary Interviews: As a part of the primary research process, individual respondent insights on the market size and growth were taken during the interview (regional and global, as applicable). All the responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.

Geographic market assessment (by region & country): The geographic assessment was done using the following approaches:

Approach 1: Geographic revenue contributions/splits of leading players in the market (wherever available) and respective growth trends

Approach 2: Geographic adoption trends for individual product segments by end users and growth prospects for each of the segments (assumptions and indicative estimates validated from primary interviews)

At each point, the assumptions and approaches were validated through industry experts contacted during primary research. Considering the limitations of data available from secondary research, revenue estimates for individual companies (for the overall lateral flow assays market and geographic market assessment) were ascertained based on a detailed analysis of their respective product offerings, geographic reach/strength (direct or through distributors or suppliers), and the shares of the leading players in a particular region or country.

Breakdown of Primary Interviews

A breakdown of the primary respondents for lateral flow assays market (supply side) market is provided below:

* Note 1: Others include sales managers, marketing managers, and product managers.

Note 2: Tiers are defined based on a company’s total revenue. As of 2019, Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = <USD 500 million.

To know about the assumptions considered for the study, download the pdf brochure

Data Triangulation

After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed wherever applicable.

Approach to derive the market size and estimate market growth

The market rankings for leading players were ascertained after a detailed assessment of their revenues from the lateral flow assays business using secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases, the revenue share was arrived at after a detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews with industry experts.

Objectives of the Study

• To define, describe, analyze, and forecast the lateral flow assays market by product, application, technique, sample type, end user, and region
• To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the size of the global market in North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
• To analyze the impact of the economic recession on the growth of the global market
• To strategically profile key players in the global market and comprehensively analyze their core competencies
• To track and analyze competitive developments such as product launches, expansions, acquisitions, partnerships, agreements, and other developments of leading players in the global market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:

Product Analysis

• Further breakdown of the kits & reagents segment of the global market
• Further segmentation of individual product segments by application and end user

Geographic Analysis

• Further breakdown of the Rest of Asia Pacific market into South Korea, Australia, New Zealand, and others
• Further breakdown of the Rest of Europe market into Belgium, Russia, the Netherlands, Switzerland, and others

Company Information

• Detailed analysis and profiling of additional market players (Up to 5)

Maket outlook for the top 10 for Antigen Test Market:

• Abbott Laboratories
• Becton, Dickinson and Company
• F. Hoffmann-La Roche Ltd
• Quidel Corporation
• LumiraDx
• Danaher Corporation
• Siemens Healthineers
• Bio-Rad Laboratories, Inc.
• GenBody Inc.
• Sysmex Corporation

The global antigen test market is expected to grow significantly due to the ongoing COVID-19 pandemic and the need for rapid testing. The market is also expected to be driven by the increasing prevalence of infectious diseases, rising demand for POC testing, and advancements in technology.

The COVID-19 pandemic has been a significant growth driver for the antigen test market, with increasing demand for rapid antigen tests for the diagnosis of COVID-19. As antigen tests are less expensive and quicker than molecular tests, they are being widely used for mass testing, screening, and surveillance programs.

Additionally, the market is also driven by the increasing prevalence of infectious diseases, such as HIV, hepatitis, and influenza. Antigen tests are being widely used for the detection of infectious diseases, as they provide rapid results and are more affordable than other tests.

Furthermore, the rising demand for POC testing is expected to drive the growth of the antigen test market. POC testing is widely used in clinics, hospitals, and emergency departments, and antigen tests are a popular choice due to their rapid results and ease of use.

However, the market may face challenges such as the high cost of development and manufacturing of antigen tests, lack of awareness and accessibility in certain regions, and stringent regulatory requirements.

In the future, antigen tests are expected to be used for the diagnosis of various diseases and conditions, including cancer, autoimmune diseases, and allergies. The market potential for antigen tests is significant, with increasing demand for rapid, accurate, and cost-effective diagnostic tests.

The risk in the market is mainly related to the uncertainty surrounding the COVID-19 pandemic, which may impact the demand for antigen tests. Additionally, competition among the top players in the market is expected to intensify, with companies investing in research and development to develop new and innovative antigen tests.

Growth drivers for Antigen Test Market from macro to micro

growth drivers for the Antigen Test Market are:

Increased demand due to COVID-19: The COVID-19 pandemic has created a huge demand for antigen tests as they are quick, cost-effective, and offer rapid results. As a result, the market for antigen tests has grown significantly during the pandemic.

Rising prevalence of infectious diseases: Antigen tests are useful in detecting various infectious diseases, including influenza, strep throat, and HIV. The growing prevalence of these diseases is expected to drive the demand for antigen tests in the coming years.

Technological advancements: Technological advancements in the field of diagnostic testing have led to the development of more accurate and reliable antigen tests, which is expected to drive market growth.

Increasing government support: Governments around the world are providing financial support and promoting the use of antigen tests to help contain the spread of COVID-19. This is expected to further boost market growth.

Growing need for point-of-care testing: Antigen tests are convenient and can be performed at the point of care, which eliminates the need for sending samples to a laboratory for testing. This has led to an increased demand for point-of-care testing, which is expected to drive market growth.

Micro factors driving growth in the Antigen Test Market include:

• Increased awareness among the general public about the benefits of early diagnosis and treatment.
• The availability of easy-to-use antigen test kits that can be administered by non-specialized healthcare professionals.
• The growing adoption of antigen tests by hospitals, clinics, and diagnostic centers.
• The increasing demand for accurate and reliable diagnostic tests.
• The cost-effectiveness of antigen tests compared to other diagnostic tests.

Hypothetic challenges of Antigen Test Market in future

Potential challenges that the Antigen Test Market may face in the future includes:

False negatives: Antigen tests are generally considered less accurate than PCR tests, and they can produce false negatives in some cases. This means that people who have the virus could receive a negative result and potentially spread it to others.

Quality control issues: Antigen tests are often less sensitive and specific than PCR tests, which means that they may produce more false positives and false negatives. Additionally, there is a risk that poorly manufactured or improperly stored tests could lead to inaccurate results.

Competition from other testing methods: As more testing methods become available, there is a risk that antigen tests could become less popular or lose market share to other options. For example, PCR tests and rapid molecular tests are also used to detect COVID-19.

Changes in testing protocols: As more is learned about COVID-19 and the best ways to control its spread, testing protocols may change. This could lead to a decrease in demand for antigen tests or a shift towards other testing methods.

Regulatory challenges: There may be challenges in obtaining regulatory approval for antigen tests, especially if they are produced by new or less established companies. Additionally, regulatory changes or inconsistencies across different countries or regions could impact the market.

Supply chain issues: The production and distribution of antigen tests may be impacted by supply chain issues, such as shortages of raw materials or difficulties in transporting and storing tests. This could lead to disruptions in the market and make it harder for companies to meet demand.

Future use cases of Antigen Test Market along with commentary of adaption, market potential, risk

potential future use cases of the antigen test market include:

Screening for infectious diseases: Antigen tests can be used to screen individuals for a wide range of infectious diseases, including respiratory viruses, bacterial infections, and sexually transmitted infections.

Testing at point-of-care: Antigen tests are easy to use and can be performed at the point-of-care, making them ideal for use in settings where rapid diagnosis is critical, such as emergency departments, urgent care centers, and primary care clinics.

Mass testing: Antigen tests are relatively inexpensive and can be used to conduct mass testing in populations where outbreaks occur, such as schools, workplaces, and nursing homes.

Surveillance: Antigen tests can be used for surveillance purposes to monitor the prevalence of infectious diseases in a population and to identify emerging outbreaks.

The adaptation and potential of the antigen test market are quite promising, especially in the current scenario where the COVID-19 pandemic has increased the demand for rapid and accurate diagnostic tests. The market potential is expected to grow as the technology for antigen tests continues to improve, making them more accurate and easier to use. However, there are also some potential risks associated with the antigen test market, such as false-positive or false-negative results, inadequate sensitivity, and specificity of the tests, which can lead to misdiagnosis and inappropriate treatment. Additionally, regulatory hurdles and reimbursement issues may impact the growth of the antigen test market.