Lateral Flow Assays Market

Lateral Flow Assays Market worth $12.6 billion by 2026

The report "Lateral Flow Assays Market by Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquito, Influenza, STI, Hepatitis, TB) Cardiac Marker Lipid Test) Veterinary, Food Safety) Product (Readers, Kits) Technique, End User - Global Forecast to 2026", is projected to reach USD 12.6 billion by 2026 from USD 11.4 billion in 2021, at a CAGR of 2.0% during the forecast period. The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.

Browse 360 market data Tables and 62 Figures spread through 400 Pages and in-depth TOC on "Lateral Flow Assays Market by Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquito, Influenza, STI, Hepatitis, TB) Cardiac Marker Lipid Test) Veterinary, Food Safety) Product (Readers, Kits) Technique, End User - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/lateral-flow-assay-market-167205133.html

“Kits & Reagents segment accounted for the largest share in the lateral flow assays market.”

Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, kits & reagents accounted for the larger share of 80.6% of the global lateral flow assays market. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, the growing burden of chronic diseases, the increasing use of lateral flow kits in home care, and their convenience and ease of use. The lateral flow readers segment is bifurcated into digital/handheld readers and benchtop readers. This segment is expected to grow at a higher CAGR of 5.3% during the forecast period.

“Clinical Testing segment is expected to witness the fastest growth in the forecast period.”

Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest share of 90.9% of the lateral flow assays market in 2020. The large share of this segment can be attributed to the rising prevalence of chronic diseases, growing pressure to reduce healthcare costs, and the increasing demand for patient-centric care.

“Sandwich assays technique accounted for the largest share of lateral flow assays market in 2020”

Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assays technique dominated the lateral flow assays market with a share of 70.9% in 2020. The large share of this segment can be attributed to its better assay sensitivity and specificity and its extensive applications in the measurement of critical analytes (such as cardiac and hepatitis markers).

“Blood samples accounted for the largest share of lateral flow assays market in 2020”

Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Blood samples accounted for the largest market share of 53.1% in 2020. The use of blood samples in lateral flow tests for infectious diseases such as malaria, HIV, and syphilis; the rising awareness of rapid testing solutions; and easy detection of disease antibodies from blood samples are key factors driving the growth of this segment.

“The hospitals & Clinics segment accounted for the largest share of lateral flow assays market in 2020”

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest market share of 37.6% in 2020. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, further driving the growth of this market in the forecast period.

“North America accounted for the largest share of the lateral flow assays market in 2020”

The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 38.2% of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR of 4.2% during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, the presence of a favorable regulatory environment, and growing demand for home and POC testing are supporting market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific (especially India) have also resulted in a high growth rate in the lateral flow assays market in this region.

Key Market Players :

The prominent players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).

Don’t miss out on business opportunities in Lateral Flow Assays Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
MD 4158
PR Published ON
12/15/2021
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Lateral Flow Assays Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2022 MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home