Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland) and Becton, Dickinson and Company (US) are Leading players in the Lateral Flow Assay Market
The global lateral flow assays market is projected to reach USD 16.8 billion by 2029 from USD 10.8 billion in 2023. The high prevalence of infectious diseases, increase in the growth of the diseases especially in the geriatric population and rising use point of care testing are some of the major factors driving the growth of this market. However, the inconsistent results and the inaccuracy of certain lateral flow assay tests compared to other methods as well as the unwillingness amongst the doctors and the patients to switch from the traditional diagnostic procedures used in the lateral flow assays are some of the key restraints for the market.
The prominent players in the global lateral flow assays market include Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland) and Becton, Dickinson and Company (US). These players have adopted various growth strategies such as acquisition, product launches, and expansion to increase their presence and reach in the lateral flow assays market.
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Abbott Laboratories, Inc.
Abbott Laboratories is one of the key players of the lateral flow assays market in 2022. It is one of the leading player in this market due its strong organic and inorganic strategies such as, the company focuses on expanding and strengthening its partnerships with existing customers, enhancing operations and quality, and enhancing product scope, capabilities, and expertise. Their diverse solutions, born from a rich history and unwavering innovation, ensure everyone can see the world in vibrant focus.
F. Hoffmann-La Roche AG
F. Hoffmann-La Roche Ltd. is the second key player of the lateral flow assays market in 2022. The company has a strong portfolio in clinical segments for screening of multiple infectious diseases. Also company has strong investments in R&D. For instance The company has increased its R&D expenditure for the Diagnostics Division to USD 2.05 billion in 2022 from USD 1.92 billion in 2021. The company has shown interest in developing and launching products for COVID-19. For instance, in October 2022, the company launched SARS-CoV-2 Rapid Antigen Test 2.0 Nasal2, SARS-CoV-2 Rapid Antigen Test 2.01, and SARS-CoV-2 Rapid Antigen Test 2.0 Nasal3 which results in the more enhancement of their product portfolio making it a leading player in the lateral flow assays market
Becton, Dickinson and Company
Becton, Dickinson and Company is the third largest player of the lateral flow assays market in 2022. The company’s diagnostics product portfolio focuses on rapid tests for infectious diseases through investments in the form of collaborations as well as partnership. For instance, In December 2021, the company collaborated with Scanwell Health Inc. (US) which aimed to develop an app used with the BD Veritor At-Home COVID-19 Test. The Diagnostic Systems segment provides products for the safe collection and transport of diagnostic specimens and instrument systems & reagents to detect infectious diseases, healthcare-associated infections, and cancers. The company offers its products to healthcare institutes, life science researchers, clinical laboratories, the pharmaceutical industry, and the public.
Related Reports:
Lateral Flow Assay Market by Product (Kit, Readers), Application (STI, Covid-19, Hep, TB, Cardiac marker, Pregnancy; Drug abuse, Vet Diaganostic, Food), Sample (Blood, Urine, Saliva), Technique (Sandwich, Competitive), End User - Global Forecast to 2029
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