The global lateral flow assays market is projected to reach USD 22.6 billion by 2027 from USD 20.5 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.
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), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany) among others. 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 accounted for an estimated share of 33–36% of the lateral flow assays market in 2021. Abbott is 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.
F. Hoffmann-La Roche AG
F. Hoffmann-La Roche Ltd. accounted for an estimated share of 8–10% of the lateral flow assays market in 2021. Roche has strong portfolio in clinical segments for screening of multiple infectious diseases. Also company has strong investments in R&D.
Becton, Dickinson and Company
Becton, Dickinson and Company accounted for an estimated share of 7–9% of the lateral flow assays market in 2021. The company’s diagnostics product portfolio focuses on rapid tests for infectious diseases through investments in the form of partnerships and collaborations. For instance, in April 2021, the company partnered with USA Track & Field (USATF) (US) to provide rapid COVID-19 testing for USATF athletes at Journey to Gold through the use of the BD Veritor Plus System.
Lateral Flow Assays Market by Product (Kits, Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Technique (Sandwich, Multiplex Detection Assay), End User (Hospitals, Home care) - Global Forecast to 2027
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