The global lateral flow assays market 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.
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) 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 31–33% of the lateral flow assay market in 2020. To secure its position in the global lateral flow assays market, the company focuses on expanding and strengthening its partnerships with existing customers, enhancing operations and quality, and enhancing product scope, capabilities, and expertise. During the COVID-19 pandemic, the company developed products to detect COVID-19 that helped ensure high revenue growth. Revenue from the Rapid Diagnostics segment increased from USD 2,054 million in 2019 to USD 4,376 million in 2020, accounting for a growth of 113%.
Quidel Corporation accounted for an estimated share of 8-10% of the lateral flow assays market in 2020. The rise in segmental revenue is due to its business strategy. The company has received Emergency Use Authorization for Sofia 2 Flu+ SARS Antigen FIA. Its COVID-19-related business grew to USD 1,164.4 million in 2020; Sofia SARS revenues were USD 1,000 million.
F. Hoffmann-La Roche AG
F. Hoffmann-La Roche AG accounted for an estimated share of 7-8% of the lateral flow assays market in 2020. The company offers a diverse product line for rapid diagnostics. F. Hoffmann-La Roche AG’s core brands, such as Roche CARDIAC Trop T sensitive test and cobas h 232 system, are the foundations of its success in the diagnostics segment. The company’s strong focus on R&D and investments in collaborations, partnerships, and acquisitions have helped it secure a leading position in the market.
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
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