The global market for lateral flow assays is expected to witness a surge in demand, reaching US$ 6.9 billion by 2033, a significant increase from US$ 4.3 billion in 2023. This translates to a projected Compound Annual Growth Rate (CAGR) of 4.7% over the next decade.
Factors Fueling Market Growth:
- Increased Need for Rapid Diagnostics: Lateral flow assays, often known as point-of-care tests, provide quick and reliable results at the testing location, eliminating the need for sending samples to laboratories. This rapid turnaround time is crucial in various scenarios, including infectious disease diagnosis and treatment decisions.
- Rising Incidence of Infectious Diseases: The growing prevalence of infectious diseases is driving the demand for efficient diagnostic tools. Lateral flow assays offer a convenient and user-friendly solution for early detection and disease management.
- Growing Focus on User-friendly and Cost-effective Solutions: The affordability and ease of use of lateral flow assays make them a preferred choice in various applications. This is particularly beneficial in resource-limited settings.
- Applications Beyond Healthcare: Lateral flow assays have diverse applications beyond the healthcare sector. They are extensively used in veterinary diagnostics, food safety testing, environmental monitoring, and more.
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This surge in demand signifies the growing importance of lateral flow assays in various fields. Their user-friendliness, affordability, and rapid turnaround time position them as a valuable tool for diagnostics and disease management in the years to come.
Key Takeaways:
- The Kits & Reagents segment is anticipated to grow at a rapid CAGR of 5.3% during the forecast period.
- The clinical testing segment accounted for 90.9% of the lateral flow tests market.
- With a lateral flow tests market share of 70.9% in 2020, sandwich assays dominated the lateral flow tests market.
- Blood samples were the most preferred, with a 53.1% lateral flow tests market share.
- The hospitals and clinics segment was the most favoured, with a lateral flow tests market share of 37.6%.
- China, the world’s second-largest economy, is expected to reach a lateral flow tests market size of US$917 million in 2027, with an annual growth rate of 8.8%.
- Within Europe, Germany is expected to show a lateral flow tests market growth at a 4.8% compound annual growth rate (CAGR), while the rest of the European market will reach US$917 million by 2027.
- The Asia Pacific region is expected to increase at a CAGR of 4.2% during the forecast period.
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Competitive Landscape:
Some companies have increased their lateral flow tests market share through various strategies such as mergers and acquisitions. In contrast, others invent new diagnostic market test methods and provide innovative goods to maintain their market share.
- Abbott Laboratories
- Becton, Dickinson and Company
- Biomérieux SA
- Bio-Rad Laboratories
- Danaher Corporation
- F Hoffmann-La Roche Ltd.
- Merck
- Quidel Corporation
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.
Key Segments Covered in the Market Report:
By Application:
- Clinical Testing
- Veterinary Diagnostics
- Food Safety & Environmental Testing
- Drug Development & Quality Testing
By Technique:
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
By Sample Type:
- Blood Samples
- Urine Samples
- Saliva Samples
- Others
- By Type
- Kits & Reagents
- Lateral Flow Readers
By End User:
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
- Others
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