The latest market research report forecasts a significant surge in the global demand for lateral flow assays market, projecting a value of USD 6.9 billion by 2033, up from USD 4.3 billion in 2023. The report, conducted by FMI, highlights a Compound Annual Growth Rate (CAGR) of 4.7% over the next decade.
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Key Factors Driving Market Growth:
- Rapid Diagnostics in Demand: Lateral flow assays, popularly known as point-of-care tests, are witnessing heightened demand due to their ability to deliver quick and reliable results directly at the testing site. This eliminates the time-consuming process of sending samples to laboratories, thus crucially expediting diagnosis and treatment decisions, especially in cases of infectious diseases.
- Surge in Infectious Diseases: The escalating incidence of infectious diseases globally is fueling the need for efficient diagnostic tools. Lateral flow assays offer a convenient and user-friendly solution for early detection and effective disease management, contributing significantly to their increasing adoption.
- Preference for Cost-effective Solutions: With a growing emphasis on affordability and ease of use, lateral flow assays emerge as a preferred choice across various applications. Particularly in resource-limited settings, their cost-effectiveness and simplicity make them indispensable tools for diagnostics.
- Diverse Applications Beyond Healthcare: Lateral flow assays extend their utility beyond the realm of healthcare, finding extensive application in veterinary diagnostics, food safety testing, environmental monitoring, and more. This versatility contributes to their growing market penetration and adoption across diverse sectors.
The projected growth trajectory of the global lateral flow assays market underscores the pivotal role of these diagnostic tools in meeting evolving healthcare needs and addressing emerging challenges. As the demand for rapid, reliable, and cost-effective diagnostic solutions continues to escalate, lateral flow assays are poised to play a central role in shaping the future of diagnostics worldwide.
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 USD917 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 USD917 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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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