The Lateral Flow Assays Market have evolved as a new tool for quick and on-the-spot testing in the fast-paced world of diagnostics. LFAs are useful in a variety of healthcare settings because they are straightforward, affordable, and user-friendly instruments that deliver rapid results.
The demand for lateral flow assays has increased significantly during the past few years, and this trend is expected to continue. The rising need for point-of-care testing is one of the main causes causing this development. LFAs are especially useful in rural or resource-constrained places with limited access to laboratory facilities. Healthcare workers can use LFAs to quickly and accurately screen for a variety of illnesses, including infectious diseases, pregnancy, and drugs.
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The market for lateral flow assays is anticipated to reach US$ 4.3 billion in 2023 and US$ 6.9 billion by 2033, respectively. Over the anticipated period, lateral flow assay sales are anticipated to grow at a CAGR of 4.7%. The following is a list of some of the elements that affect the necessity of lateral flow assays.
The ongoing development of technology is another impetus. Manufacturers are making significant investments in R&D to improve the LFAs’ sensitivity, specificity, and multiplexing capacities. Because of this, next-generation LFAs have been created, which are even more adaptable in clinical situations because they can detect numerous analytes at once.
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.
Key Segments:
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
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By End User:
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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