The Lateral Flow Assays Market is experiencing significant growth and evolution in recent years. These assays, also known as immunochromatographic assays or strip tests, are widely used in various industries, including healthcare, food safety, environmental monitoring, and veterinary diagnostics. The key factors driving the expansion of this market are the increasing prevalence of infectious diseases, the need for rapid and point-of-care testing, and the rising demand for user-friendly and cost-effective diagnostic solutions.
In the healthcare sector, lateral flow assays have gained immense popularity due to their ability to provide quick and reliable results, making them ideal for diagnosing various infectious diseases, such as HIV, malaria, and COVID-19. Moreover, the ease of use and portability of these tests has made them invaluable in resource-limited settings and remote areas where access to advanced laboratory facilities may be limited.
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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 food safety industry has also embraced lateral flow assays as a rapid and efficient method for detecting contaminants and allergens in food products. These tests help in ensuring food quality and safety by enabling quick and on-site testing, preventing the distribution of contaminated food and potential outbreaks of foodborne illnesses.
Environmental monitoring applications have seen an upsurge in the adoption of lateral flow assays as well. These tests play a crucial role in detecting pollutants, toxins, and hazardous substances in environmental samples, contributing to better pollution control and risk assessment.
The veterinary diagnostics segment is another key area where lateral flow assays are making a positive impact. These tests facilitate the rapid and accurate detection of various animal diseases, enhancing early diagnosis and timely treatment, ultimately leading to improved animal health and productivity.
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
By End User:
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
- Others
About Future Market Insights (FMI)
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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