It is projected that the global lateral flow assays industry size will grow to US$ 6.9 billion by 2033 and US$ 4.3 billion in 2023. Sales of lateral flow assays are expected to increase at a CAGR of 4.7% over the projected period. A summary of some of the factors influencing the need for lateral flow assays is provided below.
The Lateral Flow Assays Market has grown and changed significantly in recent years. These tests, also known as immunochromatographic assays or strip tests, are frequently employed in a variety of fields, including veterinary diagnostics, food safety, healthcare, and environmental monitoring. The rising incidence of infectious diseases, the necessity for rapid and point-of-care testing, and the rising demand for user-friendly and affordable diagnostic solutions are the main drivers propelling the growth of this market.
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Because they can deliver prompt and accurate findings, lateral flow tests have become extremely popular in the healthcare industry and are excellent for identifying a variety of infectious disorders, including HIV, malaria, and COVID-19. These tests are also extremely useful in resource-constrained settings and remote locations where access to cutting-edge laboratory facilities may be restricted because to their mobility and ease of usage.
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.
- 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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