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Global Lateral Flow Assay Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Technique, Application, End User & Region - Industry Forecast from 2022 to 2027

Published: January, 2022
ID: 4824
Pages: 185
Formats: report pdf report excel report power bi report ppt

Global Lateral Flow Assay Market Size (2022 to 2027)

The global lateral flow assay market is anticipated to grow at an 8.2% CAGR from 2022 to 2027. It is estimated that the worldwide market is predicted to value at USD 7.04 billion in 2022 and USD 10.45 billion by 2027.

Global Lateral Flow Assay Market Share Insights:

  • Based on product, the kits and reagents segment had the major share of the global market in 2021.
  • Based on technique, the sandwich assay segment accounted for the largest share of the global market in 2021.
  • Based on application, the clinical testing segment had 74.5% of the global market share in 2021.
  • Based on end-user, the hospitals and clinics segment captured 34.7% of the global market share in 2021.
  • North America was the largest regional segment worldwide and held 35.1% of the share.
  • Europe occupied a considerable share of the global market in 2021 and is estimated to be valued at USD 2.63 billion by 2027.
  • APAC is estimated to hold a substantial share of the world market by the end of the forecast period.

MARKET DRIVERS:

YOY rise in the incidences of infectious diseases and an increase in the use of rapid testing in-home care settings are majorly propelling the lateral flow assay market.

The increased global prevalence of infectious diseases, rapidly aging population worldwide, and growing adoption of home-based lateral flow assay equipment are further estimated to drive global market growth. Without the need for expensive or specialized equipment, lateral flow assays use cellulose to detect the presence of a target component in a liquid sample. The benefits of LFA-based rapid tests over laboratory testing, the rising use of home-based lateral flow assay kits, increasing demand for testing, and the growing acceptance of smart devices are all factors driving the overall lateral flow assay market. In addition, during the forecast period, increased government participation in controlling infectious disease outbreaks and increasing awareness programs to improve the spread of infections, diagnosis, and prevention, and the launch of diagnosis systems in-home care settings are expected to contribute to the global market's growth.

In addition, the growing demand for point-of-care testing is further anticipated to promote the growth of the global lateral flow assay market. Moreover, an increase in the geriatric population, a rise in lateral flow assay in clinical laboratory practice, an increase in chronic diseases, and technological advancements are expected to favor the lateral flow assay market during the forecast period.

MARKET RESTRAINTS:

An increase in regulations and inconsistency in test results are anticipated to restrain the lateral flow assay market in the coming years. Reluctance to change established diagnostic methods and the introduction of multiplexed assays are two reasons limiting the market's growth to some extent. Furthermore, variation in lateral flow assay test findings and tight regulations is likely to hinder the expansion of the lateral flow assay market. In addition, consumers' lack of desire to switch from traditional diagnostic tests to advanced methods and the imposition of a substantial excise charge on the trading of medical equipment are likely to limit market development.

In addition, the growth of the global lateral flow assay market is constrained by difficult and time-consuming regulatory rules for assays used to identify the presence or absence of any analysis and people's hesitancy to change their current medical practices. The restricted reimbursements for lateral flow test products are among the significant challenges facing the global lateral flow assay market. In various places globally, lateral flow assay-based diagnostic diagnostics have seen limited adoption due to reimbursement challenges.

Impact of Covid-19 on the global lateral flow assay market:

The COVID-19 outbreak disturbed the global economy in an unprecedented way. The ability of LFA test kits to diagnose symptomatic and asymptomatic COVID-19 infections has been verified. Many healthcare organizations worldwide focus on creating lateral flow assay instruments to detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in blood, saliva, or nasal swab fluids. The low cost of LFA devices and the fact that these tests do not include qualified staff drive demand for LFA-based devices for COVID-19 research. LFA instruments' ability to diagnose symptomatic and asymptomatic COVID-19 infections is the main advantage of other detection methods. As a result, the COVID-19 pandemic has positively affected the lateral flow assay market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Technique, Application, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter's Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This market research report on the global lateral flow assay market has been segmented and sub-segmented based on the product, technique, application, end-user, and region.

Lateral Flow Assay Market – By Product:         

  • Kits & Reagents
  • Lateral Flow Readers
    • Digital/Mobile Readers
    • Benchtop Readers

Based on product type, the kits segment held the largest share in the global lateral flow assay market in 2021, owing to the increase in the application of lateral flow kits for point-of-care testing, growth in the burden of chronic diseases, and increasing the use of lateral flow kits in-home care.

Lateral Flow Assay Market – By Technique:                       

  • Sandwich Assays
  • Competitive Assays
  • Multiplex Detection Assays

Based on technique, the sandwich assays segment occupied the major share of the worldwide lateral flow assay market in 2021, and the domination of the segment is likely to continue during the forecast period.

Lateral Flow Assay Market – By Application:

  • Clinical/Point-of-Care Testing
    • Infectious Disease Testing
      • Mosquito-Borne Disease Testing
      • Influenza Testing
      • Sexually Transmitted Infections
      • Hepatitis
      • Tuberculosis
      • Other Infectious Diseases
    • Cardiac Marker Testing  
    • Pregnancy & Fertility Testing
      • Pregnancy Testing
      • Fertility Testing
    • Cholesterol/Lipid Testing
    • Drugs-of-Abuse Testing
    • Other Tests
  • Veterinary Diagnostics
  • Food Safety & Environment Testing
  • Drug Development & Quality Testing
  • Other Applications

Based on the application, the clinical testing segment accounted for a significant share of the global lateral flow assay market in 20211. The rise in the geriatric population and incidences of chronic diseases, growth in the pressure to reduce healthcare costs, and increased demand for patient-centric care are the major factors driving the development of the clinical/POC testing market.

Lateral Flow Assay Market – By End User:

  • Hospitals and Clinics
  • Home Care
  • Diagnostic Laboratories
  • Pharmaceutical
  • Biotechnology Companies

Lateral Flow Assay Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Geographically, the North American lateral flow assay market held the largest share of the global market in 2021, and predicted the same would repeat throughout the forecast period. North America and Europe will remain key markets for the lateral flow assay test market because of the high demand for decentralized laboratory tests. In addition, the presence of a highly evolved healthcare system will boost this market significantly. Furthermore, the development of advanced healthcare facilities and resources and increasing incidences of target chronic diseases due to the region's growing senior population are projected to sustain the region's growth.

Due to an increase in the frequency of infectious illnesses such as Lyme disease and TB and an elevated mortality rate linked with AIDS in the area, North America is anticipated to continue leading the worldwide Lateral Flow Assay market over the forecast period. Because of numerous big hospitals and health systems, changing laws, and the country's growing elderly population, the lateral flow assay market in the United States is projected to provide attractive growth opportunities. In addition, the United States is home to the great majority of worldwide players, making it a center of innovation in the lateral flow assay industry. Furthermore, the current COVID-19 pandemic has stimulated research and innovation expenditures in the area's lateral flow assay market through financing and assistance from government organizations. Due to these factors, the North American region is expected to have the largest lateral flow assay market share throughout the forecast period. Furthermore, factors such as increasing adoption of advanced infrastructure, the number of diagnostic facilities, and improved public awareness are expected to enhance the market in the area, adding to its unprecedented proportion of worldwide market revenue.

The Asia Pacific lateral flow assay market is expected to witness the highest CAGR in the coming years due to governmental initiatives, improved healthcare infrastructure, and increased demand for quality care at affordable prices. With an increase in infectious disease prevalence in countries like Japan, China, and India, the Asia Pacific is projected to expand steadily. Increased HIV prevalence is projected to boost market growth during the forecast era. Due to rising healthcare expenditures across APAC nations, the prevalence of infectious and chronic diseases, and expanding government attempts to improve healthcare, Asia-Pacific is expected to be the second-fastest-growing regional market during the forecast period. Owing to the rise in infectious illness prevalence in nations like Japan, China, and India, the Asia Pacific is anticipated to expand steadily. Increased HIV prevalence is expected to drive market growth during the forecast period.

During the forecast period, the European lateral flow assay market is predicted to hold a considerable share of the global market owing to the rising prevalence of infectious diseases, the growing aging population, and the increasing adoption of POC testing centers.

The Latin American lateral flow assay market is anticipated to see an acceleration in growth during the forecast period due to increased awareness efforts by various governments. A two-day workshop was held on July 20 to raise HIV awareness in Latin America. The purpose of the meeting was to devise a youth-friendly communication plan for raising HIV awareness among young gay men. Leading to expanded marketing drives by different governments, the Latin American region is projected to rise in market share. In addition, the WHO, UNAIDS, and UNICEF held a two-day workshop in July 2019 to raise HIV awareness in Latin America. The purpose of the meeting was to formulate a youth-friendly contact plan for raising HIV awareness among young gay men. As a result, demand growth is projected to be fuelled by increased government efforts to raise HIV awareness.

The lateral flow assay market in the Middle East and Africa is estimated to be growing at a CAGR of 6.6% from 2022 to 2027.

KEY MARKET PARTICIPANTS:

Noteworthy companies dominating the global lateral flow assay market profiled in this report are Alere Inc., F. Hoffmann-La Roche AG, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux SA, Johnson & Johnson, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., and PerkinElmer Inc.

RECENT MARKET HAPPENINGS:

  • In July 2020, Abbott Laboratories launched a COVID-19 antigen test kit.
  • In April 2020, Siemens Healthineers AG launched a Coronavirus COVID-19 test kit.
  • In July 2020, Becton, Dickinson, and Company unveiled an antigen test kit for SARS-CoV-2 detection.
  • In March 2020, Becton, Dickinson, and Company launched a fast serology test to detect COVID-19 exposure and a SARS-CoV-2 real-time PCR detection kit.
  • In September 2020, An Access Anti-SARS-CoV-2 Test kit was released by QIAGEN N.V. 

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FAQ's

How much is the global lateral flow assay market going to be worth by 2027?

The global lateral flow assay market size is predicted to be worth USD 10.45 billion by 2027.

What is the growth rate of the global lateral flow assay market?

The global cough syrup market is currently growing at a healthy pace and is expected to showcase a CAGR of 8.2% from 2022 to 2027.

Which region had the highest share in the global lateral flow assay market in 2021?

The North American region dominated and accounted for the largest share of the global lateral flow assay market in 2021.

Which are the significant players operating in the lateral flow assay market?

Alere Inc., F. Hoffmann-La Roche AG, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux SA, Johnson & Johnson, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., and PerkinElmer Inc.are a few of the noteworthy players in the global lateral flow assay market.

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