Lateral Flow Assays Market Size, Trends & Analysis - Forecasts to 2026 By Type of Product (Kits & Reagents and Lateral Flow Readers [Digital/Handheld Readers, Benchtop Readers, and Mobile/Smartphone Readers]), By Type of Application (Clinical Testing [Infectious Disease Testing, Cardiac Marker Testing, Pregnancy & Fertility Testing, Cholesterol Testing/Lipid Profiles, and Drugs-of-Abuse Testing], Veterinary Diagnostics, Food Safety & Environment Testing, and Drug Development & Quality Testing), By Type of Technique (Sandwich Assays, Competitive Assays, and Multiplex Detection Assays), By Type of Sample (Blood Samples, Urine Samples, Saliva Samples, and Other Samples), By Type of End-User (Hospitals & Clinics, Diagnostic Laboratories, Home Care Settings, Pharmaceutical & Biotechnology Companies, and Other End Users), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
LFA (Lateral Flow Assays) is a technology-based device that is portable, convenient, and cost-effective for detection. The applications are seen wide across domains like biotechnology, agriculture, and healthcare. The primary goal of these devices is to diagnose patients.
According to the report published by Global Market Estimates Research & Consultants, the lateral flow assays market is signified to represent a prominent enhancement of 4.5% during the forecast period (2020-2026).
Lower accuracy for lateral flow assays tests is one of the major deterrents of the global market whereas, an increase in generic population, high demand for decentralized laboratory tests, and changing federal regulations behave as the fundamental factors impelling the accession of the market.
Kits & reagents and lateral flow readers are sorts of products in the lateral flow assays market where digital/handheld readers, benchtop readers, and mobile/smartphone readers are the bifurcations under lateral flow readers. The segment calculated to command in the forecast period is the lateral flow readers. The lateral flow readers provide more accessible testing for mycotoxin. The rise in the prevalence of infectious diseases is the major driving factor of the market as there are increasing cases of diseases like Hepatitis B, Hepatitis C, Malaria, Dengue, and Tuberculosis.
Based on the type of application, clinical testing, veterinary diagnostics, food safety & environment testing, drug development & quality testing are the market categorization of the global market and infectious disease testing, cardiac marker testing, pregnancy & fertility testing, cholesterol testing/lipid profiles, and drugs-of-abuse testing are the sub-divisions of clinical testing respectively. The clinical testing segment is estimated to trend upwards in this market period. The rise in technological developments in healthcare is the prime accelerator of the global market as various related companies are rapidly launching new products and services that are beneficial for consumers.
Based on the technique, the market segmentation can be viewed as sandwich assays, competitive assays, and multiplex detection assays where sandwich assays are projected to hold the largest share in the forecast period. Wide range applications are the driving forces of the market and an increase in the use of lateral kit from home testing is one of the prominent propellors of the global market.
The market classification for samples can be seen as blood samples, urine samples, saliva samples, and other samples. Other samples are the popular segment to make tremendous growth in the market. The increment in funds towards research and development is the primary motorist for the great burgeoning of the global market in the forecast period.
Hospitals & clinics, pharmaceutical & biotechnology companies, and other end users are the division based on the types of end-users. Considering the recent developments in the market, the increase in the aging population is one of the major pilots towards the growth of the hospital and clinics segment for the projected time in the global lateral flow assays market.
Based on the geographical analysis, the Asia Pacific region is heeded to drive in imposing momentum during the forecast period. The acceleration in grants towards research & developments, extensive demand by end-users, and the rise in healthcare expenditure is the positive impact makers towards the vegetation of the market.
DCN Diagnostics, Polysciences, Inc., Abingdon Health, BioPorto Diagnostics A/S, Microcoat Biotechnologie GmbH, Scienion AG, Senova GmbH, and Access Bio, Inc., Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Thermo Fisher Scientific, Inc., PerkinElmer Inc., Hologic Inc., QIAGEN N.V., Quidel Corporation, Merck KGaA, Abcam plc, Surmodics IVD, Chembio Diagnostic Systems, Inc., OraSure Technologies, and other industries are the prominent players in this market.
Please note: This is not an exhaustive list of companies profiled in the report.
In September 2020, Abbott Laboratories began the Pan Bio COVID-19 immunochromatographic test for the rapid detection of the Sars-CoV-2 virus in Europe.
In September 2020, F.Hoffman La Roche Ltd. began the SARS CoV-2 Rapid Antigen Test in markets admitting the CE Mark.
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The Global Lateral Flow Assays Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Lateral Flow Assays Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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