Detailed analysis of lateral flow assay market forecast period 2021

A medical device called a lateral flow assay is used to check for the existence or lack of a target pathogen or other analytes. An analyte is a chemical taken out and analyzed for diagnosis using a sample. The pregnancy kit test, used extensively around the world to determine whether or not a woman is pregnant, is the most typical illustration of a lateral flow assay. The lateral flow assays are also called fast tests, test strips, dipsticks, lateral flow tests, and lateral flow immunochromatographic assays. The market for lateral flow assay in 2021 was worth USD 8.76 billion, and by 2030 it will be worth USD 12.85 billion, growing at a 4.345 CAGR during the forecast period. The main factors propelling the development of this market are the rising demand for lateral flow assays due to the rise in infectious disease prevalence, the rising geriatric populations in many nations, and the rising use of home-based lateral flow assay devices.

Market Dynamics

Drivers

The increasing rate of infectious diseases, such as HIV and cancer, and the need for novel diagnostic techniques and effective treatments to stop the rising mortality rate are the main factors propelling the development of the lateral flow assay market. Lateral flow analyses (LFA) technology developments have also expanded the market. The use of new labels, innovative signal enhancement methods, better quantification systems, and simultaneous detection are just a few of the significant advancements in LFA development that have occurred in recent years.

Restraints

Lateral flow assay tests are simpler to carry out and less expensive than laboratory testing, but they are less accurate, which restrains the market’s overall expansion.

Opportunity 

The government has improved testing procedures to remain ahead of the disease due to the rising prevalence of infectious diseases. The market will benefit greatly from the expanding government support for the development of highly accurate lateral flow assays through financing and supportive policies.

Market Segmentation

By Product

The kits and reagents segment ruled the market with a revenue share of roughly 57% in 2022. Its affordability and simplicity of use primarily drive the segment’s popularity in the global lateral flow assay market. Customers can benefit from the increasing number of pharmacies that sell these items as OTC medical devices.

By Technique

In 2022, the sandwich assay segment ruled the entire market with 46% of the revenue share. Sandwich assays show a colored line close to the test line location to indicate the presence of an antibody or analyte. Sandwich assays are very sensitive, which means they can find the targeted analyte even in tiny amounts in the sample. Unknown antibodies can be found using sandwich assays or studies. They can also be used to analyze sophisticated samples. They provide adaptability. Sandwich assays are simple to use, inexpensive, and provide prompt, precise findings.

By Application

The clinical testing segment was the largest market contributor in 2022, with 54% of the revenue share. Clinical testing includes lipid profiling, substance misuse, pregnancy and fertility, cardiac market, infectious disease, and other tests. The market expansion is attributed to the rising prevalence of infectious diseases and an increase in cardiovascular diseases.

By Distribution Channel 

In 2022, the hospitals & clinics sector controlled most of the market with a share of about 48%. For most populations, hospitals and clinics are the favored healthcare facilities for any disease, illness, or condition. With the influx of patients and the quick resurgence of infectious diseases, it is essential to recognize and prioritize the most serious cases. In order to classify patients and allocate hospital resources efficiently to save every life, hospitals and clinics heavily depend on lateral flow assays.

Regional Analysis 

In 2022, North America led the entire regional market with a revenue share of nearly 40.93%. The region’s well-established healthcare and pharmaceutical sectors provide residents with affordable lateral flow assay goods. The region’s nations are develop, with high per capita income, allowing consumers to afford lateral flow assays with their increasing disposable income. The COVID-19 pandemic accelerated technical advances and product innovations in lateral flow tests, making them faster, cheaper, and easier to use, propelling the market growth. The rising incidence of infectious diseases will boost demand for lateral flow tests, facilitating the market growth. The extensive retail and hospital pharmacy network improves customer accessibility. Furthermore, the increasing prevalence of lateral flow tests on online pharmacy platforms will expand the market’s reach.

Key Players 

  • Danaher Corporation
  • Quidel Corporation
  • Abbott Laboratories
  • F. Hoffman-La Roche AG
  • Becton, Dickinson, and Company
  • bioMérieux SA
  • Siemens AG
  • Bio-Rad Laboratories
  • Hologic Inc.
  • Merck KGaA
  • Thermo Fisher Scientific, Inc.
  • PerkinElmer Inc.
  • QIAGEN N.V.
The market for lateral flow assay in 2021 was worth USD 8.76 billion, and by 2030 it will be worth USD 12.85 billion, growing at a 4.345 CAGR during the forecast period. The increasing prevalence of infectious diseases drives the lateral flow assay market growth.

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