Lateral Flow Assays Market To Boost, Due To Continuous Strategic Initiatives Undertaken By Leading And Emerging Players To Develop And Launch Advanced Products

 

 

Lateral Flow Assays Industry Overview

 

The global lateral flow assays market size is expected to reach USD 9.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers and acquisitions.

 

Lateral Flow Assays Market Segmentation

Grand View Research has segmented the global lateral flow assays market report on the basis of product, application, technique, end use, and region:

 

Based on the Product Insights, the market is segmented into Kits & Reagents, Lateral Flow Readers.

• The kits and reagents segment dominated the market for lateral flow assays and accounted for the largest revenue share of 67.8% in 2020. The launch of new kits by major players is anticipated to boost market growth during the forecast period.
• Lateral flow readers are anticipated to grow at a lucrative rate owing to their high demand to ensure precise and accurate interpretation of results for R&D and sample testing applications. There are two types of lateral flow readers, digital/mobile lateral flow readers, and benchtop lateral flow readers.
• Introducing a digital connectivity platform to lateral flow readers is expected to revolutionize single-use diagnostic tests as the test results will be available at any laboratory setting, thereby saving time. Therefore, advanced technology products offered by players are anticipated to positively impact market growth.

 

Based on the Application Insights, the market is segmented into Clinical Testing.

• The clinical testing segment dominated the market for lateral flow assays and accounted for the largest revenue share of 67.9% in 2020.
• This is owing to the increased incidence of infectious diseases, including the outbreak of COVID-19. Lateral flow-based tests are widely used in physicians’ offices, hospitals, and clinical laboratories for the quantitative and qualitative detection of specific antibodies, products of gene amplification, and antigens. Lateral flow assay testing facilitates disease testing due to the ease of use and portability.
• The drug development and quality testing segment are anticipated to register the fastest CAGR during the forecast period owing to the increase in the use of lateral flow assays for therapeutic drug monitoring.
• Complementary and companion lateral flow immunoassays are used across various less regulated and regulated industries for the rapid production of fully and semi-quantitative results.

 

Based on the Technique Insights, the market is segmented into Sandwich Assays, Competitive Assays, Multiplex Detection Assays.

• The sandwich assays dominated the market for lateral flow assays and accounted for the largest revenue share of 39.5% in 2020 owing to their accuracy, affordability, and ease of use.
• In this technique, a positive test is mostly represented by a colored line at the test line position. The test can also be used in any low-resource healthcare or field setting and does not require training. The growing number of research activities undertaken by various research institutes is expected to boost the market growth.
• A research study published in the Asian Pacific Journal of Tropical Biomedicine, in July 2019, aimed at developing a lateral flow that is a sandwich-based immunochromatographic strip used for rapidly detecting circulating Schistosoma mansoni antigens in urine and serum samples of patients diagnosed with active schistosomiasis.
• The multiplex detection assays segment is anticipated to witness the fastest growth over the forecast period. This technique is used for the detection of multiple targets in a single test, rather than using various individual tests. 

 

Based on the End-use Insights, the market is segmented into Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, Others.

• The hospitals and clinics segment dominated the lateral flow assays market and accounted for the largest revenue share of 39.5% in 2020. Hospitals and clinics are primary care settings for the diagnosis and treatment of medical conditions.
• The pharmaceutical and biotechnology companies’ segment is anticipated to witness lucrative growth during the forecast period. These companies are involved in strategic initiatives, such as product development, mergers and acquisitions, product approval and launches, and the expansion of global presence.
• For instance, Hutano Diagnostics was supported by Cytiva for the development of its lateral flow device. An increase in such strategic collaborations is expected to enhance the development of lateral flow assays during the forecast period.

 

Lateral Flow Assays Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market for lateral flow assays is highly competitive with the presence of a large number of key players as well as emerging players in it. The advent of new strategic plans to maintain competitiveness stimulates market growth. The COVID-19 pandemic has resulted in an increasing number of new market entrants, in turn intensifying the market competition.

 

Some prominent players in the global lateral flow assays market include

• Abbott
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche AG
• Bio-rad Laboratories, Inc.
• Biomérieux SA
• Quidel Corporation
• Hologic, Inc.
• Perkinelmer, Inc.
• Merck KGAA
• Becton, Dickinson and Company
• Siemens Healthineers
• Danaher Corporation
• Qiagen N.V

 

Order a free sample PDF of the Lateral Flow Assays Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.