PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1442029
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1442029
The lateral flow assays market is valued at an estimated USD 10.8 billion in 2023 and is projected to reach USD 16.8 billion by 2029, at a CAGR of 7.6% during the forecast period. The rising of the lateral flow assay market is because of the high prevalence of infectious diseases in many countries, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices, However the timorousness amongst the doctors and patients to adapt the existing diagnostic procedures and the low accuracy of lateral flow assays are some of the factors which are restraining the market.
Scope of the Report | |
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Years Considered for the Study | 2021-2029 |
Base Year | 2022 |
Forecast Period | 2023-2029 |
Units Considered | Value (USD) Billion |
Segments | By Product type, Application type, Technique type, Sample type, End User and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
"The lateral flow readers segment accounted for the fastest growing share in the lateral flow assays market."
The lateral flow readers is a part of the product segment in lateral flow assays market . Its large share can be attributed to as it enable the quantitative analysis of lateral flow strips in sandwich, competitive,as well as in the reverse-competitive test formats. The lateral flow readers measures the intensity of the test line to determine the. number of analytes present in the sample and yield an assay result that is entirely quantitative. These can also take several readings from a single device or one read from several devices, which is then automatically analyzed statistically to provide a consolidated number. Lateral Flow readers can quantify, precisely collect, and transfer data. They are also very sensitive.
"The urine sample accounted for the second largest segment in the lateral flow assays market."
On the basis of the sample type , the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the second largest market share in 2022. The increasing utilization of the urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing are some of the factors which attribute to the growth of the segment.
"Asia Pacific market to witness the highest growth during the forecast period."
During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors are as a lot of manufacturers are significantly increasing their manufacturing especially in the Asia Pacific region, which is exhibiting a low-cost manufacturing advantages also the availability of a skilled workforce in these regions. The major factors that are restricting the growth of the market in this region is the lack of awareness about the advantages of near-patient testing products due to lack of reimbursements, challenges related to locational remoteness, and low literacy rates.
Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMerieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).
The market study covers the lateral flow assays market across various segments. It aims to estimate the market size and the growth potential of this market across different segments by product, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall lateral flow assays market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.