PUBLISHER: The Business Research Company | PRODUCT CODE: 1436431
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436431
Comprising four components, a lateral flow assay (LFA) includes a sample pad for sample deposition, a conjugate pad where labeled tags and biorecognition elements are merged, a reaction membrane featuring test and control lines facilitating target antigen-antibody interactions, and an absorbent pad designated for waste storage.
The primary categories of lateral flow assays include kits and reagents, along with lateral flow readers. Lateral flow readers are instruments designed for reading and analyzing the results obtained from lateral flow tests. Lateral flow assays operate based on techniques such as sandwich assays, competitive assays, and multiplex detection assays. These assays find applications in various fields, including veterinary diagnostics, clinical/point-of-care testing, drug development and quality testing. They are utilized by hospitals and clinics, diagnostic laboratories, home care settings, as well as pharmaceutical and biotechnology companies, among other end users.
The lateral flow assays market research report is one of a series of new reports from The Business Research Company that provides lateral flow assays market statistics, including lateral flow assays industry global market size, regional shares, competitors with a lateral flow assays market share, detailed lateral flow assays market segments, market trends, and opportunities, and any further data you may need to thrive in the lateral flow assays industry. This lateral flow assays market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The lateral flow assays market size has grown strongly in recent years. It will grow from $11.25 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historic period can be ascribed to advancements in diagnostics, an increase in infectious diseases, applications in pregnancy testing, the expansion of home healthcare, and the development of immunochromatography, along with the expansion of point-of-care testing.
The lateral flow assays market size is expected to see strong growth in the next few years. It will grow to $16.38 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the upcoming period is linked to the increased utilization of lateral flow assays in disease detection, their incorporation into home testing kits, expansion in veterinary diagnostics, the creation of multiplex assays, and the heightened focus on food and environmental testing. Prominent trends expected during this period encompass the surge in personalized medicine and home testing, ongoing advancements in manufacturing techniques, a growing emphasis on environmental and food safety testing, and the prioritization of cost-effectiveness, especially in applications related to drug and biomarker detection.
The widespread occurrence of infectious diseases on a global scale plays a substantial role in propelling the growth of the lateral flow assay market. Particularly in developing nations, the heightened prevalence of infectious diseases such as HIV and malaria, coupled with insufficient healthcare infrastructure and increasing public awareness, is expected to drive the adoption of lateral flow assay testing. The recent impact of the COVID-19 pandemic has underscored the critical need for capabilities in early illness detection, contributing to the anticipated expansion of the market. According to the World Health Organization (WHO), in 2021, an estimated 10.6 million individuals worldwide contracted tuberculosis, leading to 1.6 million fatalities, while 1.5 million people were newly infected with HIV, resulting in 650,000 lives lost. Hence, the substantial prevalence of infectious diseases globally is poised to be a significant factor contributing to the growth of the lateral flow assay market.
The increasing prevalence of chronic diseases is poised to drive the growth of the lateral flow assay market in the foreseeable future. Chronic diseases are long-term health conditions that persist over an extended period, often necessitating ongoing medical management. Lateral flow assay is utilized in chronic diseases for rapid and convenient diagnostics, enabling swift on-site testing and monitoring. As of September 2022, according to the World Health Organization, a specialized agency of the United Nations based in Switzerland, approximately 41 million deaths globally each year are attributed to non-communicable diseases (NCDs) or chronic diseases, accounting for 74% of all recorded deaths. These include 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Thus, the escalating prevalence of chronic diseases serves as a driving force for the lateral flow assay market.
Technological advancements stand out as the predominant trends gaining traction in the lateral flow assays market. Leading players in the lateral flow assay market are actively concentrating on the development of innovative technological testing products to fortify their market positions. As an illustration, in November 2021, IUL SA, a laboratory equipment manufacturer based in Spain, unveiled iPeak Europium, a novel lateral flow reader featuring iPeak technology. This technology is grounded in machine vision illumination principles designed to scan fluorescence-labeled lateral flow tests. Fluorescence lateral flow tests offer a cost-effective alternative to other PCR tests while delivering high sensitivity and specificity.
Key companies in the lateral flow assay market are dedicated to the development of versatile products, such as lateral flow readers, to offer convenient on-the-go testing solutions and gain a competitive advantage in the market. A lateral flow reader is a portable device utilized for rapid and qualitative analysis of lateral flow assays, delivering efficient results in diverse testing environments. For example, in December 2021, Eurofins Technologies, a diagnostic technologies provider based in Luxembourg, introduced the RapidScan ST5-W lateral flow reader to address the demand for a flexible, user-friendly, and accurate imaging platform for on-the-go testing in food and environmental settings. The instrument, compatible with various lateral flow tests, is designed to deliver swift and reliable results for contamination analysis, meeting the needs of both laboratory and field environments.
In December 2023, the U.S.-based software company Danaher Corporation successfully acquired Abcam plc for an undisclosed sum. This strategic move was intended to fortify Danaher Corporation's portfolio and market standing, bolstering its position in the life sciences and diagnostics sector. Abcam PLC, headquartered in the UK, is recognized for producing, distributing, and selling protein research tools along with universal lateral flow assay kits.
Major companies operating in the lateral flow assays market report are Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Merck KGaA, Hologic Inc., BioMerieux SA, PerkinElmer Inc., Quidel Corporation, Bio-Rad Laboratories Inc., Roche Holding AG, QIAGEN N.V., Alere Inc., OraSure Technologies Inc., Meridian Bioscience Inc., DiaSorin S.p.A., Molbio Diagnostics, Trinity Biotech, Chembio Diagnostics Inc., Novus Biologicals Inc., Coris BioConcept, HYCOR Biomedical, Diagnostic BioSystems GmbH, Express Diagnostics Ltd., Fujirebio Diagnostics Inc., Innova Diagnostics Inc., Leadtec Diagnostics Inc., S&D Diagnostics Inc., Standard Diagnostics Inc., St. Croix Biosciences Inc., V-Chek Diagnostics
North America was the largest region in the lateral flow assays market in 2023. Asia-Pacific is expected to be the fastest-growing region in the lateral flow assays market share during the forecast period. The regions covered in the lateral flow assays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the lateral flow assays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The lateral flow assay market consists of the sale of kits, reagents, and assemblies. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this lateral flow assay market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Lateral Flow Assays Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on lateral flow assays market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for lateral flow assays ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The lateral flow assays market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.