PUBLISHER: The Business Research Company | PRODUCT CODE: 1643969
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643969
Lateral flow immunoassay (LFIA) based rapid tests are diagnostic tools used to detect the presence or absence of specific substances in a sample, often delivering results within a short time. These tests are a critical component in medical diagnostics, leveraging antibodies to identify biomarkers related to various conditions.
The LFIA based rapid test market consists of sales of LFIA based rapid test equipment used to run LFIA based rapid test and related services. These are testing devices used to assess the existence of a target, such as pathogens or biomarkers, in samples of urine, blood or saliva obtained from the human body.
The global lateral flow immunoassay (LFIA) based rapid test market was valued at $6,884.41 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
High Prevalence Of Infectious Diseases
The high prevalence of infectious diseases drove the growth of the LFIA based rapid test market during the historic period. Increased global outbreaks of diseases such as influenza, COVID-19 and various viral and bacterial infections heightened the demand for rapid diagnostic solutions that could provide quick and accurate results. LFIA tests, known for their ease of use and minimal requirement for specialized equipment, became crucial for healthcare settings, enabling timely disease detection and management. For instance, in 2023, according to the World Economic Forum, a Switzerland-based international non-governmental organization, infections such as influenza and respiratory syncytial virus (RSV) have increased since the pandemic. In the USA, an estimated 24 million illnesses, 260,000 hospitalizations and 16,000 deaths from the influenza have occurred as of February 2023. Additionally, in 2022, according to the National Library of Medicine, the world's largest biomedical library, the Netherlands saw a sevenfold rise in the number of reportable invasive Streptococcus pyogenes (iGAS) infections among children aged 0-5, compared to the years before the COVID-19 pandemic. Therefore, the high prevalence of infectious diseases drove the growth of the LFIA based rapid test market.
Focus On Portable Point-Of-Care Diagnostics For Rapid Management Of Critical Health Emergencies
Major companies operating in the LFIA based rapid test market are focusing on portable, point-of-care diagnostics that prioritize speed, ease of use and specificity to manage critical health emergencies effectively. By advancing tests that deliver rapid results, these companies aim to support timely decision-making in emergency settings, such as stroke and cardiac events, where immediate diagnosis can significantly impact patient outcomes. For example, in February 2024, Upfront Diagnostics, a UK-based healthcare company, planned to launch LVOne test, a rapid diagnostic tool designed to identify large vessel occlusion (LVO) strokes within 15 minutes using a fingerprick blood sample. It employs two portable lateral flow assays to detect specific biomarkers, the fibrin degradation D-dimer and glial fibrillary acidic protein (GFAP) from capillary blood. These biomarkers help paramedics quickly triage stroke patients, enabling faster transport to specialized stroke centers for urgent treatment.
The global lateral flow immunoassay (LFIA) based rapid test market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.95% of the total market in 2023.
Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global lateral flow immunoassay (LFIA) based rapid test market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for lateral flow immunoassay (LFIA) based rapid test? 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 immunoassay (LFIA) based rapid test 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 history and forecasts market growth by geography. It places the market within the context of the wider lateral flow immunoassay (LFIA) based rapid test market; and compares it with other markets.