Lateral Flow Assay Market is projected to reach a valuation of US$ 6.9 billion by 2033

The lateral flow assay market is predicted to be worth US$ 4.3 billion in 2023, rising to US$ 6.9 billion by 2033. Throughout the forecast period, lateral flow assay sales are expected to grow at a CAGR of 4.7%.

The lateral flow assay (LFA) is a well-known commercial tool in the field of on-site diagnosis because it produces accurate, rapid, and economical results, similar to at-home pregnancy tests.

Lateral flow assay technology has advanced fast over time and is now widely used for companion diagnostic and point-of-care applications.

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Because of its many advantages, such as portability, low production costs, quick results, and general usage, home-based lateral flow assay equipment is becoming more popular.

The benefits of lateral flow assay-based point-of-care testing include cost savings, fewer doctor visits, and lower laboratory overhead expenses, which increase treatment quality.

LFA considerably aids in the detection of infectious diseases. It is usually used to diagnose infectious disorders such as influenza, STDs, and tuberculosis.

Leading in-vitro clinical diagnostic equipment manufacturers are developing new point-of-care tests that are expected to yield reduced variability and more consistent test results.

Growth Drivers:

Rapid test diagnostics will most likely be fuelled by technical improvements, considerable collaboration efforts among key pharmaceutical sector actors, funding initiatives, and the presence of reimbursement agencies.

Home diagnostics companies are heavily promoting and selling their lateral flow assay solutions on the internet. This ensures that the products are visible to the broader public. Furthermore, manufacturers are striving to broaden their client base through awareness campaigns.

Increasing competition in the European food industry, as well as the creation of the European validation system for alternative food testing methods, MICROVAL, enable Europe to catch up to the United States in the use of rapid food testing processes.

Furthermore, major food-exporting countries such as Mexico and Brazil, as well as Asia Pacific’s developing processed food sectors, provide additional potential opportunity for lateral flow assay operators.

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Regional Insights:

According to a report released in January 2020 by the US Department of Health and Human Services, 38,000 new HIV infections occur in the US each year, and over 37,832 people were diagnosed with HIV in 2018. Many infectious diseases, such as meningitis and urinary tract infections, have been reported to spread rapidly, necessitating an immediate diagnosis. This has increased demand for rapid diagnostic test equipment and spurred market growth.

Due to growing adoption of modern infrastructure, diagnostic facilities, and increased public awareness, the United Kingdom is predicted to see market expansion, allowing it to maintain its excellent revenue share of US$ 305.2 million.

Furthermore, the pandemic had a significant impact on the area, forcing the government to implement comprehensive screening programmes, which aided in the growth of the local market.

Competitive Landscape:

• Abbott Laboratories
• Becton, Dickinson and Company
• Biomérieux SA
• Bio-Rad Laboratories
• Danaher Corporation
• F Hoffmann-La Roche Ltd.
• Merck
• Quidel Corporation
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.

Latest Development:

Eurofins Technologies’ RapidScan ST5-W lateral flow reader will be available in December 2021. It was created for use in field and in-process testing applications that require qualitative to semi-quantitative test results.

In January 2021, Abbott announced that their Panbio COVID-19 Ag Rapid Test Device, which can identify the SARS-CoV-2 virus for asymptomatic screening and self-administered sample collection using a nasal swab, had been given CE Mark for two new applications.

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Key Segments Covered in the Market Report

By Application:

• Clinical Testing
• Veterinary Diagnostics
• Food Safety & Environmental Testing
• Drug Development & Quality Testing

By Technique:

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays
• By Sample Type:
• Blood Samples
• Urine Samples
• Saliva Samples
• Others
• By Type
• Kits & Reagents
• Lateral Flow Readers

By End User:

• Hospitals & Clinics
• Diagnostics Laboratories
• Home Care Settings
• Pharmaceuticals & Biotechnology Companies
• Others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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