Global Lateral Flow Assays Market to 2031: Increasing Prevalence of Home-Based Lateral Flow Tests Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Lateral Flow Assays Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 To 2031" report has been added to ResearchAndMarkets.com's offering.

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

Companies Mentioned

• Abbott Laboratories (United States)
• Quidel Corporation (United States)
• F. Hoffman-La Roche AG (Switzerland)
• Danaher Corporation (United States)
• Siemens AG (Germany)
• B.D. (United States)
• Bio-Rad Laboratories (United States)
• Thermo Fisher Scientific Inc. (United States)
• PerkinElmer Inc. (United States)
• Hologic Inc. (United States)

The global market for lateral flow assays is anticipated to expand at a CAGR of 2.2% during the forecast period of 2023 to 2031.

The high prevalence of infectious diseases worldwide, the rapid development of the elderly population, the rising need for point-of-care testing, and the increasing use of home-based lateral flow assay equipment are the primary factors driving the expansion of this market.

On the other hand, doctors' and patients' unwillingness to adapt existing diagnostic processes, as well as the low accuracy of lateral flow assays, are the primary obstacles.

Globally High Frequency of Infectious Disease as A Cause

Despite great advances in sanitation and medicine, the frequency of infectious diseases remains high throughout the world. Even though noncommunicable illnesses are the largest cause of morbidity and mortality, infectious diseases continue to be a global public health problem. In poor nations, the high frequency of infectious diseases such as HIV and malaria, along with underdeveloped healthcare infrastructure and rising public awareness, is anticipated to increase the adoption of lateral flow assay testing.

Rapidly Growing Elderly Population

Chronic diseases such as cystic fibrosis, hepatitis, cardiovascular ailments, and cancer are frequently the outcome of age-related physiological changes and metabolic inefficiency. Due to weakening immune systems, individuals aged 65 and older are more prone to various disorders and infectious infections. With the increasing prevalence of chronic diseases, the need for early and accurate disease identification is expanding.

Increasing Prevalence of Home-Based Lateral Flow Tests

In the management of cardiovascular and infectious diseases, home-based lateral flow assay instruments play a crucial role. Potentially empowering patients to conduct self-tests at home, these devices are also particularly useful for detecting pregnancy and stigmatized illnesses such as HIV.

As a result, the growing prevalence of these diseases and the increased implementation of lateral flow assay tests in-home care settings are anticipated to increase the demand for lateral flow assays. During COVID-19, several companies introduced home-based lateral flow assays for COVID-19 testing, as individuals feared getting tested at diagnostic laboratories or hospitals due to the huge volume of patients.

Demand For Point-Of-Care Diagnostics Is Increasing

Currently, the majority of diagnostic tests performed worldwide are laboratory-based. However, point-of-care (POC) testing based on lateral flow assays are rapidly replacing lengthy, conventional laboratory procedures. Due to the fact that point-of-care diagnostic tests require less complex infrastructure and training, they are less expensive than typical laboratory diagnostic procedures. The market for lateral flow assays is predicted to be dominated by point-of-care (POC) testing due to its importance in the face of a growing illness burden.

Market Segmentation

Type

• Kits & Reagents
• Lateral Flow Readers
• Lateral Flow Readers
• Benchtop Readers
• Digital Readers

Application

• Clinical Testing
• Infectious Disease Testing
• COVID-19
• Mosquito-Borne Disease Testing
• Influenza Testing
• Sexually Transmitted Infection Testing
• STI Testing
• HIV Testing
• HPV Testing
• Chlamydia Testing
• Gonorrhea Testing
• Syphilis Testing
• Other STI Testing
• Hepatitis
• Tuberculosis
• Other Infectious Diseases
• Cardiac Marker Testing
• Troponin I and T Testing
• CK-MB Testing
• BNP and NT-Probnp Testing
• Myoglobin Testing
• D-Dimer Testing
• Other Cardiac Marker Tests
• Pregnancy & Fertility Testing
• Pregnancy Testing
• Fertility Testing
• Cholesterol Testing/Lipid Profile
• Drugs of Abuse Testing
• Other Clinical Tests
• Veterinary Diagnostics
• Food Safety & Environment Testing
• Drug Development & Quality Testing

Technique

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

Test Type

• Lateral Flow Immunoassay
• Nucleic Acid Lateral Flow Assay

Sample

• Blood Samples
• Urine Samples
• Saliva Samples
• Other Samples

End User

• Hospitals & Clinics
• Diagnostics Laboratories
• Home Care Settings
• Pharmaceuticals & Biotechnology Companies
• Other End User

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Lateral Flow Assays market?
• What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Lateral Flow Assays market?
• Which is the largest regional market for Lateral Flow Assays market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Lateral Flow Assays market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Lateral Flow Assays market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/iimkms

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