The increase in the prevalence of infectious diseases is expected to drive the growth of global lateral flow assay in the forecast period, 2024-2028.
According to TechSci Research report, “Lateral Flow Assay Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, global lateral flow assay market is anticipated to grow at an impressive rate in the forecast period,2024-2028. This can be ascribed to the growing prevalence of infectious diseases across the world along with the growing geriatric population. Similarly, increasing demand for point care testing along with growing demand for home-based lateral flow assay tests is expected to create lucrative growth during the forecast period. Additionally, growing awareness about new tests for the easy detection of infectious diseases is anticipated to boost market growth during the forecast period. However, growing collaborations between major players along with increasing initiative and investment by government organizations for the development of new assay kits in developing regions like North America and Europe is expected to enhance the demand for the later flow assay market during the forecast period. Similarly, the availability of skilled professionals is one of the major factors which will further boost the market growth over the years.
However, strict and time-consuming regulations for lateral flow assays carried out in labs to detect diseases may hamper the growth of the global lateral flow assay market during the forecast period. Similarly, the lack of skilled professionals for handling the lateral flow assay test may hamper the growth of the market. Also, the high cost of lateral flow assays and lack of awareness about new assays can further restrict the growth of the global lateral flow assay market. Also, easier to perform and less expensive than laboratory testing can limit the growth of the market growth.
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The global lateral flow assay market can be segmented by product, application, technique, test type, the end user, and by region.
Based on the product, the global lateral flow assay market can be segmented into Kits & Reagents, Lateral Flow Readers, and Others. The kits and reagents segment dominates the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the increasing prevalence of infectious diseases and the increasing demand for the usage of lateral flow assay kits in home care settings. Similarly, the availability and launch of new kits by major players are expected to create significant growth during the forecast period.
Based on technique, the market can be segmented into Sandwich Assay, Competitive Assay, and Multiplex Detection Assay. The Multiplex Detection Assay segment is expected to dominate the market during the forecast period on account of the growing development of different multiplex lateral flow assays for the research and development sector along with growing demand for technologically advanced assays across the globe.
Major companies operating in global lateral flow assay market are:
- Thermo Fisher Scientific, Inc.
- Abbott Laboratories, Inc.
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- Quidel Corporation
- Hologic, Inc.
- bioMérieux SA
- PerkinElmer, Inc.
- Danaher Corporation
- QIAGEN N.V.
Major companies operating in the market are focusing on new product and technology launches, entering collaborations and partnerships in order to accelerate the research related to healthcare and have an edge over other players operating in the market. For instance, in December 2021, Eurofins Technologies (Paris: ERF), a supplier of test kits and systems for laboratory analyses, announces the launch of its new Rapid Scan ST5-W lateral flow reader, specifically designed for field and in-process testing applications requiring qualitative to semi-quantitative test results.
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“North America is expected to dominate The Global Lateral Flow Assay Market on account due to the growing popularity of self-diagnosis along with increasing public awareness about easy diagnostic tests across the region. Furthermore, increasing the number of new entrants and approvals in the healthcare sector and growing initiatives by government organizations for the development of new assays are further contributing to the demand for lateral flow assays. Similarly, government organizations are taking initiative and investing in the medical field for the development of better healthcare infrastructures which will further boost the growth of the market during the forecast period. Besides, the growing demand for point care testing because of the increasing incidence of chronic diseases along with the growing adoption of new assays among patients and healthcare providers across the region is further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Lateral Flow Assay Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Kits & Reagents, Lateral Flow Readers, Others), By Application (Clinical Testing, Cardiac Marker Testing, Pregnancy & Fertility Testing, Veterinary Diagnostics, Others), By Technique (Sandwich Assay, Competitive Assay, Multiplex Detection Assay), By Test Type (Lateral Flow Immunoassay v/s Nucleic Acid Lateral Flow Assay), By End User (Hospitals & Clinics, Diagnostic Laboratories, Others) and By Region”, has evaluated the future growth potential of global lateral flow assay market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global lateral flow assay market.
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