DUBLIN, March 28, 2023 /PRNewswire/ -- The "Lateral Flow Assays Market by Product (Kits, Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Technique (Sandwich, Multiplex Detection Assay), End User (Hospitals, Home care) - Global Forecast to 2027" report has been added to
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The global lateral flow assays market is projected to reach USD 22.6 billion by 2027 from USD 20.5 billion in 2022, at a CAGR of 2.0% during the forecast period.
The growth of lateral flow assay market is due to the high prevalence of infectious diseases in many countries, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices whereas reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are restraining the market.
Urine samples accounted for the third largest share of lateral flow assays market in 2021
Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the third largest market share in 2021. The increasing use of urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing.
The Pharmaceutical & Biotechnology Companies segment is expected to witness the fastest growth during the forecast period
Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users.
The pharmaceutical & biotechnology companies segment is expected to witness the fastest growth during the forecast period. This growth is owing to increasing adoption of lateral flow assay readers and kits & reagents for quantitative detection of sample in pharmaceutical & biotechnology companies.
Asia-Pacific accounted for the second largest share of the lateral flow assays market in 2021
In 2021, Asia-Pacific accounted for the second largest share of the lateral flow assays market, followed by Europe, Latin America, and the Middle East & Africa. However, the North America is a leading region in the lateral flow assay market.
Being a high-growth market, many manufacturers are also extending their manufacturing bases in the Asia Pacific, which boasts low-cost manufacturing advantages and the availability of a skilled workforce, especially in China and India. These countries are also regarded as the most profitable manufacturing and R&D locations across the globe.
The key factors hindering market growth in this region are a lack of awareness about the advantages of near-patient testing products due to low literacy rates, lack of reimbursements, challenges related to locational remoteness, and the reluctance of physicians to change existing practices.
Competitive landscape
Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMerieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).
Premium Insights
High Prevalence of Infectious Diseases to Drive Market
Asia-Pacific to Register Highest CAGR During Forecast Period
Clinical Testing Segment Accounted for Largest Market Share in 2021
China to Register Highest Growth in Forecast Period
Developing Countries to Offer High Growth Opportunities in Forecast Period
Market Dynamics
Industry Trends
Detection of Hiv with Lateral Flow Assays
Increasing Adoption of Quantitative Lateral Flow Assays due to Availability of LFA Readers
Impact of Inflation and Recession on the Global Market
Drivers
High Prevalence of Infectious Diseases
Rapidly Increasing Geriatric Population
Growing Use of Home-Based Lateral Flow Assay Devices
Growing Demand for Point-Of-Care Testing
Need for Rapid Diagnostic Testing for COVID-19
Restraints
Inconsistent Results of Lateral Flow Assay Tests
Opportunities
Evolving Applications of Lateral Flow Assays
Rising Demand for Lateral Flow Assays in Food & Beverage Industry
Omicron Offers Growth Opportunities for Players in Lateral Flow Assay Market
Challenges
Limited Reimbursements for Lateral Flow Assay Products
Difficulties in Procuring Quality Raw Materials for the Development of Lateral Flow Assay Tests
Company Profiles
Key Players
Abbott Laboratories
F. Hoffmann-La Roche Ltd.
Quidel Corporation
Danaher Corporation
Siemens Ag
Becton, Dickinson and Company
Biomerieux Sa
Thermo Fisher Scientific Inc.
Perkinelmer Inc.
Qiagen N.V.
Other Players
Merck KGaA
Hologic, Inc.
Abcam plc
Surmodics, Inc.
Chembio Diagnostics, Inc.
Orasure Technologies
Dcn Diagnostics
Polysciences Inc.
Abingdon Health
Oranoxis Inc.
Aesku.Group GmbH
Bio Group Medical System S.R.L
Pharmact GmbH
Diesse Diagnostica Senese S.P.A.
Xiamen Biotime Biotechnology Co., Ltd.
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