Home > Pressrelease > Lateral Flow Assays Market size to exceed $12.1bn by 2028

Lateral Flow Assays Market size to exceed $12.1bn by 2028

  • Published Date: March 9, 2022

Lateral Flow Assays Market size is set to exceed USD 12.1 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Lateral flow assays industry is witnessing robust growth owing to advancement in technologies coupled with growing demand for various disease diagnosis. Some of the key developments include the use of gold nanoparticles (colloidal nanoparticles) GNPs or novel combinations of GNPs that provides refined clinical outcomes in catalytic amplification of the signal.
 

In addition to this, the integration of electrodes with lateral flow assay strip allows the use of electrochemiluminescent (ECL) tracers delivering optimum sensitivity along with broad range of detection range & enhanced reproducibility. Such advancement reduces diagnostic costs & improves diagnostic efficiency for diseases, thereby augmenting the market expansion.
 

Increasing prevalence of infectious diseases across the globe is expected to create growth opportunities

The surging prevalence of infectious diseases such as STIs, tuberculosis, influenza, severe acute respiratory syndrome (SARS) and pneumonia among others is expected to proliferate the market potential. For instance, as per the World Health Organization (WHO) report, in 2020, tuberculosis (TB) accounted for 1.5 million deaths and was the second leading infectious disease inflicting mortalities after COVID-19. During the same timeframe, around 10 million people were diagnosed with tuberculosis (TB) globally. This inflicts substantial disease burden in developing countries especially in India, China, Indonesia, Bangladesh, and South Africa, among others. Such countries possess high market growth potential owing to proliferating incidence and prevalence rates that are anticipated to drive the demand for lateral flow assays for timely disease diagnosis.
 

Availability of substitute products may hamper the market expansion

Lateral flow assays market growth is expected to be hindered owing to the availability of relatively superior point of care diagnostic devices having wide range of applications. Also, the COVID-19 pandemic has considerably fueled the demand for PCR testing in the clinical diagnostic and drug development may act as a substitute to lateral flow assays. As per the Journal of Infection, the SARS-CoV-2 nucleocapsid ELISA represents a low-cost alternative to lateral flow testing. This may result in loss of potential clients and sales. The threat of such substitute products is expected to increase in the coming years owing to the technological advancements and increasing applications in target diseases diagnosis.
 

Technological advances and new product launches are set to drive the segmental growth

Based on product, the lateral flow assays market is segment into kits and readers. The readers segment accounted more than 22.5% market share in 2021 and is estimated to show similar trend during the forecast timeframe. The emergence of digital readers resulting from the increasing use of digital connectivity is expected to promote the capabilities of lateral flow readers. Also, technological advances and new product launches are set to drive the segmental expansion. For instance, in February 2022, UnifAI Technology’s Advanced AI digital reader was accredited with the special use authorization from the Medicines and Healthcare products Regulatory Agency (MHRA). This reader is an AI-driven remote diagnostic capability that enables the clinicians to read COVID-19 lateral flow diagnostic tests results using smart phone. Such developments are anticipated to drive the industry growth significantly.
 

Cardiac marker testing is expected to witness fastest CAGR

Based on application, the lateral flow assays market is divided into infectious disease, cardiac marker testing, pregnancy & fertility testing, cholesterol testing, drug of abuse testing and others. The cardiac marker testing accounted for nearly USD 2.1 billion revenue in 2021. High segmental growth is attributed to an increase in the prevalence of cardiovascular diseases along with the rapidly growing elderly population across the globe. Elderly people are more prone to different cardiovascular ailments, specifically heart attack, stroke, and coronary artery disease among others owing to their compromised immune system. As per the Centers for Disease Control and Prevention (CDC), most individuals detected with heart diseases are 65 years and above. Thus, the growing need for early-stage disease diagnosis is propelling the product demand for precise cardiac disease detection and to suggest appropriate treatment for optimum outcomes.
 

Browse key industry insights spread across 231 pages with 357 market data tables & 18 figures & charts from the report,Lateral Flow Assays Market Statistics By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer, Troponin I}, Pregnancy & Fertility Testing {Pregnancy Testing, Fertility Testing}, Cholesterol Testing, Drug of Abuse), By Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By End-use (Hospital & Clinics, Diagnostic Laboratories, Homecare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lateral-flow-assays-market

 

Widespread use multiplex detection assays owing to its benefits will fuel overall market statistics

Based on technique, the lateral flow assays market is segmented into sandwich assays, competitive assays, and multiplex detection assays. The multiplex detection assays segment is expected to reach over USD 3.3 billion by 2028. The robust expansion is owing to capability & versatile functionality that aids in detection of multiple targets using a single test and small sample volumes. Clinical advantages offered by these assays include the ability to analyze several analytes independently & quantitatively and enable the collection of data using multiple beads for each ligand to offer statistical precision. Also, the potential cost-effectivity and lower turn-around time accrued by use of multiple detection assay relatively offers a strong impetus for its increased application in the research and clinical laboratories. Such benefits associated with multiplex detection assays is estimated to fuel the market forecasts.
 

Homecare settings segment is expected to boost the market statistics

Based on the end-use, the lateral flow assays market is bifurcated into hospital & clinics diagnostic laboratories, homecare settings and others. Homecare settings segment is expected to exhibit 6.2% CAGR during the analysis period. The increased adoption and launch of user-friendly lateral flow assays for use in home care settings are the key factors driving the segmental demand. For instance, in June 2021, Novacyt, a clinical diagnostics company announced plans to commercialize its PathFlow COVID-19 antigen lateral flow tests (LFTs) to bolster its COVID-19 diagnostics portfolio. These tests are instrument-free and offers easy operability for patients in home care settings. Such product launch is expected to drive the use of lateral flow assays in home care settings, thereby fueling the market growth.
 

Wide-scale usage of lateral flow tests in various healthcare settings of the European countries will spur the regional market trends

Europe lateral flow assays market is estimated to register a CAGR of over 6.1% during the forecast period. Point of care testing (POCT) including lateral flow assays as well as lateral flow-based platform or technology is widely used in various healthcare setting especially in western Europe. The academic centers and hospitals in countries such as Belgium and Germany among others perform more than 25% of laboratory tests in POC setting. Furthermore, in Germany, lateral flow assays are also performed in other medical facilities such as outpatient nursing care, pharmacies, and home visits. Thus, wide scale use of lateral flow assays in various countries of Europe is expected to boost the regional market demand.
 

Companies undertake growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the lateral flow assays market include Abbott, BioMerieux, Bio-Rad Laboratories, Quidel Corporation, Abingdon Health, and F. Hoffmann La Roche among others. These market players focus on strategies such as innovative product development & launches, mergers & acquisitions, and collaboration to garner more revenue and sustain market competition.
 

For instance, in June 2021, Avacta Group, a biotechnology company dealing in diagnostics and cancer therapies, entered into a non-exclusive distribution agreement with Calibre Scientific, a global provider of life science products, to distribute and sell Avacta’s AffiDX SARS-CoV-2 antigen lateral flow test in the UK and European Economic Area (EEA). This strategy is expected to maintain long term business relations as well as strengthen its presence in untapped economies.
 

Authors: Sumant Ugalmugale, Rupali Swain