Lateral Flow Assays Market worth over $11.7bn by 2027

Lateral Flow Assays Market size is set to surpass USD 11.7 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Lateral flow assays market growth is owing to the advancement in technologies, novel product launches as well as growing demand for various disease diagnosis. Moreover, regulatory bodies play a key role in managing and ensuring safety parameters of diagnostic devices that will further spur the market expansion.

 

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Increasing prevalence of infectious diseases across the globe will create growth opportunities

Infectious diseases are increasing across the globe attributed to the growing number of pathogens and microorganisms. Additionally, the lateral flow assays are widely used for dengue, malaria, influenza A & B, Chlamydia, HIV, Tuberculosis, Hepatitis and Epstein Barr virus infections. However, there are various barriers for the timely detection and treatment of infectious diseases such as pressure & access on the healthcare system and time-consuming laboratory methods. Due to these barriers, there is an increase in the demand of lateral flow test for the diagnosis of infectious diseases because of its easy to use, portable and compact nature, thereby fostering the industry growth.
 

Availability of substitute products may hamper the market demand

Lateral flow assays market is anticipated to grow lucratively credited to availability of superior quality point of care diagnostic devices that have wide range of applications. With the advent of advanced technologies coupled with availability of substitute products, such as PCR and molecular diagnostics, the demand for lateral flow assays is witnessing sluggish growth. Although, the lateral flow assays have high sensitivity and specificity for detecting malaria, the PCR and molecular diagnostic technologies have proved to be relatively more sensitive.
 

Studies have shown high accuracy in detecting P. falciparum by real-time PCR assays. Thus, infectious disease diagnosis has been revolutionized through advanced molecular techniques, thereby hampering the market progression. Further, the introduction of various quantitative and qualitative molecular assays such as real-time PCR, LAMP-PCR, multiplex PCR, and digital PCR is expected to limit the demand for lateral flow assays. PCR-based diagnostics provide rapid results and are comparatively less prone to cross-contamination because these tests are performed in automated thermal cyclers.
 

Lateral flow readers are widely used for R&D and sample testing applications

The readers segment accounted for more than 22% of the market share in 2020 led by the growing demand to ensure precise and accurate interpretation of results for R&D and sample testing applications. The rise in use of digital connectivity to enhance the capabilities of lateral readers to stimulate the segment growth. Further, introducing a digital connectivity platform in lateral flow readers is slated to revolutionize single-use diagnostic tests as the test results will be available at any laboratory setting, thereby saving time and driving the industry expansion.
 

Browse key industry insights spread across 250 pages with 355 market data tables & 18 figures & charts from the report,Lateral Flow Assays Market Size By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer}, 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lateral-flow-assays-market

 

Cardiac marker testing to showcase fastest market value

The cardiac marker testing was valued at USD 1.8 billion in 2020. Immunochromatography tests (ICT) such as CK-MB testing and myoglobin are the most common technologies for acute myocardial infection (AMI) POCT detection. They are fast with cost-effective, low sample volumes, and quantitative determination. Also, the CKMB biomarker not only helps to diagnose AMI but also reflects the extent of disease and assesses prognosis. Further, cardiac biomarker detection via ICT has become a popular research area in recent years due to its rapid, sensitive, and quantitative detection that can reduce mortality and evaluate prognosis of AMI.
 

Widespread use multiplex detection assays owing to its benefits will observe significant market revenue

The multiplex detection assays segment is predicted to reach USD 3.2 billion by 2027. The technique is used for the detection of multiple targets in a single test, rather than using various individual tests. One of the key advantages of the technique is that it can help detect various targets using small sample volumes. It helps assist diagnosis when detecting a high number of markers and in confirming the presence of various contaminants in high volume feed and food testing. The technique offers cost-saving benefits to end users in the field or laboratory settings by testing for multiple targets simultaneously.
 

Growing number of diagnostic laboratories will attract significant customer base

Diagnostic laboratories segment is estimated to attain a CAGR of 6.6% till 2027 impelled by the increasing number of pathology tests and diagnostic laboratories. Moreover, increasing cases of chronic conditions such as obesity, cardiovascular disease and cancer globally will upsurge the demand for diagnostic laboratories, thereby supplementing the industry progression.
 

Wide-scale usage of lateral flow tests in various healthcare settings of the European countries will accelerate the regional growth

Europe lateral flow assays market is poised to expand at over 7.2% CAGR during 2021 to 2027. In western Europe, point of care testing (POCT) including lateral flow assays as well as lateral flow-based technology or platform is widely used in various healthcare setting. 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.
 

Companies undertake growth strategies to strengthen their business portfolio and revenue

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

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