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Lateral flow assays, also known as immunochromatographic strip tests, are simple devices used to detect the presence or absence of targeted analytes in samples without the need for specialized and costly equipment. Lateral flow assays are compact and portable, and they can analyze biological fluids like blood, urine, and saliva to detect conditions or monitor the levels of compounds. They are commonly used in home pregnancy tests and rapid infectious disease tests. The global lateral flow assay market offers solutions for testing applications in clinical healthcare, veterinary diagnostics, food safety and beverage testing, and environmental monitoring. The market players also provide analyzers, readers, and associated consumables for quantitative and semi-quantitative measurements.
The global lateral flow assay Market is estimated to be valued at US$ 5.6 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
(Lateral Flow Assay Market is Expected to be Flourished by Rising Adoption for POC Testing)
One of the major drivers facilitating the growth of the lateral flow assay market is the rising adoption of point-of-care (POC) testing. Lateral flow assays allow for diagnostics to be performed near the patient without the need for expensive laboratory equipment or specialized technicians. This brings convenience and reduces the need for sample transportation. POC testing enables faster care and treatment decisions. For example, lateral flow tests are increasingly used to detect blood-borne infections like HIV and perform diabetes monitoring near patients. The versatility and portability of lateral flow assays have boosted their adoption across various clinical settings as well as for at-home diagnostic use. Furthermore, self-testing has gained popularity as it empowers patients and ensures privacy. Such benefits of lateral flow assays are expected to further the growth of POC applications and thereby propel the market during the forecast period.
Segment Analysis
The global lateral flow assay market can be segmented based on product type, technique, application, and end-user. By product type, the market is dominated by kits & reagents segment owing to their widespread usage for conducting lateral flow assays for detecting presence or quantity of targeted analytes such as proteins and antibodies in samples. The kits & reagents segment accounted for around 65% share of the total market in 2023 due to rising demand for easy-to-use and cost-effective assay kits.
PEST Analysis
Political: Regulations regarding quality standards and testing procedures for in vitro diagnostic devices influence the market. However, growing support from governments worldwide for reliable and low-cost point-of-care testing augurs well for the market.
Economic: Rising geriatric population and increasing incidence of chronic and infectious diseases drive the demand for lateral flow assays from diagnostic and healthcare sectors. However, pricing pressures may hamper market revenue growth to some extent.
Social: Increased awareness about early diagnosis and preventive healthcare boosts adoption of home-use lateral flow assay devices for testing conditions like pregnancy, HIV, and diabetes.
Technological: Developments in lateral flow platforms focusing on multiplexed detection, improved sensitivity, integrated data reporting, and smartphone-assisted readings are expected to expand the market scope over the forecast period.
Key Takeaways
The global lateral flow assay market is expected to witness high growth on account of rising demand for easy-to-use, low-cost, and reliable point-of-care diagnostic devices. The global Lateral Flow Assay Market is estimated to be valued at US$ 5.6 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the market currently owing to rising prevalence of chronic diseases and favorable reimbursement policies for clinical tests in the region. The market in Asia Pacific is projected to grow at the fastest pace during the forecast period led by increasing healthcare investments, rising medical tourism, and expanding disease diagnostic sector in emerging countries like China and India.
Key players
Key players operating in the lateral flow assay market are Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
