Global Lateral Flow Assays Market Size Will reach USD 14,128.7 Million by 2030: Astute Analytica

NEW DELHI, May 24, 2022 /PRNewswire/ -- The study conducted by Astute Analytica forecasts growth in revenue of the Global Lateral Flow Assays Market from US$ 9,165.7 Mn in 2021 to US$ 14,128.7 Mn by 2030. The market is registering a CAGR of 5% over the forecast period 2022-2030. Today, lateral flow tests have become synonymous with COVID-19 (SARS-CoV-2). However, lateral flow technology has been existing long before COVID.

A lateral flow assay is a simple to use diagnostic device which is used to confirm the presence or absence of a target analyte, such as pathogens or biomarkers in humans or animals, or contaminants in water supplies, foodstuffs, or animal feeds. The most commonly known type of lateral flow rapid test strip is the pregnancy test. Recently though, lateral flow tests have been placed in the forefront for quickly detecting SARS-CoV-2 which causes COVID-19. Thus, lateral flow assays (LFAs) are the technology behind low-cost, simple, rapid, and portable detection devices popular in biomedicine, agriculture, food, and environmental sciences.

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The growing impetus of the market is attributed to factors such as the need for rapid diagnostic testing for COVID-19 and the high prevalence of infectious diseases. COVID-19 pandemic hit the world in 2020 and the need for rapid diagnostic testing had skyrocketed to prevent the spread of COVID. Lateral flow tests for COVID-19 are more commonly referred to as rapid tests kits/ rapid antigen tests. Rapid COVID-19 test kits usually make use of mucus obtained through a nose or throat swab. Rapid antigen testing was beneficial for preventing the spread of COVID because it could detect the presence of proteins from the COVID virus even when a person had no symptoms. Thus, rapid antigen (lateral flow) testing could help spot asymptomatic individuals before they have a chance to infect others. Furthermore, increased globalization has allowed infectious diseases to quickly spread to different parts of the world and cause widespread infection, thereby propelling the market growth. However, the inconsistent results of lateral flow assay tests may hamper the market growth.

Segmental Analysis of the Global Lateral Flow Assays Market

The segmentations considered to analyze the Global Lateral Flow Assay Market are based on product & services, indications, technique, end-users, distribution channel, and region. Based on products & services, the LFA kits hold the highest share in the global market in 2021. In terms of indication, the infectious diseases segment occupies the highest share in the lateral flow assay market in 2021. Further, based on end-users, hospitals & clinics are the highest end-users in the market in 2021. North America is the highest shareholder region in the Global Lateral Flow Assay Market in 2021.

Regional Analysis of the Global Lateral Flow Assays Market:

• North America is the highest shareholder region in the Global Lateral Flow Assay Market in 2021. The US is the highest shareholder country in the region. This is because in the US the pressure of cost and quality management are pushing the need for rapid and decentralized testing. Further, in terms of products and services, the LFA kits segment holds the highest share in the lateral flow assays market of North America.
• Europe holds the second-highest share in the Global Lateral Flow Market in 2021. Western Europe holds the highest market share; and Germany is the highest shareholder country in the region, followed by the UK. Based on indication, the infectious diseases segment holds the highest market share in 2021. Further, sexually transmitted diseases hold the highest share within the infectious diseases segment.
• Asia Pacific registers the highest CAGR over the projection period due to the highest cumulative share of chronic and infectious disease cases in the world. China is the highest shareholder country in the APAC region while India registers the highest annual growth rate over the forecast period. This is due to the growing population of these countries.
• South Africa is the highest shareholder country in the Middle East & Africa lateral flow assay market in 2021 and further registers the highest CAGR over the forecast period. In terms of technique, the sandwich assays hold the highest market share in 2021. Further, hospitals and clinics are the highest end-users in the lateral flow assay market of MEA.
• Brazil holds the highest share in the South America lateral flow assays market in 2021 and is projected to continue its dominance over the projection period 2022-2030. In terms of distribution channels, the hospital pharmacies segment holds the highest market share in 2021.

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Competitive Landscape

The key players in the Global Lateral Flow Assay Market are Abbott Laboratories (Alere Inc), BioMérieux SA, PerkinElmer Inc, and Hologic Inc., among others.

Recent Developments in the Global Lateral Flow Assay Market

• In June 2021, Beckman Coulter-a diagnostic subsidiary of Danaher Corporation announced that it has entered into definitive agreements with Quidel Corporation to obtain all rights related to the manufacture, distribution, and sale of a BNP assay for Beckman Coulter analyzers.
• In February 2021, PerkinElmer changed COVID-19 rapid testing landscape with the highly sensitive point of care antigen test for mass screening. The lateral flow immunoassay test can be used to screen or to aid in diagnoses of COVID-19 in asymptomatic or symptomatic individuals.
• In September 2020, Roche launched SARS-CoV-2 rapid antigen test in countries accepting CE mark, allowing fast triage decisions at point of care. The SARS-CoV-2 rapid antigen test is for use in point of care settings for both symptomatic and asymptomatic people.
• In October 2020, Siemens AG launched its Clinitest rapid COVID-19 antigen test in Europe, which can identify persons infected with SARS-CoV-2 in 15 minutes.

Segmentation Overview

The following are the different segments of the Global Lateral Flow Assay Market:

By Product & Services segment of the Global Lateral Flow Assays Market is sub-segmented into:

• Readers
• Bench-top Readers
• Hand-held Readers
• LFA Kits
• Test Strips
• Dipsticks
• Cassettes
• Lancets

By Indications segment of the Global Lateral Flow Assays Market is sub-segmented into:

• Infectious Diseases
• Mosquito-borne Diseases
• Streptococcus Infections
• Sexually Transmitted Diseases
• Hepatitis
• Tuberculosis
• Asthma
• Pneumonia
• Sepsis
• Gastrointestinal Infections
• Others
• Pregnancy Test
• Drug of Abuse Testing

By Technique segment of the Global Lateral Flow Assays Market is sub-segmented into:

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

By End User segment of the Global Lateral Flow Assays Market is sub-segmented into:

• Hospitals & Clinics
• Diagnostics Laboratories
• Home Care Settings
• Pharmaceuticals & Biotechnology Companies
• Other

By Distribution Channel segment of the Global Lateral Flow Assays Market is sub-segmented into:

• Hospital Pharmacies
• Retail Pharmacies
• Supermarkets/ Hypermarkets
• e-Commerce

By Region segment of the Global Lateral Flow Assays Market is sub-segmented into:

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
•  France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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