Lateral Flow Assay Market To Reach USD 8672.4 Million by 2028 at a CAGR of 6.4% | Valuates Reports

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Dec 15, 2022, 09:00 ET

BANGALORE, India, Dec. 15, 2022 /PRNewswire/ -- Lateral Flow Assay Market is segmented by Type (Sandwich Assays, Competitive Assays), BY Application (Medicine, Environment Testing, Food Safety) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.

Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Lateral Flow Assay market is projected to reach USD 8672.4 million by 2028 from an estimated USD 5977.1 million in 2022, at a CAGR of 6.4% during 2023 and 2028.

Major factors driving the growth of the Lateral Flow Assay Market

During the projected period, it is anticipated that the lateral flow assay market would rise at a faster rate due to the increased prevalence of infectious diseases. For instance, the WHO estimates that in 2020, tuberculosis will affect around 10 million people worldwide.

The spread of various chronic and infectious diseases, an increase in the use of home-based lateral flow assay kits, an increase in government initiatives to promote health awareness, an increase in the demand for point-of-care testing, an increase in the adoption of Lateral Flow Assay due to innovations, and the advantages of Lateral Flow Assay rapid tests over laboratory tests are some of the main factors driving the market growth for lateral flow assays. Additionally, the recent COVID-19 outbreak has helped the Lateral Flow Assay Market to develop.

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TRENDS INFLUENCING THE GROWTH Of LATERAL FLOW ASSAY MARKET

Simple-to-use, disposable, and affordable diagnostic tools called lateral flow assay (LFA) systems are used to check for biomarkers in blood and urine samples. As a result, LFA has recently attracted a lot of attention, particularly during the epidemic. Due to their simple user interfaces, quick assay times, minimal interferences, low costs, and ease of use by non-specialized individuals, lateral flow assays (LFAs) have generated interest. This method is based on the biochemical interaction of probe DNA and target DNA hybridization or antigen-antibody interaction. The lateral flow test kits have found use in the majority of industries where rapid diagnostic tests are necessary, including hospitals, clinical laboratories, and doctor's offices. This is because of their user-friendly designs, affordable prices, and quick assay times. These factors are expected to fuel the growth of the Lateral Flow Assay market.

The notion of daily life has changed as a result of the COVID-19 pandemic in practically every nation. It is crucial to do careful testing in order to combat this pandemic. One of the most promising methods for testing the novel coronavirus has been deemed to be the LFA. The body develops antibodies in response to exposure to a foreign body, in this case, SARS-CoV-2, which induces COVID-19. These antibodies are detected by the lateral flow immunoassay. This will further drive the growth of the Lateral Flow Assay market

Due to numerous contaminations, including poisons, infectious agents, and chemical contaminants, food safety is currently a major problem. In order to monitor food safety, it is necessary to design effective and user-friendly methods. Compared to conventional approaches, lateral flow tests provide a novel, straightforward, and quick alternative for the identification of food-borne diseases. In addition to the pharmaceutical industry, environmental testing, animal health, food, and feed testing, and plant and crop health are among additional industries that use lateral flow fast tests because of their versatility. The most convenient immunoassays for finding food pathogens are called lateral flow tests. This will further drive the growth of the Lateral Flow Assay market.

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LATERAL FLOW ASSAY MARKET SHARE ANALYSIS

The USA has a market share of approximately 35%, followed by Europe and China, each of which has a share of about 40%. During the projected period, it is anticipated that an increasing number of new entrants and approvals in this field would accelerate the industry's growth. With a market share of almost 65%, Sandwich assay is the most significant product category.

Sandwich assays are anticipated to have the highest revenue share because of their precision, accessibility, and simplicity. Without the need for trained workers, the test can also be employed in healthcare settings with limited resources. Sandwich assays are frequently used to detect bigger analytes that contain two or more binding sites or epitopes.

The largest use in terms of use is medicine, followed by food safety. Due to its simplicity of use, affordability, and ability to identify several markers in samples, lateral flow assays are being utilized more frequently for therapeutic medication monitoring. Such assays are used in a number of regulated and unregulated industries to produce full and semi-quantitative results.

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