According to the latest report by IMARC Group, titled “Lateral Flow Assay Market: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the lateral flow assay market share. The global lateral flow assay market size reached US$ 9.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.
Lateral flow assay (LFA), or lateral flow immunochromatographic assay, is a paper-based testing solution used in laboratories to detect analytes in complex mixtures. It involves the use of a sample pad, reaction membrane, conjugate pad combined with biorecognition elements and absorbent pad. LFA is widely used in drug development, veterinary diagnostics, pregnancy, tuberculosis, food safety, influenza, drug abuse and D-dimer testing. It also assists in producing simple, rapid, cost-effective and portable detection devices that are utilized for testing biological samples of serum, plasma and blood. As a result, it finds extensive applications in clinics, diagnostic laboratories, hospitals and pharmaceutical manufacturing units.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The global lateral flow assay market is primarily being driven by the increasing prevalence of chronic and infectious diseases. LFA is widely used to detect the presence of pathogens or biomarkers in samples of food, saliva and urine. Moreover, various technological advancements, such as the development of novel smartphone applications, are providing a thrust to the market growth. These applications are integrated with artificial intelligence (AI) and machine learning (ML) solutions to automate the accurate reading of the samples. In line with this, the recent outbreak of coronavirus disease (COVID-19) has favored the market growth. LFA kits are widely adopted to detect patients with antibodies and those that have been cured of the infection.
Breakup by Technique:
Sandwich AssaysCompetitive AssaysMultiplex Detection AssaysBreakup by Product:
Kits and ReagentsLateral Flow ReadersDigital/Mobile ReadersBenchtop ReadersBreakup by Application:
Clinical TestingInfectious Disease TestingCardiac Marker TestingPregnancy and Fertility TestingCholesterol Testing/Lipid ProfileDrug Abuse TestingOthersVeterinary DiagnosticsFood Safety and Environment TestingDrug Development and Quality TestingBreakup by End User:
Hospitals and ClinicsDiagnostic LaboratoriesHome CarePharmaceutical and Biotechnology CompaniesOthersBreakup by Region:
North America (United States, Canada)Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)Latin America (Brazil, Mexico, Others)Middle East and AfricaCompetitive Landscape with Key Player:
Abbott LaboratoriesBecton Dickinson and CompanyBiomerieux SABio-Rad Laboratories Inc.Danaher CorporationF. Hoffmann-La Roche AGHologic Inc.Merck KGAAPerkinelmer Inc.Qiagen N.V.Quidel CorporationSiemens Healthineers AG (Siemens AG)Thermo Fisher Scientific Inc.Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/lateral-flow-assay-market
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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