Global lateral flow assays market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5% during the forecast period (2021-2027F). Lateral flow assays are simple paper-based devices that are used for medical diagnostics either for home testing, point of care testing, or laboratory use. They are intended to detect the presence (or absence) of a target analyte in liquid sample (matrix) without the need for specialized and costly equipment.
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The global lateral flow assays market is anticipated to witness an uptick owing to the change in lifestyle and growing prevalence of lifestyle & infectious diseases such as cardiovascular disease, diabetes, TB, hepatitis B, among others. For instance, according to the World Health Organization, TB is the 13th leading cause of death and the second leading infectious killer after COVID-19. Also, in 2020, a total of 1.5 million people died from TB including 214,000 people with HIV globally. Owing to these facts and the rapid development of lateral flow assays for facilitating diagnosis across several applications, such as healthcare, environmental testing, and food and beverage is also propelling the growth of this market globally. Additionally, the increasing usage of home-based lateral flow assay kits owing to the easy availability of these tests without prescription is also adding to the pace of the growth of the lateral flow assay market.
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Based on product, the market is segmented into kits & reagents and lateral flow readers. The kits & reagents segment grabbed an XX% share of the global lateral flow assay market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F). This is because of the growing popularity of rapid diagnostics test and frequent product launches. However, the lateral flow readers is also expected to grow at a lucrative CAGR during the projected timeframe.
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Based on the application, the global lateral flow assay market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, drug development & quality testing. The clinical testing occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the growing awareness regarding clinical testing owing to the growing prevalence of chronic and infectious diseases all over the globe.
Additionally, the report provides detailed report also provides insights into the global lateral flow assay market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the well-established market players and frequent product launches.
Abbott Laboratories, F. Hoffman-La Roche Ltd., Danaher Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Siemens AG, PerkinElmer Inc., Merck KGaA, Chembio Diagnostic Systems, Inc., Dickinson and Company, are some of the key players operating in the global lateral flow assay market. Several M&As along with partnerships have been undertaken by these players to develop a new lateral flow assay kits.
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Global Lateral Flow Assay Market Segmentation
Market Insight, by Product
· Kits & Reagents
· Lateral Flow Readers
o Digital/Handheld Readers
o Benchtop Readers
o Mobile/Smartphone Readers
Market Insight, by Application
· Kits & Reagents
· Lateral Flow Readers
· Digital/Handheld Readers
· Benchtop Readers
· Mobile/Smartphone Readers
Market Insight, by Technique
· Sandwich Assays
· Competitive Assays
· Multiplex Detection Assays
Market Insight, by End-Users
· Hospitals & Clinics
· Diagnostics Laboratories
· Home Care
· Pharmaceutical & Biotechnology Companies
· Others
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Rest of Europe
· Asia-Pacific
o China
o India
o Australia
o Japan
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Abbott Laboratories
· F. Hoffman-La Roche Ltd.
· Danaher Corporation
· Thermo Fisher Scientific, Inc.
· Bio-Rad Laboratories
· Siemens AG
· PerkinElmer Inc.
· Merck KGaA
· Chembio Diagnostic Systems, Inc.
· Dickinson and Company