$22.6 Billion Lateral Flow Assays Markets - Global Forecast to 2027 - Omicron Offers Growth Opportunities for Players

DUBLIN, March 28, 2023 /PRNewswire/ -- The "Lateral Flow Assays Market by Product (Kits, Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing), Technique (Sandwich, Multiplex Detection Assay), End User (Hospitals, Home care) - Global Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The global lateral flow assays market is projected to reach USD 22.6 billion by 2027 from USD 20.5 billion in 2022, at a CAGR of 2.0% during the forecast period.

The growth of lateral flow assay market is due to the high prevalence of infectious diseases in many countries, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices whereas reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are restraining the market.

Urine samples accounted for the third largest share of lateral flow assays market in 2021

Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the third largest market share in 2021. The increasing use of urine samples in lateral flow tests for pregnancy, fertility testing, and drug of abuse testing.

The Pharmaceutical & Biotechnology Companies segment is expected to witness the fastest growth during the forecast period

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users.

The pharmaceutical & biotechnology companies segment is expected to witness the fastest growth during the forecast period. This growth is owing to increasing adoption of lateral flow assay readers and kits & reagents for quantitative detection of sample in pharmaceutical & biotechnology companies.

Asia-Pacific accounted for the second largest share of the lateral flow assays market in 2021

In 2021, Asia-Pacific accounted for the second largest share of the lateral flow assays market, followed by Europe, Latin America, and the Middle East & Africa. However, the North America is a leading region in the lateral flow assay market.

Being a high-growth market, many manufacturers are also extending their manufacturing bases in the Asia Pacific, which boasts low-cost manufacturing advantages and the availability of a skilled workforce, especially in China and India. These countries are also regarded as the most profitable manufacturing and R&D locations across the globe.

The key factors hindering market growth in this region are a lack of awareness about the advantages of near-patient testing products due to low literacy rates, lack of reimbursements, challenges related to locational remoteness, and the reluctance of physicians to change existing practices.

Competitive landscape

Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMerieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).

Premium Insights

• High Prevalence of Infectious Diseases to Drive Market
• Asia-Pacific to Register Highest CAGR During Forecast Period
• Clinical Testing Segment Accounted for Largest Market Share in 2021
• China to Register Highest Growth in Forecast Period
• Developing Countries to Offer High Growth Opportunities in Forecast Period

Market Dynamics

Industry Trends

• Detection of Hiv with Lateral Flow Assays
• Increasing Adoption of Quantitative Lateral Flow Assays due to Availability of LFA Readers
• Impact of Inflation and Recession on the Global Market

Drivers

• High Prevalence of Infectious Diseases
• Rapidly Increasing Geriatric Population
• Growing Use of Home-Based Lateral Flow Assay Devices
• Growing Demand for Point-Of-Care Testing
• Need for Rapid Diagnostic Testing for COVID-19

Restraints

• Inconsistent Results of Lateral Flow Assay Tests

Opportunities

• Evolving Applications of Lateral Flow Assays
• Rising Demand for Lateral Flow Assays in Food & Beverage Industry
• Omicron Offers Growth Opportunities for Players in Lateral Flow Assay Market

Challenges

• Limited Reimbursements for Lateral Flow Assay Products
• Difficulties in Procuring Quality Raw Materials for the Development of Lateral Flow Assay Tests

Company Profiles

Key Players

• Abbott Laboratories
• F. Hoffmann-La Roche Ltd.
• Quidel Corporation
• Danaher Corporation
• Siemens Ag
• Becton, Dickinson and Company
• Biomerieux Sa
• Thermo Fisher Scientific Inc.
• Perkinelmer Inc.
• Qiagen N.V.

Other Players

• Merck KGaA
• Hologic, Inc.
• Abcam plc
• Surmodics, Inc.
• Chembio Diagnostics, Inc.
• Orasure Technologies
• Dcn Diagnostics
• Polysciences Inc.
• Abingdon Health
• Oranoxis Inc.
• Aesku.Group GmbH
• Bio Group Medical System S.R.L
• Pharmact GmbH
• Diesse Diagnostica Senese S.P.A.
• Xiamen Biotime Biotechnology Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/h4e8yr

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets