Global Lateral Flow Assay Market Report 2023: Increasing Demand for Home-based Testing Methods Drives Growth

DUBLIN, April 18, 2023 /PRNewswire/ -- The "Lateral Flow Assay Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Kits & Reagents, Lateral Flow Readers, and Others), By Application, By Technique, By Test Type, By End User, By Region and Competition" report has been added to  ResearchAndMarkets.com's offering.

The Global Lateral Flow Assay Market is anticipated to witness impressive growth during the forecast period.

Companies Mentioned 

• Thermo Fisher Scientific, Inc.
• Abbott Laboratories, Inc.
• F. Hoffmann-La Roche AG
• Bio-Rad Laboratories, Inc.
• Quidel Corporation
• Hologic, Inc.
• bioMerieux SA
• PerkinElmer, Inc.
• Danaher Corporation
• QIAGEN N.V.

This can be ascribed to the growing prevalence of infectious diseases such as TB, Hepatitis, and Influenza STI, along with the growing demand for point-of-care testing. Similarly, the growing adoption of new technology like lateral flow assay kits is expected to create significant growth during the forecast period.

Additionally, growing geriatric populations are susceptible to different types of chronic diseases, which enhances the demand for home-based testing methods.

This, in turn, is expected to boost market growth during the forecast period. Besides, growing public awareness about the new testing assay is also propelling market growth through 2028. , during the 2019-2020 flu season, there were 36 million cases of influenza in the United States. The number of influenza deaths during the 2019-2020 flu season was 20,342. The vast majority of deaths attributed to influenza during the 2019-2020 flu season occurred among those aged 65 years and older.

Growing prevalence of infectious diseases

Chronic illnesses such as cystic fibrosis, cardiovascular diseases, hepatitis, and cancer are rapidly increasing due to physiological changes, metabolic problems, and low immune systems, and so the aging population is prone to these types of chronic diseases, which will enhance the growth of the market during the forecast period.

Similarly, changing a healthy lifestyle will enhance disease growth across the region, and this, in turn, will boost the market growth during the forecast period. In September 2020, Qiagen N.V. bought NeuMoDx Molecular, Inc. to expand Qiagen's diagnostics instrument product line and boost its market position in automated molecular testing.

This will broaden QIAGEN's offering of automated testing solutions and serve as another catalyst for future growth. Government initiative and awareness about using new assays will boost the market growth during the forecast period. During 2021, a total of 7,860 TB cases were provisionally reported to CDC's National Tuberculosis Surveillance System (NTSS) by the 50 U.S. states and the District of Columbia (DC).

The increasing prevalence of infectious diseases like HIV and malaria due to consuming unhealthy food is expected to create lucrative growth during the forecast period. Due to the increasing prevalence of chronic diseases, demand leading a healthy lifestyle increased, which is further expected to drive the growth of the market over the years. Around 46% of all diseases worldwide and 60% of the 56.5 million deaths in 2001 were due to chronic conditions.

Increasing demand for home-based testing method

Rising demand for home-based testing kits for the detection of chronic diseases, pregnancy tests, fertility tests, coagulation tests, urine chemistry, etc., the growing demand for point-of-care testing may further enhance the demand for lateral flow assay, and usage of this device is rapidly increased which may further propel the growth of the market during the forecast period. According to this Statista, 7.92 million women in the U.S. used home pregnancy tests in 2020.

Major companies are focusing on developing innovative lateral flow assay-based point-of-care devices for applications such as pregnancy tests by using HCG levels and ovulation, careening for infectious diseases ad drugs, and the measurement of protein markers in the boost is expected to enhance the demand for lateral flow assay market over the years. For instance, in 2019, Abbott Laboratories (US) developed its ARCHITECT stat Troponin I blood test, while Siemens AG developed the CLINITEK Microalbumin 2 strips for clinical diagnostics.

Report Scope:

In this report, the global lateral flow assay market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

Lateral Flow Assay Market, By Product:

• Kits & Reagents
• Lateral Flow Readers
• Others

Lateral Flow Assay Market, By Application:

• Clinical Testing
• Cardiac Marker Testing
• Pregnancy & Fertility Testing
• Veterinary Diagnostics
• Others

Lateral Flow Assay Market, By Technique:

• Sandwich Assay
• Competitive Assay
• Multiplex Detection Assay

Lateral Flow Assay Market, By Test Type:

• Lateral Flow Immunoassay
• Nucleic Acid Lateral Flow Assay

Lateral Flow Assay Market, By End User:

• Hospitals & Clinics
• Diagnostic Laboratories
• Others

Lateral Flow Assay Market, By Region:

• North America
• United States
• Mexico
• Canada
• Europe
• France
• Germany
• United Kingdom
• Italy
• Spain
• Asia Pacific
• China
• India
• South Korea
• Japan
• Australia
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

For more information about this report visit https://www.researchandmarkets.com/r/oy9ihg

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: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

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

SOURCE Research and Markets