Global Lateral Flow Assay Market Report 2023: Rising Prevalence of Chronic and Infectious Diseases Drives Growth

DUBLIN, July 11, 2023 /PRNewswire/ -- The "Lateral Flow Assay Market Share, Size, Trends, Industry Analysis Report, By Product, By Application, By Techniques, By Region, Segment Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global lateral flow assay market size is expected to reach USD 16.89 billion by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising prevalence of infectious diseases is expected to cause the lateral flow assay industry to grow more quickly over the predicted time period. Furthermore, new product approvals and rising sales of COVID-19 rapid tests are driving the growth of the industry.

Point-of-care (POC) testing is the most popular type of diagnostic in clinical analysis, food safety, and the environment. POC provides quick results in a shorter amount of time than central laboratories. One of the solutions for qualitative and quantitative analysis that is growing significantly is POC devices based on lateral flow assays (LFA). On a plastic background, LFA is applied to a strip that has been constructed out of various parts.

With an emphasis on infectious diseases, chronic diseases should be accurately and affordably detected. It makes it simpler to immediately monitor and contain infectious disease outbreaks and decreases the need for frequent patient visits. The WHO encourages prompt parasite-based diagnosis in all patients who are suspected of having malaria before the appropriate delivery of therapy.

The COVID-19 pandemic has sped up the adoption of lateral flow tests due to a significant rise in the demand for speedy, point-of-care testing of the deadly illness. Lateral flow assays provide a straightforward, cost-effective diagnostic strategy to manage the COVID-19 outbreak.

Companies Mentioned

• Abbott Laboratories
• BD
• Hologic Inc
• Siemens Healthineers
• Merck KGaA
• Danaher Corporation
• Perkin Elmer

Lateral Flow Assays Market Report Highlights

• Sandwich assays are expected to have the biggest revenue share due to their accuracy, availability, and simplicity. The test can also be used in resource-constrained healthcare settings without the need for trained personnel. Larger analytes with two or more binding sites or epitopes are typically detected using sandwich assays.
• North America dominated the market in 2022. The COVID-19 pandemic, which has enhanced accessibility to a range of diagnostic tests and public awareness, is expected to stimulate significant expansion. For example, as of December 2021, there were around 300 million at-home, rapid COVID-19 tests accessible in the U.S., which is 10 times higher than the 24 million tests that were available in August 2021.

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Global Lateral Flow Assay Market Insights
4.1. Lateral Flow Assay Market - Techniques Snapshot
4.2. Lateral Flow Assay Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Rising prevalence of chronic and infectious diseases
4.2.1.2. Growing Demand for Point-Of-Care Testing
4.2.2. Restraints and Challenges
4.2.2.1. Frequent Product Recalls
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Lateral Flow Assay Market Techniques Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Lateral Flow Assay Market, by Product

6. Global Lateral Flow Assay Market, by Application

7. Global Lateral Flow Assay Market, by Techniques

8. Global Lateral Flow Assay Market, by Geography

9. Competitive Landscape

10. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/5vmxi7

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