The global lateral flow assays market is projected to reach USD 10,230.3 million by 2025 from USD 8,205.3 million in 2020, at a CAGR of 4.5% during the forecast period.
The growing prevalence of infectious diseases globally, increasing aging population, growing demand for point-of-care and home-based lateral flow assay devices, and increasing demand in food and environment safety and veterinary diagnostics industry are the major factors driving the growth of this market. On the other hand, the reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key factors restraining the growth of the market in the forecast period.
Wide applications of lateral flow assays in food safety and environment testing promote the growth of this segment in the forecast period.
Based on applications, the lateral flow assays market is broadly segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The food safety & environment testing segment is projected to register the highest growth rate in the lateral flow assays market, by an application during the forecast period. This can be attributed to lateral flow assays emerging as simple and rapid alternatives to traditional methods for the detection of foodborne pathogens and contaminants. In case of environment testing, lateral flow assays finding wide applications due to their ability to handle a wide variety of samples and perform many sample-handling tasks, such as filtration, concentration, and removal of cross-reactive elements.
In the lateral flow assay kits & reagents by technique segment, sandwich assays holds the highest market share
On the basis of technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. Sandwich assays hold the highest share in the lateral flow assays market. The large share of this segment can be attributed to the better assay sensitivity and specificity associated with sandwich assays as well as its extensive application in the measurement of critical analytes (such as cardiac and hepatitis markers).
By sample type, the Other Samples segment is growing at the fastest rate in the forecast period
Based on sample type, the lateral flow assays market for clinical testing applications is segmented into blood, urine, saliva, and other samples. In this segment, Other Samples is projected to register the highest growth rate in the lateral flow assays market for clinical testing applications segment during the forecast period. The high growth rate of this segment can be attributed toan increase in R&D for lateral flow diagnostic testing and the need for more specific disease testing.
North American region holds the highest market share in the lateral flow assays market
North America is expected to account for the largest share of the global lateral flow assays market in 2019. The large share of the North American region is due to the lucrative growth opportunities the region offers due to the presence of several large hospitals and health systems, changing regulations, and the rising geriatric population in the country. A vast majority of global players are also based in the US, owing to which the country is a center for innovation in the lateral flow assays market.
5 Market Overview 5.1 Introduction 5.2 Market Dynamics: Impact Analysis 5.2.1 Market Drivers 22.214.171.124 High Prevalence of Infectious Diseases Across the Globe 126.96.36.199 Rapidly Increasing Geriatric Population 188.8.131.52 Growing Usage of Home-Based Lateral Flow Assay Devices 184.108.40.206 Growing Demand for Point-Of-Care Testing 220.127.116.11 Need for Rapid Diagnostic Testing for COVID-19 5.2.2 Market Restraints 18.104.22.168 Reluctance Towards Changing Existing Diagnostic Practices 22.214.171.124 Lower Accuracy of Lateral Flow Assay Tests 5.2.3 Market Opportunities 126.96.36.199 Evolving Applications of Lateral Flow Assays 188.8.131.52 Rising Demand for Lateral Flow Assays in the Food & Beverage Industry 5.2.4 Challenges 184.108.40.206 Limited Reimbursements for Lateral Flow Assay Products 220.127.116.11 Difficulties in Procuring Quality Raw Materials for the Development of Lateral Flow Assay Tests 5.3 Porter's Five Forces Analysis 5.3.1 Threat from New Entrants 5.3.2 Threat from Substitutes 5.3.3 Bargaining Power of Suppliers 5.3.4 Bargaining Power of Buyers 5.3.5 Intensity of Competitive Rivalry 5.4 Average Selling Price Trend 5.5 Value Chain Analysis 5.6 Ecosystem Map 5.7 Technology Analysis 5.7.1 Key Technology: Lateral Flow Assays 5.7.2 Adjacent Technology: Elisa (Enzyme-Linked Immunosorbent Assays) 5.8 COVID-19 Impact on the Lateral Flow Assays Market
6 Industry Insights 6.1 Introduction 6.2 Industry Trends 6.2.1 Integration of Microfluidic Technology in Lateral Flow Assays 6.2.2 Demand for Quantitative Results 6.2.3 Rising Demand for Multiplexed Lateral Flow Biosensors 6.2.4 Nanoparticle-Based Lateral Flow Assays 6.3 Regulatory Analysis 6.3.1 North America 6.3.2 Europe 6.3.3 Asia 18.104.22.168 India 22.214.171.124 China 126.96.36.199 Japan 6.4 Component Analysis for Lateral Flow Assay Kits 6.4.1 Membranes 188.8.131.52 Nitrocellulose Membranes 184.108.40.206 Other Membranes 6.4.2 Pads 220.127.116.11 Conjugate Pads 18.104.22.168 Absorbent Pads
7 Lateral Flow Assays Market, by Product 7.1 Introduction 7.2 Kits & Reagents 7.2.1 Increasing Demand for Poc Testing is Driving the Demand for Kits & Reagents in the Lateral Flow Assays Market 7.3 Lateral Flow Readers 7.3.1 Digital/Handheld Readers 22.214.171.124 Technological Advancements and High Accuracy are the Major Factors Driving the Growth of the Digital/Handheld Readers Market 7.3.2 Benchtop Readers 126.96.36.199 Lower Diagnosis Cost Per Patient is Driving the Benchtop Readers Market 7.3.3 Mobile/Smartphone Readers 188.8.131.52 Low Cost, Convenience, and User-Friendliness are Major Factors Driving the Growth of the Mobile/Smartphone Readers Market
8 Lateral Flow Assays Market, by Application 8.1 Introduction 8.2 Clinical Testing 8.2.1 Infectious Disease Testing 8.2.2 Cardiac Marker Testing 8.2.3 Pregnancy & Fertility Testing 8.2.4 Cholesterol Testing/Lipid Profiles 184.108.40.206 Growing Prevalence of Obesity and Cvd is the Key Factor Driving Market Growth 8.2.5 Drugs-Of-Abuse Testing 220.127.116.11 Technological Advancements and Growing Focus on Workplace Drug Testing are Driving Market Growth 8.2.6 Other Clinical Tests 8.3 Veterinary Diagnostics 8.3.1 Infectious Disease Outbreaks (Particularly in Large Livestock Animals) to Drive Market Growth 8.4 Food Safety & Environment Testing 8.4.1 High Sensitivity and Ease of Use are Driving the Demand for Lateral Flow Assays for Food Safety Testing 8.5 Drug Development & Quality Testing 8.5.1 Increasing Focus on Product Safety and Quality Assurance is Driving the Growth of this Market 8.6 COVID-19 Impact on the Lateral Flow Assay Application Market
9 Lateral Flow Assay Kits & Reagents Market, by Technique 9.1 Introduction 9.2 Sandwich Assays 9.2.1 Wide Applications of Sandwich Assays in Clinical Testing Contributing to the Largest Share of this Segment 9.3 Competitive Assays 9.3.1 Reduced Selectivity and Sensitivity of Competitive Assays in Relation to Sandwich Assays Could Hamper Growth 9.4 Multiplex Detection Assays 9.4.1 Increasing Adoption of Multi-Analyte Assays Among Clinicians to Drive the Growth of this Market
10 Clinical Testing Lateral Flow Assays Market, by Sample Type 10.1 Introduction 10.2 Blood Samples 10.2.1 Increasing Use of Blood Samples for Infectious Disease Testing to Drive the Growth of this Segment 10.3 Urine Samples 10.3.1 Growing Use of Urine Samples for Pregnancy Testing and Drugs-Of-Abuse Testing to Drive the Growth of this Market 10.4 Saliva Samples 10.4.1 Easy and Low-Cost Collection, Transport, and Analysis of Saliva Samples are the Key Factors Driving Market Growth 10.5 Other Samples
11 Lateral Flow Assays Market, by End-user 11.1 Introduction 11.2 Hospitals & Clinics 11.3 Diagnostic Laboratories 11.4 Home Care Settings 11.4.1 Growing Acceptance of Remote Monitoring Driving the Growth of the Lateral Flow Assays Market for Home Care 11.5 Pharmaceutical & Biotechnology Companies 11.5.1 Increasing Focus on Product Safety to Drive the Use of Lateral Flow Assays Among Pharmaceutical & Biotech Companies 11.6 Other End-users
12 Lateral Flow Assays Market, by Region 12.1 Introduction 12.2 North America 12.3 COVID-19 Impact on the Lateral Flow Assays Market in North America 12.4 Europe 12.5 COVID-19 Impact on the Lateral Flow Assays Market in Europe 12.6 Asia-Pacific 12.7 COVID-19 Impact on the Lateral Flow Assays Market in the Asia-Pacific 12.8 Latin America 12.9 COVID-19 Impact on the Lateral Flow Assays Market in Latin America 12.10 Middle East & Africa 12.11 COVID-19 Impact on the Lateral Flow Assays Market in the Middle East & Africa
13 Competitive Landscape 13.1 Introduction 13.2 Revenue Share Analysis of the Top Market Players 13.3 Product Benchmarking 13.4 Geographical Assessment of Major Players in the Lateral Flow Assays Market 13.5 Competitive Assessment of the R&D Expenditure 13.6 Competitive Situations and Trends 13.6.1 Product Launches 13.6.2 Expansions 13.6.3 Acquisitions 13.6.4 Partnerships, Agreements, and Collaborations
14 Company Evaluation Matrix and Company Profiles 14.1 Company Evaluation Matrix Definition & Methodology 14.2 Lateral Flow Assays Market Share (2019) 14.3 Competitive Leadership Mapping 14.3.1 Stars 14.3.2 Emerging Leaders 14.3.3 Pervasive Players 14.3.4 Participants 14.4 Competitive Leadership Mapping for Start-Ups (2019) 14.4.1 Progressive Companies 14.4.2 Dynamic Companies 14.4.3 Starting Blocks 14.4.4 Responsive Companies 14.5 Company Profiles (Business Overview, Products Offered, Recent Developments, SWOT Analysis and Analyst's View)* 14.5.1 Abbott Laboratories 14.5.2 F. Hoffmann-La Roche Ag 14.5.3 Danaher Corporation 14.5.4 Siemens Ag 14.5.5 Becton, Dickinson and Company 14.5.6 Biomerieux Sa 14.5.7 Bio-Rad Laboratories, Inc. 14.5.8 Thermo Fisher Scientific Inc. 14.5.9 Qiagen N.V. 14.5.10 Perkinelmer Inc. 14.5.11 Hologic Inc. 14.5.12 Quidel Corporation 14.5.13 Merck KGaA 14.5.14 ABCAM plc 14.5.15 Surmodics Ivd 14.5.16 Chembio Diagnostic Systems, Inc. 14.5.17 Orasure Technologies 14.5.18 DCN Diagnostics 14.5.19 Polysciences, Inc. 14.5.20 Abingdon Health
15 Appendix 15.1 Insights from Industry Experts 15.2 Discussion Guide 15.3 Knowledge Store: Subscription Portal 15.4 Available Customizations