Insights on the Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market to 2032: North America was the Largest Market in 2022

DUBLIN, March 3, 2023 /PRNewswire/ -- The "Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global lateral flow immunoassay (LFIA) based rapid test market declined from $10.14 billion in 2022 to $9.19 billion in 2023 at a compound annual growth rate (CAGR) of -9.4%. The lateral flow immunoassay (LFIA) based rapid test market is expected to decline to $7.32 billion in 2027 at a CAGR of -5.5%.

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Major players in the lateral flow immunoassay (LFIA) based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMerieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, and Hologic Inc.

Lateral Flow Immunoassay (LFIA) based rapid test market consists of sales of conjugarte pads, nitrocellulose membrane and absorbent pad. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

Lateral Flow Immunoassay (LFIA) based rapid test is a simple technology-based diagnostic device that is used to determine the presence of a target such as pathogens or biomarkers in samples collected from the human body. These samples may include urine, saliva, blood, sweat and other fluids.

North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2022. Asia Pacific was the second largest region in the lateral flow immunoassay (LFIA) based rapid test market. The regions covered in the lateral flow immunoassay (LFIA) based rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main techniques in lateral flow immunoassay-based rapid test are competitive assay, sandwich assay, and multiplex detection assay. The competitive assay is used to assess the existence of a target, such as pathogens or biomarkers in the samples. The applications are infectious disease, pregnancy and fertility, toxicology, others that are used in hospitals and clinics, diagnostic laboratory, home care, and others.

The demand for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market. Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays (LFIA) are widely used as POCTs due to their speed and precision, simplicity, and low cost.

For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19.

These antibodies may be detected in whole blood, serum, or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market.

Low sensitivity of Lateral Flow Immunoassay (LFIA) Based Rapid Test is expected to limit the market. The sensitivity of the test is mainly the ability of the test to correctly identify those with the disease, which is low for Lateral Flow Immunoassay (LFIA) Based Rapid Test compared to other methods that may, in some cases, require a re-test for confirmation. according to a study conducted by researchers, including those from the Harvard medical school in the USA and also the University of British Columbia, Canada.

The medical databases and preprint servers were searched from January 1 to April 30, 2020, for studies measuring the sensitivity and specificity of the COVID-19 antibody test compared to the control test. It had been found that pooled sensitivities were consistently lower for the lateral flow immunoassay (LFIA) test compared to other test methods. The low level of sensitivity is anticipated to restrain the market growth for Lateral Flow Immunoassay (LFIA) based rapid test.

The countries covered in the lateral flow immunoassay (LFIA) based rapid test market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Key Topics Covered:

1. Executive Summary

2. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Characteristics

3. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Trends And Strategies

4. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market - Macro Economic Scenario
4.1 COVID-19 Impact On Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
4.2 Ukraine-Russia War Impact On Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
4.3 Impact Of High Inflation On Lateral Flow Immunoassay (LFIA) Based Rapid Test Market

5. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Size And Growth
5.1. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segmentation
6.1. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Segmentation By Technique, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Competitive Assay
• Sandwich Assay
• Multiplex Detection Assay

6.2. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Hospital & Clinic
• Diagnostic Laboratory
• Home Care
• Other End Users

6.3. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Segmentation By Application , Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Infectious Disease
• Pregnancy & Fertility
• Toxicology
• Other Applications

7. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Regional And Country Analysis
7.1. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/8778a9

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