Lateral Flow Assays Market Size Worth $9.8 Billion By 2028: Grand View Research, Inc.

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Nov 16, 2021, 04:35 ET

SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- The global lateral flow assays market size is expected to reach USD 9.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers and acquisitions.

Key Insights & Findings:

The outbreak of COVID-19 has created significant demand for lateral flow assays for conducting mass testing in the U.S. and European countries
However, increasing vaccinations leading to reduced COVID-19 cases in the coming years may hamper the segment growth
By product, kits and reagents held the largest share in 2020 as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases
Easy availability of kits and reagents coupled with the launch of new kits by major players are key factors propelling the segment growth
A smartphone-based lateral flow reader is more convenient due to its ease of use and portability. Thus, it is anticipated to witness significant growth in the near future
The clinical testing application segment held the largest market share in 2020 owing to an increase in the incidence of infectious diseases, a rise in the pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used in any healthcare setting
Technological advancements in the healthcare sector, innovation in technology and devices, and an increase in the adoption of POC testing by patients and healthcare professionals are anticipated to fuel the market growth during the forecast period
The drug development and quality testing segment is anticipated to witness the fastest CAGR throughout the forecast period
An increase in the use of lateral flow assays for therapeutic drug monitoring has majorly driven the segment growth
An increase in the availability of antibiotic tests is one of the factors influencing the market growth during the forecast period
Sandwich assay technique accounted for significant revenue share in 2020 owing to their accuracy, affordability, and ease of use
Hospitals and clinics are the major end-users of lateral flow assays, thus, accounted for a major share in 2020
An increase in healthcare expenditure globally has significantly contributed to the growth of the market.
North America dominated the market in 2020 with the presence of prominent players in the region and high adoption of advanced products by end-users
Asia Pacific is projected to witness the fastest CAGR throughout the forecast period

Read 176 page market research report, "Lateral Flow Assays Market Size, Share & Trends Analysis Report By Product (Kits & Reagents, Benchtop Readers), By Application (Clinical Testing, Veterinary Diagnostics), By Technique, By End-use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

Continuous strategic initiatives undertaken by leading and emerging players to develop and launch advanced products are anticipated to significantly support the market growth. For instance, in January 2021, U.K.-based Sensyne Health launched MagnifEye, a novel smartphone app that utilizes deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests. Additionally, in March 2021, IUL SA, a Spain-based lateral flow products manufacturer, introduced its new lateral flow reader, iPeak+. In addition, a rise in mergers and collaborations by market players is anticipated to facilitate access to novel lateral flow technologies

A rise in the prevalence of infectious diseases, including the outbreak of COVID-19, and an increase in government initiatives to curb COVID-19, HIV, and other communicable diseases are anticipated to create significant demand for lateral flow devices. According to the U.S. Department of Health & Human Services, the U.S. government has formed the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) that works towards preventing, early detection, and responding to new as well as existing risks related to AIDS and HIV.

Grand View Research has segmented the global lateral flow assays market report on the basis of product, application, technique, end use, and region:

Lateral Flow Assays Product Outlook (Revenue, USD Million, 2017 - 2028)

Kits & Reagents
Lateral Flow Readers

Digital/Mobile Readers
Benchtop Readers

Lateral Flow Assays Application Outlook (Revenue, USD Million, 2017 - 2028)

Clinical Testing

Infectious Diseases Testing

COVID-19 Testing

Mosquito Borne Disease Testing
Influenza Testing
Sexually Transmitted Infection Testing

HIV Testing
HPV Testing
Chlamydia Testing
Gonorrhea Testing
Syphilis Testing
Others

Hepatitis
Tuberculosis
Others

Cardiac Marker Testing

Troponin I and T Testing
CK-MB Testing
BNP and NT-proBNP Testing
Myoglobin Testing
D-Dimer Testing
Others

Pregnancy & Fertility Testing

Pregnancy Testing
Fertility Testing

Cholesterol Testing/Lipid Profile Testing
Drugs of Abuse Testing
Others

Veterinary Diagnostics
Food safety & Environment Testing
Drug Development & Quality Testing

Lateral Flow Assays Technique Outlook (Revenue, USD Million, 2017 - 2028)

Sandwich Assays
Competitive Assays
Multiplex Detection Assays

Lateral Flow Assays End-use Outlook (Revenue, USD Million, 2017 - 2028)

Hospitals & Clinics
Diagnostic Laboratories
Home Care
Pharmaceutical & Biotechnology Companies
Others

Lateral Flow Assays Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Russia

Asia Pacific

Japan
China
India
South Korea
Australia
Singapore

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

South Africa
Saudi Arabia
UAE

List of Key Players of Lateral Flow Assays Market

Abbott
F. Hoffmann-La Roche AG
Thermo Fisher Scientific, Inc.
Biomerieux SA
Bio-rad Laboratories, Inc.
Perkinelmer, Inc.
Quidel Corporation
Merck KGAA
Hologic, Inc.
Becton, Dickinson and Company
Danaher Corporation
Siemens Healthineers
Qiagen N.V.

Check out more studies related to diagnostic types, conducted by Grand View Research:

Veterinary Diagnostics Market–The global veterinary diagnostics market size was valued at USD 6.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2021 to 2028.
Rapid Medical Diagnostic Kits Market–The global rapid medical diagnostic kits market size was valued at USD 13.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028.
Paper Diagnostics Market–The global paper diagnostics market size was estimated at USD 5.69 billion in 2017. It is poised to witness a CAGR of 8.0% during the forecast period.

Browse through Grand View Research's coverage of the Global Clinical Diagnostics Industry.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.