Lateral Flow Assays Market to Reach $13.35 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research

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Jan 26, 2022, 08:50 ET

PORTLAND, Ore., Jan. 26, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Lateral Flow Assays Market by Technique (Sandwich Assays, Competitive Assays, and Multiplex Detection Assays), Product (Kits & Reagents and Lateral Flow Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environment Testing and Drug Development & Quality Testing), and End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global lateral flow assays industry was estimated at $8.35 billion in 2020, and is anticipated to hit $13.35 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.

Download Report Summary- https://www.alliedmarketresearch.com/request-sample/2823

Drivers, restraints, and opportunities-

Growing incidence of infectious diseases across the globe, increase in usage of home based lateral flow assay kit, and growing demand for point-of-care testing fuel the growth of the global lateral flow assays market. On the other hand, lower accuracy of lateral flow assay tests and limited reimbursements for lateral flow assay products restrain the growth to some extent. Nevertheless, evolving applications of lateral flow assays are projected to pave the way for lucrative opportunities for the key players in the industry.

Impact of Covid-19 on Lateral Flow Assays Market-

Since LFA test kits come with the potential to detect both symptomatic and asymptomatic COVID-19 infections, huge number of lateral flow assay-based tests are being conducted. This factor has boosted the market growth in more than one way.
There are also many healthcare companies that are developing lateral flow assay devices to detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in blood samples using nasal fluid swabs, saliva samples, or finger pricks.

Get detailed COVID-19 impact analysis on the Lateral Flow Assays Market- https://www.alliedmarketresearch.com/request-for-customization/2823?reqfor=covid

The sandwich assay segment to dominate by 2030-

By technique, the sandwich assay segment contributed to the major share in 2020, holding more than half of the global lateral flow assays market. The same segment would also cite the fastest CAGR of 5.3% during the forecast period. This is attributed to the wide applications of these assays in clinical testing and the advantages associated with the use of these assays, such as higher sensitivity and specificity for larger analytes.

The kits and reagents segment to maintain the dominant share-

By product, the kits and reagents segment accounted for the major share in 2020, holding nearly three-fourths of the global lateral flow assays market. This is because Covid-19 has impacted positively on the kits & reagents sector. Many laboratories, universities, and companies around the world have now been competing to develop and produce critically needed test kits with a full sway. Simultaneously, the lateral flow readers segment is expected to grow at the fastest CAGR of 5.7% from 2021 to 2030.

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North America garnered the major share in 2020-

By region, the market across North America had the lion's share in 2020, generating nearly two-fifths of the global lateral flow assays market. Increased mortality rate associated with HIV/AIDS in the region and rise in incidence of various infectious diseases such as lyme disease, COVID-19, and tuberculosis drive the market growth. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 6.2% by 2030. The other provinces studied in the report include Europe and LAMEA.

Key players in the industry-

Danaher Corporation
F. Hoffmann-La Roche AG
QIAGEN N.V.
Abbott Laboratories
Dickinson and Company
PerkinElmer Inc.
Siemens Healthineers AG
Becton
bioMérieux SA
Bio-Rad Laboratories, Inc.
Thermo Fisher Scientific Inc.

Official Press Release: https://www.alliedmarketresearch.com/press-release/lateral-flow-assay-market.html

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