Lateral Flow Assays Market worth over $12.1 Billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., March 15, 2022 /PRNewswire/ -- Global lateral flow assays market value is projected to reach over USD 12.1 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing demand for rapid diagnostic tests owing to its low cost will augment the industry growth over the forecast period.

The growing demand for multiplexed point of care testing due to detection of different analytics from a single specimen has gained prominence in clinical diagnostics. The reduced time in obtaining results as compared to conventional laboratory diagnostic procedures. The point of care testing requires less complex infrastructure and minimal training that results in low cost of these tests as compared to the time consuming, lengthy laboratory procedures.

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Kits segment accounted for over USD 6.1 billion in 2021. The lateral flow test kits are easy to use by an individual with no prior training in performing assay tests. The LFAs kits include everything needed for lateral flow assay development. The LFAs are commonly used for diseases diagnosis and in veterinary medicine, environmental health and safety, product safety in food production and quality control. The use of LFAs kits in variety of fields will propelling the market revenue in the forecast period.

Some major findings of the lateral flow assays market report include:

• Rising applications of lateral flow assays kits in variety of fields have propelled the business landscape.
• Growing pregnancy rate will propel the industry expansion in the foreseeable future.
• Increasing adoption of medical devices in developing economies of the Asia Pacific region is likely to fuel the market demand.

Browse key industry insights spread across 231 pages with 357 market data tables & 18 figures & charts from the report, "Lateral Flow Assays Market Analysis By Product (Kits, Readers), Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer, Troponin I}, Pregnancy & Fertility Testing {Pregnancy Testing, Fertility Testing}, Cholesterol Testing, Drug of Abuse), Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By End-use (Hospital & Clinics, Diagnostic Laboratories, Homecare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028" in detail along with the table of contents: https://www.gminsights.com/industry-analysis/lateral-flow-assays-market 

Lateral flow assays market from Pregnancy & fertility testing segment exceeded 17.3% revenue share in 2021 impelled by the increasing birth rate and global population. For instance, according to the UNICEF, in India every day 67,385 babies are born. That is one sixth of the world's child births. Thus, the feasibility of lateral flow assay and such aspects the lateral flow assays will boost the industry landscape.

Multiplex detection assays segment is set to show lucrative CAGR of 6.1% over the projected period, propelled by the benefit of carrying out tests in multiple sample volumes in a single assay. The multiple assays are more commonly used in research as compared to its usage in clinical setting. The increasing research and development activities and increasing incidence of infectious disease will positively fuel the business outlook.

Lateral flow assays market from diagnostic laboratories segment is poised to surpass USD 3.2 billion by 2028 attributed to the increasing incidence of cardiovascular disease (CVD) deaths and increasing disposable income and healthcare awareness among people. Increasing prevalence of cardiac disease and sedentary lifestyle, growing age are some of the major contributing to the increasing number of CVD deaths, thereby propelling the business development.

Asia Pacific lateral flow assays industry is estimated to cross USD 2.1 billion by 2028. The Asia Pacific region comprises of developing economies with growing medical device industry will boost the industry scenario. Also, the increasing adoption of advance technologies in healthcare sector and rising government initiatives to strengthen the healthcare industry by introduction of healthcare schemes, driving the market expansion. Asia Pacific region is one of the fastest growing regions due to increasing awareness and increasing prevalence of various chronic disease across the APAC countries are projected to boost the market expansion in the projected period.

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Few key players operating in the lateral flow assays market include Abingdon Health, Quidel Corporation, Roche, Thermo Fischer Scientific, Bio-Rad Laboratories, Abbott, and others. The players are focused on various strategies such as mergers, acquisitions, new services, product launches, among others.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.