Global Lateral Flow Assays Market to Reach USD 11.2 Billion by 2026 Due to Robust Demand for COVID-19 Screening Tests

The global market for lateral flow assays is projected to grow at a CAGR of 5.9% from an estimated USD 7.8 billion in 2020 to USD 11.2 billion by 2026, driven by high incidence of infectious conditions coupled with growing geriatric population, and increasing trend of point-of-care testing, especially COVID-19 screening tests.

These are the latest findings of a new market study published by Global Industry Analysts Inc. (San Jose, CA, USA), a market research company.

Lateral flow assays are assays designed to effectively identify compounds of interest present in complex mixtures within 5-30 minutes. Lateral flow technology is fast emerging as a technique of choice for testing of infectious diseases given the numerous benefits the technology offers. The market is anticipated to also benefit from increasing popularity of self-diagnosis, a prominent trend that is propelling the demand for home-based lateral flow assay devices. Continuing technological advancements associated with lateral flow assays is also bolstering the market growth. These efforts are intended to improve these assays on the basis of selectivity, sensitivity and quantification. In addition, the integration of advanced quantification systems, new labels and simultaneous detection techniques is boosting growth. The market growth is further bolstered by the mayhem created by the COVID-19 pandemic, prompting governments to take aggressive steps for mass screening programs. The COVID-19 pandemic has presented an ideal growth opportunity for lateral flow assays due to robust demand for lateral flow assay-based screening tests.

Based on Product, the Kits & Reagents segment is projected to grow at a 6.1% CAGR to reach USD 9.6 billion by the end of the analysis period while the Lateral Flow Readers segment is projected to grow at a 4.9% CAGR for the next 7-year period. The Lateral Flow Readers segment currently accounts for a 17.9% share of the global Lateral Flow Assays market. In contrast to laboratory-based tests that are time-intensive, lateral flow test kits are portable, convenient to use, and require minimal training.

Geographically, the lateral flow assays market in the US is estimated to be valued at USD 3.3 billion in 2021 and currently accounts for a 38.64% share in the global market. The US market is at the forefront of adoption of lateral flow assays, supported by the rising prevalence of infectious conditions like tuberculosis and Lyme disease, along with increasing mortality rate linked with AIDS. China’s lateral flow assays market is estimated to reach a market size of USD 872.4 million in 2026, growing at a CAGR of 8.8% through the analysis period. Among the other noteworthy markets for lateral flow assays are Japan and Canada, which are each forecasted to grow at 3.8% and 5.5%, respectively over the analysis period. Within Europe, Germany’s lateral flow assays market is forecasted to grow at approximately 4.8% CAGR, while the Rest of Europe market will reach USD 917 million by the end of the analysis period. A host of factors are contributing to rapid uptake of lateral flow assays in developing regions, especially Asia-Pacific. While the demand for these products is primarily being driven by growing healthcare expenditure and increased demand for diagnostics, other factors including rising healthcare awareness and subsequent increase in demand for healthcare services are also contributing to the increase in demand.

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