Global Lateral Flow Assay Market to Reach Nearly USD 6.5 Billion by 2031 Due to Surge in Demand for Rapid POC Testing
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By LabMedica International staff writers Posted on 01 Dec 2021 |
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The global lateral flow assay market is projected to grow at a CAGR of around 5% from USD 3.7 billion in 2020 to over USD 6.4 billion by 2031, driven by the growing adoption of home-based lateral flow assay kits, demand growth of point-of-care testing, and rise in adoption of LFA kits due to their advantages over laboratory tests.
These are the latest findings of Persistence Market Research (New York City, NY, USA), a third-party research organization.
Lateral flow assays are mainly used for diagnostics for home testing, laboratory use, and point-of-care testing. The most widely applied and well-known applications of lateral flow assays are home pregnancy tests. The rising prevalence of infectious diseases is a key growth driver of the lateral flow assay market. The emergence of diseases such as coronavirus, Zika virus, Ebola, and others has increased the procurement of point-of-care testing devices and kits by international bodies such as UNICEF. Furthermore, the current COVID-19 pandemic has boosted the demand for lateral flow tests. COVID-19 infections are diagnosed with lateral flow assay-based tests across the world.
Mobile phones provide rapid results in real time, saving time and reducing result reporting delays. They also allow users to record the time and results of a test. Further, easy and cost-effective sharing of data along with cloud integration has resulted in better centralization and analysis of data using online information sharing platforms. This technology enables clinicians or patients in remote areas to image samples that can be used for TB and malaria diagnosis.
By product, LFA kits will hold a high share of 70% of the lateral flow assay market in 2021 and is expected to record a mid-single digit CAGR during the forecast period, led by rising adoption of products in this segment that offer ease of use, low cost, and ease of production. By indication, infectious disease is expected to hold a market share of well over 50% in 2021 and continue growing at a moderate rate in line with the increasing prevalence of infectious diseases globally. The high adoption of point-of-care testing for quick diagnosis at hospitals has led to hospital pharmacies holding a high market share. By region, North America held nearly 1/3 of the global market share in 2021, mainly due to a rise in health care expenditures, increasing adoption of lateral flow assays, and the presence of prominent players in the region.
"Although the COVID-19 pandemic boosted market growth in 2020, it is expected to be a temporary phase. However, developments such as smartphone-based readers for LFA will continue to provide fruitful growth opportunities for market players over the coming years," stated an analyst at Persistence Market Research.
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Persistence Market Research
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