Global Lateral Flow Assays Market to Surpass USD 11.5 Billion by 2032 Due to Evolving Applications
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By LabMedica International staff writers Posted on 12 May 2022 |
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The global lateral flow assays market was valued at USD 7.2 billion in 2021 and is projected to register a CAGR of 4.7% during 2022-2032 to surpass USD 11.7 billion by the end of 2032, driven by the growing prevalence of influenza, STDs, and tuberculosis worldwide and rising awareness among people about the availability of point-of-care testing (POCT) kits. Further, increasing utilization of lateral flow assays in pregnancy testing, drugs of abuse screening, and rapid cardiac markers diagnostics is likely to drive the market due to their cost-effective nature and ability to deliver analytical information.
These are the latest findings of Fact.MR (Dublin, Ireland), a market research and consulting agency.
As per the World Health Organization (WHO), in 2020, nearly 1.5 million people died from tuberculosis. It is considered to be the second leading infectious killer after COVID-19 and the 13th leading cause of death across the world. These numbers are expected to surge at a rapid pace, thereby boosting the global lateral flow assays market. Additionally, since lateral flow tests are capable of operating in low-resource settings, including home care settings, their usage is expected to grow at a steady pace for testing stigmatized conditions, such as HIV. As lateral flow tests enable patients to perform self-tests in their homes, their demand is likely to grow in the coming years. Moreover, evolving applications of lateral flow assays are expected to fuel the market growth. The increasing usage of these assays in saliva diagnostics, biowarfare, and behavioral health testing is expected to accelerate the growth of the global lateral flow assays market.
Thus, the urgent need for rapid diagnosis of various infectious diseases across the globe is set to propel the growth of the global lateral flow assays market. Moreover, the increasing demand for home-based lateral flow assay devices to manage cardiovascular diseases also bodes well for market growth. However, factors such as lower accuracy of results than laboratory tests and the absence of information about drug resistance during lateral flow urine lipoarabinomannan assay to detect TB could hamper market growth.
Based on product type, the kits & reagents segment is expected to hold a share of more than 70% of the global lateral flow assays market and register a CAGR of 5% by 2032. Sales of the benchtop readers segment are projected to increase at a CAGR of 4.6% until 2032. In terms of application, the clinical testing segment is estimated to grow at a CAGR of 5% during the forecast period. Geographically, North America is projected to exhibit a growth of 5.5% Y-o-Y in 2022 to reach USD 2 billion during 2022-2032 with the U.S. expected to account for the lion's share of the region due to the presence of cutting-edge point-of-care testing facilities across the country.
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