Global Lateral Flow Assays Market to Reach USD 13.85 Billion by 2027 Due to Benefits of Rapid Tests and Growing Demand for POC Testing
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By LabMedica International staff writers Posted on 20 May 2021 |
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The global lateral flow assays market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach USD 13.85 billion by 2027, driven mainly by the benefits of LFA-based rapid tests over laboratory testing and growing demand for point-of-care testing.
These are the latest findings of Meticulous Research (Redding, CA, USA), a market intelligence provider.
Lateral flow assays are devices used to confirm the presence or absence of a target analyte without the need for lab equipment. These devices are widely used in hospitals and clinical laboratories for the qualitative and quantitative detection of specific antigens and antibodies. It is a simple and low-cost technology used in qualitative and quantitative detection of pathogens or biomarkers in humans or animals, or contaminants or toxic elements in water supplies, foodstuffs, or animal feeds.
The growth of the overall lateral flow assays market is mainly attributed to the benefits of LFA-based rapid tests over laboratory testing, increasing usage of home-based lateral flow assay kits, growing demand for point-of-care testing, increasing prevalence of chronic & infectious diseases, and growing acceptance of smart devices. In addition, evolving applications of lateral flow assays and rising demand for lateral flow assays in the food & beverage industry offer significant growth opportunities for players operating in the lateral flow assays market. On the other hand, the reluctance towards changing existing diagnostic practices and the development of multiplexing assays are some of the factors challenging the growth of this market to a certain extent. Also, variance in lateral flow assay test results and stringent regulations are expected to hinder the growth of this market.
Based on product, the kits & reagents segment accounted for the largest share of the overall lateral flow assays market in 2020, led by the higher adoption rate of kits & reagents, increasing use of home-based lateral flow assay devices, and growing demand for point-of-care testing. On the basis of technique, the sandwich assays segment accounted for the largest share of the overall lateral flow assays market in 2020, due to the wide application of sandwich assays in various medical testing settings and their advantages, such as higher sensitivity and specificity for larger analytes.
Based on application, the clinical testing segment accounted for the largest share of the overall lateral flow assays market in 2020, on the back of increasing healthcare expenditure, rising initiatives towards health awareness, growing awareness about clinical testing, and increasing spread of various chronic and infectious diseases. Based on end user, diagnostic laboratories accounted for the largest share of the overall lateral flow assays market in 2020, on account of increasing adoption of lateral flow assays due to their benefits over conventional laboratory tests, increasing use of PoC tests, growing hospital admissions, and rapid growth in demand for lateral flow tests during COVID-19. Geographically, North America accounted for the largest share of the global lateral flow assays market in 2020, followed by Europe and Asia-Pacific. The increasing prevalence of chronic and infectious diseases, rising geriatric population, growing demand for point-of-care testing facilities, and presence of key players in the region are driving the growth of the North American lateral flow assays market.
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Meticulous Research
These are the latest findings of Meticulous Research (Redding, CA, USA), a market intelligence provider.
Lateral flow assays are devices used to confirm the presence or absence of a target analyte without the need for lab equipment. These devices are widely used in hospitals and clinical laboratories for the qualitative and quantitative detection of specific antigens and antibodies. It is a simple and low-cost technology used in qualitative and quantitative detection of pathogens or biomarkers in humans or animals, or contaminants or toxic elements in water supplies, foodstuffs, or animal feeds.
The growth of the overall lateral flow assays market is mainly attributed to the benefits of LFA-based rapid tests over laboratory testing, increasing usage of home-based lateral flow assay kits, growing demand for point-of-care testing, increasing prevalence of chronic & infectious diseases, and growing acceptance of smart devices. In addition, evolving applications of lateral flow assays and rising demand for lateral flow assays in the food & beverage industry offer significant growth opportunities for players operating in the lateral flow assays market. On the other hand, the reluctance towards changing existing diagnostic practices and the development of multiplexing assays are some of the factors challenging the growth of this market to a certain extent. Also, variance in lateral flow assay test results and stringent regulations are expected to hinder the growth of this market.
Based on product, the kits & reagents segment accounted for the largest share of the overall lateral flow assays market in 2020, led by the higher adoption rate of kits & reagents, increasing use of home-based lateral flow assay devices, and growing demand for point-of-care testing. On the basis of technique, the sandwich assays segment accounted for the largest share of the overall lateral flow assays market in 2020, due to the wide application of sandwich assays in various medical testing settings and their advantages, such as higher sensitivity and specificity for larger analytes.
Based on application, the clinical testing segment accounted for the largest share of the overall lateral flow assays market in 2020, on the back of increasing healthcare expenditure, rising initiatives towards health awareness, growing awareness about clinical testing, and increasing spread of various chronic and infectious diseases. Based on end user, diagnostic laboratories accounted for the largest share of the overall lateral flow assays market in 2020, on account of increasing adoption of lateral flow assays due to their benefits over conventional laboratory tests, increasing use of PoC tests, growing hospital admissions, and rapid growth in demand for lateral flow tests during COVID-19. Geographically, North America accounted for the largest share of the global lateral flow assays market in 2020, followed by Europe and Asia-Pacific. The increasing prevalence of chronic and infectious diseases, rising geriatric population, growing demand for point-of-care testing facilities, and presence of key players in the region are driving the growth of the North American lateral flow assays market.
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Meticulous Research
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