Global Lateral Flow Assay Market Driven by Rising Incidence of Infectious Diseases
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By LabMedica International staff writers Posted on 19 Oct 2022 |
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The global lateral flow assay market was valued at an estimated USD 7.91 billion in 2021 and is expected to witness a CAGR of 5.23% during the forecast period 2021 to 2029, driven primarily by the increasing incidence of infectious diseases. Additionally, the rapid increase in geriatric population and rise in the use of home-based lateral flow assay devices will also fuel market growth. However, the lower accuracy of lateral flow assay tests and restricted compensation for lateral flow assay products are expected to restrain market growth.
These are the latest findings of Research and Markets (Dublin, Ireland), a provider of market research reports.
Based on application, the testing segment accounted for the highest share of the lateral flow assay market in 2021 and is expected to register the fastest growth during the forecast period, due to the adoption of point of care testing devices for qualitative and quantitative analysis worldwide. The drug development & quality testing segment is also anticipated to grow at a fast pace during the forecast period, due the launch of new testing techniques used for developing various drugs and quality checking. Based on product, the lateral flow readers segment held the highest share of the lateral flow assay market in 2021 and is expected to register the fastest growth during the forecast period. This can be attributed to lateral flow readers being extremely sensitive and their ability to enumerate and precisely capture and transmit data worldwide. The kits & reagents segment is also anticipated to grow at a fast pace during the forecast period, driven by increased initiatives by various public and private organizations to develop advanced lateral flow assay technologies.
Based on technique, the sandwich assays segment accounted for the highest share of the lateral flow assay market in 2021 and is expected to register the fastest growth during the forecast period due to the widespread applications of these assays for clinical testing across the world. The multiplex detection assays segment is also anticipated to grow at a fast pace during the forecast period, due to the advantages of these assays, such as high sensitivity and specificity for larger analysis. Based on sample type, the other samples segment held the highest share of the lateral flow assay market in 2021 and is expected to register the fastest growth during the forecast period due to a surge in R&D and the necessity for more specific and precise disease testing worldwide. The blood samples segment is also anticipated to grow at a fast pace during the forecast period, due to the number of tests that can be conducted by collecting blood samples and arriving at the correct diagnosis.
Geographically, North America accounted for the highest share of the global lateral flow assay market in 2021 and is expected to maintain its dominant position during the forecast period. Changes in various regulations, a growing geriatric population, increased government initiatives, and growing accessibility to technological advanced products are expected to fuel the growth of the North American lateral flow assay market. The lateral flow assay market in Asia Pacific is expected to register the fastest CAGR during the forecast period, owing to rising COVID 19 cases, increasing government and corporate investments in the healthcare sector, an aging population, and the availability of skilled labor at economic cost in the region.
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