Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2020-2030 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2020-30: COVID 19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

The global lateral flow immunoassay based rapid test market is expected to decline from $5.98 billion in 2019 to $5.77 billion in 2020 at a compound annual growth rate (CAGR) of -3.63%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.54 billion in 2023 at a CAGR of 9.36%.

This report focuses on lateral flow immunoassay (LFIA) based rapid test market which is experiencing strong growth. The report gives a guide to the lateral flow immunoassay (LFIA) based rapid test market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Major players in the lateral flow immunoassay (LFIA) based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMerieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, and Hologic Inc.

The lateral flow immunoassay (LFIA) based rapid test market consists of sales of devices and equipment used to run lateral flow immunoassays (LFIA) based rapid test and related services by companies that develop lateral flow immunoassays (LFIA) based rapid test equipment. These are testing devices used to assess the existence of a target, such as pathogens or biomarkers, in samples obtained from the human body or animals, or pollutants in water sources, food or animal feed.

North America was the largest region in the lateral flow immunoassay based rapid test market.

In April 2020, True Diagnostics, a leading US-based Point of Care (POC) company, partnered with Veravas and Infectolab Americas to create and distribute a fast, point-of-care immunoassay for SARS-CoV-2, the VeraTest SARS-CoV-2 IgA / IgG Fast Test will be developed to detect immunoglobulin A and immunoglobulin G antibodies to SARS-CoV-2 in the blood within 15 minutes.

The test combines True Diagnostics, TrueDx lateral flow immunoassay technology with Veravas, VeraPrep clean and VeraPrep capture technologies designed to remove cross-reaction antibodies and ensure the detection of only SARS-CoV-2-specific antibodies. Veravas is an emerging US-based diagnostic company. Infectolab Americas is a US-based laboratory specialized in the lab testing for tick-borne disease.

The lateral flow immunoassay (LFIA) based rapid test market covered in this report is segmented by technique into competitive assay; sandwich assay; multiplex detection assay. It is also segmented by end user into hospital and clinic; diagnostic laboratory; home care; others, and by application into infectious disease; pregnancy and fertility; toxicology; others.

It had been found that pooled sensitivities were consistently lower for the lateral flow immunoassay (LFIA) test compared to other test methods. The low level of sensitivity is anticipated to restrain the market growth for Lateral Flow Immunoassay (LFIA) based rapid test.

Companies are collaborating to launch new products. In May 2020, Lateral Flow Diagnostic Company Mologic Ltd., which has teamed up with Biosure Ltd., the developer of the only CE approved HIV home testing kit, to develop a COVID-19 antibody self-test. The companies combine Mologic's validated IgG lateral flow test strip with Biosure's test kit. In July 2020, MP Biomedicals Asia Pacific Pte Ltd collaborated with a Singapore company A*STAR to create the ASSURE SARS-CoV-2 IgG / IgM rapid antibody test kit to detect IgG and IgM antibodies in a person infected with SARS-CoV-2. The kit delivers precise results in very less time as less as 15 minutes and uses the lateral flow method.

The demand for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market. Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays (LFIA) are widely used as POCTs due to their speed and precision, simplicity and low cost.

For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19.

These antibodies may be detected in whole blood, serum or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market.

Companies Mentioned

• Abbott Laboratories
• F. Hoffmann-La Roche
• Danaher Corporation
• Siemens AG
• Becton, Dickinson and Company
• bioMerieux
• Bio-Rad Laboratories
• Thermo Fisher Scientific
• QIAGEN NV
• Hologic Inc.
• PerkinElmer, Inc.
• Quidel Corporation

For more information about this report visit https://www.researchandmarkets.com/r/stqi8r