The Global Lateral Flow Assay Market is Projected to Register a CAGR of 5.42% From 2022 to 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Lateral Flow Assay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The lateral flow assay market is projected to register a CAGR of 5.42% over the forecast period, with a revenue of USD 8,490.75 million in 2021, and is expected to reach USD 12,198.84 million by 2027.

The COVID-19 pandemic had a positive impact on the market. Instead of sending patient samples to the laboratory, the usage of lateral flow test kits can be convenient as they are smaller, portable, and can be controlled with minimal training.

This makes them attractive for deployment outside of healthcare facilities, in low- and middle-income countries, or for those countries rolling out mass population screening programs. Even though they are less accurate than PCR tests, their low cost, speed, and ease of use make lateral flow tests particularly attractive to countries that do not have extensive laboratory facilities or trained health workers to easily conduct PCR tests for COVID-19 screening.

Some countries, such as Slovakia and the United Kingdom are extensively using lateral flow tests as a means of mass screening programs. For example, the British government has been monitoring the use of the Innova SARS-CoV-2 Antigen Rapid Qualitative Test in Liverpool, which currently has high COVID-19 rates, and plans to roll it out nationwide.

The major factor driving the growth of the lateral flow assay market are the growing global rate of infectious diseases, HIV, cancer around the world which requires new diagnostic methods of effective treatment to end the growing mortality rate.

Further, the technological advancements in the field of lateral flow assays (LFA) have also boosted the market growth. In recent years, major advances in LFA development have included novel signal enhancement techniques, the use of new labels, improved quantification systems and simultaneous detection.

Some new techniques have been used to enhance the signal from gold nanoparticles (colloidal nanoparticles) GNPs have adopted silver enhancement technology or combinations of GNPs with an enzyme (such as horseradish peroxidase), which results in catalytic amplification of the signal.

Additionally, increased participation of the government to control the outbreaks of infectious diseases and the increasing awareness programs to enhance the spread of infections, diagnosis, and prevention, along with the launch of diagnosis systems at home care settings, are expected to contribute to the growth of the global market during the forecast period.

However, factors such as delay in the product approvals due to the stringent regulatory policies and false result from the test are expected to impede the growth of the studied market over the forecast period.

Key Market Trends

Clinical Testing Segment is Expected to Hold the Largest Market Share in the Lateral Flow Assay Market

The clinical testing segment is anticipated to hold the largest market share in the lateral flow assay market due to its importance in the identification and detection of diseases and with a rise in the incidence of infectious diseases and other medical conditions the demand for these assays are expected to increase that will drive the growth in the segment.

For instance, according to the World Health Organization, Global Tuberculosis Report 2020, approximately 1.4 million people died from Tuberculosis-related illnesses in 2019 and nearly 10 million individuals developed tuberculosis in 2019. Hence, the growing burden of tuberculosis is expected to drive the need for rapid and affordable diagnostics, especially in developing countries, which aids in the growth of the studied market.

North America Dominates the Market and it is Expected to do the Same in the Forecast Period

North America is expected to dominate the overall lateral flow assay market throughout the forecast period owing to a rise in the incidence of various infectious and chronic diseases such as Lyme disease, tuberculosis, and an increased mortality rate associated with HIV/AIDS in the region. In North America, the United States is anticipated to hold the largest market share due to the presence of a high patient pool and affordability with increasing disposable income.

Furthermore, the increased adoption rate of advanced infrastructure, the volume of diagnostic centers, rise in awareness among the people are factors estimated to boost the market in the region, contributing to its outstanding share of the global market revenue during the forecast period.

Competitive Landscape

The lateral flow assay market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by adopting various strategies, such as mergers and acquisitions, while others are developing new test methods for the diagnosis and introducing new products to retain their market share.

Companies Mentioned

• PerkinElmer Inc.
• Merck KGaA
• QIAGEN NV
• Abbott Laboratories (Alere Inc.)
• Quidel Corporation
• Hologic Inc.
• Thermo Fisher Scientific Inc.
• bioMerieux SA
• Becton, Dickinson and Company
• Bio-Rad Laboratories Inc.
• Abcam PLC
• Danaher Corporation
• F. Hoffmann-La Roche AG
• Siemens AG
• Chembio Diagnostic Systems, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/g86sd3