Lateral Flow Assay Global Market Report 2022: Rising Demand for Point-of-Care Testing Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Lateral Flow Assay Market Size, Share & Trends Analysis Report by Product (Kits & Reagents, Lateral Flow Readers), by Application, by Technique, by Test Type, by End-user, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global lateral flow assays market size is expected to reach USD 13.59 billion by 2030. The market is anticipated to expand at a CAGR of 3.05% from 2022 to 2030. Major factors driving the growth include the rising prevalence of infectious diseases, growing government initiatives to curb infectious and chronic diseases, rise in demand for point-of-care testing, and increasing strategic mergers & acquisitions among others.

The use of these devices promotes self-testing, reduces the need for laboratory testing, and eliminates the need for trained laboratory personnel. Although there have been several technological advancements in laboratory testing in the recent past, several emerging economies still face challenges regarding timely medical intervention. This represents a major factor that is driving the adoption of dipsticks or lateral flow assays for facilitating timely diagnosis and treatment.

Due to the increasing utility of lateral flow assays for home use and self-testing, several at-home tests were launched after the pandemic began. For instance, tests such as Abbott's BinaxNOW COVID-19 Antigen Self-Test, Access Bio's CareStart COVID-19 Antigen Home Test, Becton, Dickinson and Company's BD Veritor At-Home COVID-19 Test, and Ellume's COVID-19 Home Test are commercially available.

Government initiatives supporting the use of such tests are expected to enhance the penetration of lateral flow assays and can aid in driving the lateral flow assays market growth. For instance, the Biden-Harris administration has incentivized health plans and insurers for installing a network of locations across the country for providing at-home, over-the-counter COVID-19 tests for free to people with private health coverage.

Continuous strategic initiatives undertaken by leading and emerging players to develop and launch advanced products are anticipated to significantly support market growth. For instance, in November 2021, IUL SA launched the iPeak Europium, a new lateral flow reader used to scan fluorescence-labeled lateral flow tests. Similarly, in March 2021, the company introduced its new lateral flow reader, iPeak+.

The use of lateral flow devices also eliminates the need to wait for deciphering test results as well as aids in the optimization of timely treatment decisions, improves the efficacy of care provided, and significantly reduces diagnosis costs, especially in areas with resource-constrained settings and insufficient laboratory infrastructure. The rising trend of decentralized testing has been crucial in increasing the adoption of lateral flow devices globally.

The role of these devices has also been observed in controlling major infectious diseases such as malaria and influenza. According to WHO, rapid diagnostic tests are used in diagnosis by healthcare professionals distant from microscopy services; remote diagnosis by professionals in malaria endemic countries; and outbreak investigation & survey of parasite prevalence. Thus, various benefits offered by lateral flow devices are among the key factors responsible for increasing the adoption of lateral flow assays globally.

On the other hand, with the advent of advanced technologies, such as PCR and molecular diagnostics, the demand for lateral flow assays may be witnessing sluggish growth to a certain extent. Although lateral flow assays have high specificity and sensitivity, PCR and other molecular diagnostic technologies have emerged to be more sensitive.

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Lateral Flow Assay Market Variables, Trends, & Scope

Chapter 4 Lateral Flow Assay Market: Product Estimates and Trend Analysis

Chapter 5 Lateral Flow Assay Market: Application Estimates and Trend Analysis

Chapter 6 Lateral Flow Assay Market: Technique Estimates and Trend Analysis

Chapter 7 Lateral Flow Assay Market: End-use Estimates and Trend Analysis

Chapter 8 Lateral Flow Assay Market: Test Type Estimates and Trend Analysis

Chapter 9 Lateral Flow Assay Market: Regional Estimates & Trend Analysis, by Product, Application, Technique, End Use, & Test Type

Chapter 10 Lateral Flow Assay Market Competitive Landscape

Companies Mentioned

• Abbott Laboratories
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche AG
• Bio-Rad Laboratories, Inc.
• Biomerieux Sa
• Quidel Corporation
• Hologic, Inc.
• Perkinelmer, Inc.
• Merck KGaA
• BD
• Siemens Healthineers
• Danaher Corporation
• Qiagen N.V.

For more information about this report visit https://www.researchandmarkets.com/r/1x2p6v