Lateral Flow Assay Market Surges as COVID-19 Elevates Demand for Rapid Testing Solutions - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Lateral Flow Assay Market: Analysis and Trends by Product Type, Application, Technology, End User and Region with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global lateral flow assay (LFA) market is on a steady growth trajectory, with a market value of US$8.55 billion in 2022, expected to reach US$12.10 billion by 2028.

Several key factors are contributing to this growth, including the increasing incidence of infectious diseases, the growing demand for point-of-care testing (POCT), and heightened awareness of infection prevention and control following the COVID-19 pandemic.

Market Segmentation Analysis:

• By Product Type: The market is segmented into two categories: kits and reagents, and lateral flow readers. Kits & reagents are the largest segment, driven by the adoption of lateral flow tests in home care settings, the development of cost-effective and user-friendly diagnostic kits, and their increasing popularity in self-diagnosis and diagnostic testing of diseases, contaminants, and allergens in food products and environmental testing. Lateral flow readers are the fastest-growing segment, owing to advancements in reader technology, rising demand for portable and easy-to-use diagnostic devices, and the integration of smartphones and mobile applications with lateral flow readers.
• By Application: The market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. Clinical testing is the largest segment due to the growing patient population with chronic diseases, expanding healthcare infrastructure, the increase in infectious diseases, and the use of lateral flow assays in clinical laboratories, hospitals, and physician's offices for the identification of specific antibodies, gene amplification products, and antigens.
• By Technology: The market is segmented into sandwich assays, competitive assays, and multiplex detection assays. Sandwich lateral flow assays dominate the market due to their applications in point-of-care testing, home healthcare diagnostic devices, and research and drug discovery. They also offer better assay sensitivity and specificity for the measurement of larger analytes.
• By End User: The market is segmented into hospitals and clinics, diagnostic laboratories, home care, pharmaceutical & biotechnology companies, and others. Pharmaceutical & biotechnology companies are the fastest-growing segment, driven by the increase in infectious diseases, research activities, the demand for rapid and accurate diagnostic tests for drug development and quality testing, and the strategic efforts of emerging market participants.
• By Region: The market is segmented into Europe, North America, Asia Pacific, and the rest of the world. North America is the largest region, with a well-established healthcare and pharmaceutical sector, high per capita income, and ongoing technological advancements.

Impact Analysis of COVID-19 and Way Forward:

The sudden outbreak of the COVID-19 pandemic was associated with an increase in the demand for simple, rapid, cost-effective, and point-of-care diagnostic devices, such as lateral flow assay kits and readers, needed by hospitals, clinics, airports, schools, and other workplaces for the detection and control of the SARS-CoV-2 virus as LFA test kits demonstrated the ability to detect both symptomatic and asymptomatic COVID-19 infections.

The impact of the COVID-19 pandemic on the global lateral flow assay market turned out to be positive, as government organizations and healthcare associations increased their focus on mass population testing, infection prevention & control, and public awareness campaigns aimed at identifying the symptoms and creating patient awareness about the use of lateral flow assay COVID-19 kits.

The key players of the lateral flow assay market are:

• F. Hoffmann-La Roche Ltd
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Merck KGaA (MilliporeSigma)
• Bio-Rad Laboratories, Inc.
• Becton, Dickinson and Company
• QuidelOrtho Corporation (Quidel Corporation)
• Access Bio, Inc.
• PerkinElmer, Inc.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Regional Market Analysis

5. Impact of COVID-19

6. Market Dynamics

6.1 Growth Drivers

6.1.1 Aging Population

6.1.2 Rising Cases Of Infectious Diseases

6.1.3 Growing Adoption Of Home Based Assay Kits And Devices

6.1.4 Rising Popularity Of Point-of-care Testing

6.2 Challenges

6.2.1 Strict Regulatory Requirements Due to Inconsistent Diagnostic Results

6.2.2 Increased Competition From Alternative Diagnostics Technologies

6.3 Market Trends

6.3.1 Increasing Integration Of Artificial Intelligence (AI) And Biosensors

6.3.2 Rising Digital Technology Integration

6.3.3 Evolving Newer Applications Of Lateral Flow Assays

6.3.4 Rising Demand For Personalized And Customized Lateral Flow Assays

7. Competitive Landscape

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/w3fz4g

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