Lateral Flow Assays Market is expected to reach USD 12.6 billion by 2026 with CAGR of 2.0%
The Global Lateral Flow Assays Market is projected to reach USD 12.6 billion by 2026, at a CAGR of 2.0% during the forecast period. The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.
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“Kits & Reagents segment accounted for the largest
share in the lateral flow assays market.”
Based on product type, the lateral flow assays market is
segmented into kits & reagents and lateral flow readers. In 2020, kits
& reagents accounted for the larger share of 80.6% of the global lateral
flow assays market. The large share of this segment can be attributed to the
increasing application of lateral flow kits & reagents for POC testing, the
growing burden of chronic diseases, the increasing use of lateral flow kits in
home care, and their convenience and ease of use. The lateral flow readers segment
is bifurcated into digital/handheld readers and benchtop readers. This segment
is expected to grow at a higher CAGR of 5.3% during the forecast period.
“Clinical Testing segment is expected to witness the
fastest growth in the forecast period.”
Based on applications, the lateral flow assays market is
segmented into clinical testing, veterinary diagnostics, food safety &
environmental testing, and drug development & quality testing. The clinical
testing segment accounted for the largest share of 90.9% of the lateral flow
assays market in 2020. The large share of this segment can be attributed to the
rising prevalence of chronic diseases, growing pressure to reduce healthcare
costs, and the increasing demand for patient-centric care.
“Sandwich assays technique accounted for the largest
share of lateral flow assays market in 2020”
Based on technique, the lateral flow assay kits &
reagents market is segmented into competitive assays, sandwich assays, and
multiplex detection assays. The sandwich assays technique dominated the lateral
flow assays market with a share of 70.9% in 2020. The large share of this
segment can be attributed to its better assay sensitivity and specificity and
its extensive applications in the measurement of critical analytes (such as
cardiac and hepatitis markers).
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“Blood samples accounted for the largest share of lateral
flow assays market in 2020”
Based on sample type, the clinical testing lateral flow
assays market is segmented into blood, urine, saliva, and other samples. Blood samples
accounted for the largest market share of 53.1% in 2020. The use of blood
samples in lateral flow tests for infectious diseases such as malaria, HIV, and
syphilis; the rising awareness of rapid testing solutions; and easy detection
of disease antibodies from blood samples are key factors driving the growth of
this segment.
“The hospitals & Clinics segment accounted for the
largest share of lateral flow assays market in 2020”
Based on end users, the lateral flow assays market is
segmented into hospitals & clinics, diagnostic laboratories, home care
settings, pharmaceutical & biotechnology companies, and other end users.
The hospitals & clinics segment accounted for the largest market share of
37.6% in 2020. Technological advancements, the increasing adoption of
point-of-care testing and growing patient inclination toward fast and early
diagnosis are driving the growth of the hospitals & clinics segment. The
COVID-19 pandemic has also increased the demand for point-of-care testing in
professional healthcare settings, further driving the growth of this market in
the forecast period.
“North America accounted for the largest share of the
lateral flow assays market in 2020”
The North America, Europe, Asia Pacific, Latin America, and
the Middle East & Africa. In 2020, North America accounted for the largest
share of 38.2% of the lateral flow assays market, followed by Europe, the Asia
Pacific, Latin America, and the Middle East & Africa. However, the APAC is
expected to grow at the highest CAGR of 4.2% during the forecast period. The
rapidly developing healthcare industry in China and India, growth in the aging
population, rising life expectancy, rising per capita income, increasing
investments in the region by key market players, the expansion of private-sector
hospitals & clinics to rural areas, the availability of low-cost labor for
manufacturing, the presence of a favorable regulatory environment, and growing
demand for home and POC testing are supporting market growth in the APAC. The
current COVID-19 scenario and its high impact in the Asia Pacific (especially
India) have also resulted in a high growth rate in the lateral flow assays
market in this region.
Key Market Players :
The prominent players in the global lateral flow assays
market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La
Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD
(US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher
Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V.
(Netherlands), and Merck KGaA (Germany).
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