IMARC Group has recently released a new research study titled “Lateral Flow Assay Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the lateral flow assay industry?
The global lateral flow assay market size reached US$ 9.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.
What is a lateral flow assay?
Lateral flow assay (LFA) represents a paper-based platform that quantifies and detects analytes in complex mixtures. It aids in testing biological samples of sweat, serum, saliva, urine, plasma, blood, and other fluids. Consequently, lateral flow assay is extensively utilized in hospitals and clinical laboratories for the qualitative and quantitative detection of specific agents, antibodies, gene amplification, etc. In line with this, it also assists in producing simple, low-cost, and portable detection devices that are used in agriculture, biomedicine, food, environmental sciences, etc. As such, LFA is gaining extensive traction across the globe.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the lateral flow assay market?
The rising need for an alternative to sending patient samples to the laboratory, owing to the sudden outbreak of the COVID-19 pandemic, is primarily driving the lateral flow assay market. Additionally, the lack of extensive laboratory facilities or trained health workers to easily conduct polymerase chain reaction (PCR) tests and the widespread adoption of LFA kits that are smaller, portable, convenient, can be controlled with minimal training, etc., are further catalyzing the market growth. Besides this, they act as a one-step assay that does not require refrigeration, washing steps, pretreatment, etc., take a relatively short time for development, and allow the preparation of batches in advance, which is acting as another significant growth-inducing factor. Moreover, the growing prevalence of infectious diseases that require new diagnostic methods for effective treatment is positively influencing the global market. Apart from this, leading manufacturers are introducing novel signal enhancement techniques and enhancing quantification systems and simultaneous detection, which is anticipated to fuel the lateral flow assay market over the forecasted period.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technique:
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
Breakup by Product:
- Kits and Reagents
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
Breakup by Application:
- Clinical Testing
- Infectious Disease Testing
- Cardiac Marker Testing
- Pregnancy and Fertility Testing
- Cholesterol Testing/Lipid Profile
- Drug Abuse Testing
- Others
- Veterinary Diagnostics
- Food Safety and Environment Testing
- Drug Development and Quality Testing
Breakup by End User:
- Hospitals and Clinics
- Diagnostic Laboratories
- Home Care
- Pharmaceutical and Biotechnology Companies
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
- Abbott Laboratories
- Becton Dickinson and Company
- Biomerieux SA
- Bio-Rad Laboratories Inc
- Danaher Corporation
- Hoffmann-La Roche AG
- Hologic Inc
- Merck KGAA
- Perkinelmer Inc
- Qiagen N.V
- Quidel Corporation
- Siemens Healthineers AG (Siemens AG)
- Thermo Fisher Scientific Inc
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