Lateral Flow Assay Market to be dominated by Kits and Reagents type through 2028
The increase in the prevalence of infectious diseases is
expected to drive the growth of global lateral flow assay in the forecast
period, 2024-2028.
According to TechSci Research report, “Lateral
Flow Assay Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”,
global lateral flow assay market is
anticipated to grow at an impressive rate in the forecast period,2024-2028.
This can be ascribed to the growing prevalence of infectious diseases across
the world along with the growing geriatric population. Similarly, increasing
demand for point care testing along with growing demand for home-based lateral
flow assay tests is expected to create lucrative growth during the forecast
period. Additionally, growing awareness about new tests for the easy detection
of infectious diseases is anticipated to boost market growth during the
forecast period. However, growing collaborations between major players along
with increasing initiative and investment by government organizations for the
development of new assay kits in developing regions like North America and
Europe is expected to enhance the demand for the later flow assay market during
the forecast period. Similarly, the availability of skilled professionals is
one of the major factors which will further boost the market growth over the
years.
However, strict
and time-consuming regulations for lateral flow assays carried out in labs to
detect diseases may hamper the growth of the global lateral flow assay market
during the forecast period. Similarly,
the lack of skilled professionals for handling the lateral flow assay test may
hamper the growth of the market. Also, the high cost of lateral flow assays and
lack of awareness about new assays can further restrict the growth of the global
lateral flow assay market. Also, easier to perform and less expensive than
laboratory testing can limit the growth of the market growth.
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The global lateral flow
assay market can be
segmented by product, application, technique, test type, the end user, and by region.
Based on the product, the global lateral flow
assay market can be segmented
into Kits & Reagents, Lateral Flow Readers, and Others. The kits and reagents segment dominates the
market in 2022 and is expected to continue maintaining its dominance throughout
the forecast period. This can be ascribed to the increasing prevalence of
infectious diseases and the increasing demand for the usage of lateral flow
assay kits in home care settings. Similarly, the availability and launch of new
kits by major players are expected to create significant growth during the
forecast period.
Based on technique, the market can be segmented
into Sandwich Assay, Competitive Assay, and Multiplex Detection Assay. The Multiplex Detection Assay segment is
expected to dominate the market during the forecast period on account of the growing
development of different multiplex lateral flow assays for the research and
development sector along with growing demand for technologically advanced
assays across the globe.
Major companies operating in global lateral flow assay market are:
- Thermo Fisher
Scientific, Inc.
- Abbott Laboratories,
Inc.
- F. Hoffmann-La Roche
AG
- Bio-Rad
Laboratories, Inc.
- Quidel Corporation
- Hologic, Inc.
- bioMérieux SA
- PerkinElmer, Inc.
- Danaher Corporation
- QIAGEN N.V.
Major
companies operating in the market are focusing on new product and technology
launches, entering collaborations and partnerships in order to accelerate the
research related to healthcare and have an edge over other players operating in
the market. For instance, in December 2021, Eurofins Technologies (Paris: ERF),
a supplier of test kits and systems for laboratory analyses, announces the
launch of its new Rapid Scan ST5-W lateral flow reader, specifically designed
for field and in-process testing applications requiring qualitative to
semi-quantitative test results.
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“North
America is expected to dominate The Global Lateral Flow Assay Market
on account due to the growing popularity of self-diagnosis along with increasing
public awareness about easy diagnostic tests across the region. Furthermore, increasing
the number of new entrants and approvals in the healthcare sector and growing
initiatives by government organizations for the development of new assays are
further contributing to the demand for lateral flow assays. Similarly,
government organizations are taking initiative and investing in the medical
field for the development of better healthcare infrastructures which will
further boost the growth of the market during the forecast period. Besides, the
growing demand for point care testing because of the increasing incidence of
chronic diseases along with the growing adoption of new assays among patients
and healthcare providers across the region is further expected to create
lucrative opportunities for market growth” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Lateral
Flow Assay Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Kits & Reagents, Lateral Flow Readers,
Others), By Application (Clinical Testing, Cardiac Marker Testing, Pregnancy
& Fertility Testing, Veterinary Diagnostics, Others), By Technique
(Sandwich Assay, Competitive Assay, Multiplex Detection Assay), By Test Type
(Lateral Flow Immunoassay v/s Nucleic Acid Lateral Flow Assay), By End User (Hospitals
& Clinics, Diagnostic Laboratories, Others) and By Region”, has evaluated the future growth potential of global lateral flow
assay market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global lateral flow
assay market.
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