Growth factor of Lateral flow assays market analysis

The use of cellulose-based lateral flow assays detects a targeted analyte in a sample without the need for specialized, pricey equipment or highly trained medical personnel. They have become very popular in homecare settings in the last few years. An important factor fuelling the market’s expansion is the rising incidence of infectious diseases, HIV, and cancer globally, which calls for better diagnostic procedures and more effective treatment to combat the rising death rate.

In 2021, the market for lateral flow assays was worth USD 8.76 billion, and by 2030 it will reach USD 12.85 billion, growing at a 4.34% CAGR during the forecast period. 

The increasing rate of infectious diseases, such as HIV and cancer, and the need for novel diagnostic techniques and efficient treatments to stop the rising death rate are the main factors propelling the lateral flow assay market.

Market Dynamics

Drivers

The prevalence of infectious diseases remains high worldwide despite significant improvements in sanitation and medicine. The National Institute of Allergy & Infectious Diseases estimates that over 15 million people die from infectious diseases each year. 

Age-related metabolic inefficiencies and physiological changes frequently cause chronic diseases such as cystic fibrosis, hepatitis, cardiovascular diseases, and cancer. Geriatric people are more susceptible to infections and diseases due to weakened immune systems. By 2050, there will be more than 2 billion senior people worldwide, a quadrupling of the current number within the next three decades.

Restraints

Although lateral flow assay tests are simpler to carry out and less expensive than laboratory testing, they are less accurate, which restrains the market’s growth throughout the forecast period.

Opportunity 

The government has improved testing procedures to stay ahead of sickness as a result of the rising occurrence of infectious diseases. The market will benefit greatly from the expanding government assistance for developing highly accurate lateral flow assays through financing and supportive policies. As a result, the market will grow faster because of technological advancement and product innovations driven by both public and private actors.

Market Segmentation 

Product Insights

The kits & reagents held the largest market proportion, with an 82.24% share in 2022. Biomarkers, assay kits, and reagents, such as substrates, enzymes, certain proteins, lipids, and other test kits, are the main categories of these kits and reagents. One of the main elements influencing the demand for rapid testing is the knowledge of POC and rapid testing for numerous infectious illnesses. The fact that consumables are used frequently and produce ongoing revenue for suppliers contributes to the segment’s huge market share.

By Application 

In 2022, the clinical testing segment ruled the market with 46.50% of the revenue share. Quick diagnostic tests for infectious diseases are essential for identifying diseases for biosurveillance, early diagnosis, and enhancing global health. The U.S. Department of Defense, the US Centers for Disease Control & Prevention, the Health & Human Services, and the National Institutes of Health all view rapid and early diagnosis as a vital strategy for minimizing the impact on the populace.

By Technique

The sandwich assay segment led the market with a revenue share of 61.36% in 2022. It is because of their accessibility, precision, and simplicity. Sandwich assays are frequently utilized to detect bigger analytes that contain binding sites or epitopes.

By End-Users

In 2022, hospitals & clinics had the biggest market share of 25.32%. Hospitals are the primary point of contact for infections and diseases and conduct testing more quickly than other end users. The initial patient screening is based on the diagnosis, contributing to the increased usage of quick testing in hospitals. In addition, hospitals create contracts with numerous vendors to buy POC analyzers, fast test kits, and related consumables.

Regional Analysis 

In 2022, North America held the largest market share at 28.57%. The largest market share is due to the rising incidence of chronic conditions and lifestyle diseases, such as COVID-19, influenza, and HIV, as well as the easy accessibility and high affordability of LFAs with cutting-edge technology. Also, the availability of government financing for research and the development of sophisticated healthcare infrastructure will probably contribute to expanding the LFA market in this region. For instance, the NIH funded USD 248,7 million in the development of new technologies in July 2020 to address the difficulties involved in the testing of COVID-19.

Key Players 

  • PerkinElmer Inc.
  • Quidel Corporation
  • Abbott Laboratories
  • Thermo Fisher Scientific, Inc.
  • Hoffman-La Roche AG
  • Siemens AG
  • QIAGEN N.V.
  • Danaher Corporation
  • bioM√©rieux SA
  • Becton, Dickinson, and Company
  • Bio-Rad Laboratories
  • Hologic Inc.
  • Merck KGaA

In 2021, the market for lateral flow assays was worth USD 8.76 billion, and by 2030 it will reach USD 12.85 billion, growing at a 4.34% CAGR during the forecast period. The lateral flow assay market will rise faster due to the increased rate of infectious diseases.

Related Reports:

Veterinary Reference Laboratory Market Report – The global veterinary reference laboratory market will witness a robust CAGR of 11.2 %, valued at $3.74 billion in 2021, expected to appreciate and reach $9.74 billion by 2030, confirms Strategic Market Research. Over the next ten years, North America will continue to show its domination in the industry with the largest revenue share.

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