Lateral Flow Assays Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Lateral flow assays (LFAs) are the technology behind low-cost, simple, rapid, and portable detection devices popular in biomedicine, agriculture, food, and environmental sciences. Global Lateral Flow Assay Market, analyzed by Astute Analytica, was valued at US$ 9,165.7 Mn in 2021 and is estimated to reach US$ 14,128.7 Mn by 2030. The market is recording a CAGR of 5% over the forecast period 2022-2030. Today, lateral flow tests have become synonymous with COVID-19 (SARS-CoV-2). However, lateral flow technology has been existing long before COVID. A lateral flow assay is a simple to use diagnostic device which is used to confirm the presence or absence of a target analyte, such as pathogens or biomarkers in humans or animals, or contaminants in water supplies, foodstuffs, or animal feeds. The most commonly known type of lateral flow rapid test strip is the pregnancy test. Recently though, lateral flow tests have been placed in the forefront for quickly detecting SARS-CoV-2 which causes COVID-19. Lateral flow tests make use of nitrocellulose membrane, labels (made of colored nanoparticles), and usually antibodies to arrive at a result.

The market is majorly driven by factors such as the need for rapid diagnostic testing for COVID-19 and the high prevalence of infectious diseases. COVID-19 pandemic hit the world in 2020 and the need for rapid diagnostic testing had skyrocketed to prevent the spread of COVID. 

Lateral flow tests for COVID-19 are more commonly referred to as rapid tests kits/ rapid antigen tests. Rapid COVID-19 test kits usually make use of mucus obtained through a nose or throat swab. These tests have proven to be effective, quick, reliable, and affordable in detecting the presence of substances and pathogens, which help doctors design the right intervention. In addition, rapid antigen testing was beneficial for preventing the spread of COVID because it could detect the presence of proteins from the COVID virus even when a person had no symptoms. Thus, rapid antigen (lateral flow) testing could help spot asymptomatic individuals before they have a chance to infect others. Furthermore, increased globalization has allowed infectious diseases to quickly spread to different parts of the world and cause widespread infection, thereby propelling the market growth. However, the inconsistent results of lateral flow assay tests may hamper the market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Global Lateral Flow Assays Market for the study period of 2017-2030; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 16 chapters distributed across 219 pages with 51 tables and 144 lists of figures.
• The market is segmented based on products & services, indications, technique, end-user, distribution channel, and region.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, lateral flow assay manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Lateral Flow Assays Market Report:

• Based on products & services, the LFA kits segment holds the highest share in the Global Lateral Flow Assays Market in 2021 and further registers the highest CAGR over the forecast period. This is because LFA test kits are quick and easy to administer. Thus, during the COVID-19 pandemic LFA kits slowly started replacing other test kits such as PCR, as LFA offers more rapid and reliable test results than PCR kits.
• In terms of indication, the infectious diseases segment holds the highest market share in 2021 and further records the highest CAGR over the projection period. With the occurrence of the covid-19 pandemic, the Lateral Flow Assay market has reached new levels requiring hundreds of millions of tests per year for professional and even home use. Thus, rising infectious diseases is expected to trigger market growth over the forecast period.
• Based on technique, the sandwich assays segment holds the highest share in the Global Lateral Flow Assays Market in 2021 as they are generally used for larger analytes because they tend to have multiple binding sites. Further, the rapid, low-cost sandwich-based assay is commonly used for home pregnancy tests that detect human chorionic gonadotropin. However, the multiplex detection assays segment holds the highest CAGR. This is because multiplex detection assays can be used for detecting and identifying multiple targets in a single test rather than using many individual tests.
• Hospitals & clinics are the highest end-users in the market in 2021 and further register the highest CAGR over the projection period. This is primarily due to the increase in the number of rapid testing of infectious diseases, most prominently coronavirus in both small and large healthcare centers worldwide.
• In terms of distribution channels, the hospital pharmacies segment holds the highest share in the lateral flow assay market in 2021. This growth is attributed to the quick and reliable results offered by lateral flow tests. However, the e-commerce segment holds the highest CAGR over the forecast period.
• North America is the highest shareholder region in the Global Lateral Flow Assay Market in 2021. This is because in the US the pressure of cost and quality management are pushing the need for rapid and decentralized testing. However, Asia Pacific registers the highest CAGR over the projection period due to the highest cumulative share of chronic and infectious disease cases in the world.

Competitive Landscape

The key players in the Global Lateral Flow Assay Market are Abbott Laboratories (Alere Inc), BioMérieux SA, PerkinElmer Inc, and Hologic Inc., among others. 

Segmentation Overview

The following are the different segments of the Global Lateral Flow Assays Market:

By Product & Services segment of the Global Lateral Flow Assays Market is sub-segmented into: 

• Readers
  • Bench-top Readers
  • Hand-held Readers
• LFA Kits
  • Test Strips
  • Dipsticks
  • Cassettes
  • Lancets

By Indications segment of the Global Lateral Flow Assays Market is sub-segmented into: 

• Infectious Diseases
  • Mosquito-borne Diseases
  • Streptococcus Infections
  • Sexually Transmitted Diseases
  • Hepatitis
  • Tuberculosis
  • Asthma
  • Pneumonia
  • Sepsis
  • Gastrointestinal Infections
  • Others
• Pregnancy Test
• Drug of Abuse Testing

By Technique segment of the Global Lateral Flow Assays Market is sub-segmented into: 

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

By End User segment of the Global Lateral Flow Assays Market is sub-segmented into: 

• Hospitals & Clinics
• Diagnostics Laboratories
• Home Care Settings
• Pharmaceuticals & Biotechnology Companies
• Other

By Distribution Channel segment of the Global Lateral Flow Assays Market is sub-segmented into: 

• Hospital Pharmacies
• Retail Pharmacies
• Supermarkets/ Hypermarkets
• e-Commerce

By Region segment of the Global Lateral Flow Assays Market is sub-segmented into: 

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America