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:
Key Takeaways from the Global Lateral Flow Assays Market Report:
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:
By Indications segment of the Global Lateral Flow Assays Market is sub-segmented into:
By Technique segment of the Global Lateral Flow Assays Market is sub-segmented into:
By End User segment of the Global Lateral Flow Assays Market is sub-segmented into:
By Distribution Channel segment of the Global Lateral Flow Assays Market is sub-segmented into:
By Region segment of the Global Lateral Flow Assays Market is sub-segmented into:
Global Lateral Flow Assay Market was valued at US$ 9,165.7 Mn in 2021.
Lateral flow assay is a diagnostic device that 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 Global Lateral Flow Assay Market is estimated to expand at a CAGR of 5% during 2022-2030.
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.
The inconsistent results of lateral flow assay tests may hamper the market growth.
Evolving application of lateral flow assays is creating an emerging opportunity in the lateral flow assays market.
The various segmentations considered to analyze the global lateral flow assay market are based on product & services, indications, technique, end-user, distribution channel, and region.
LFA kits hold the highest share in the Global Lateral Flow Assay Market.
Infectious disease indication dominates the market in 2021.
Hospitals are the highest end-users in the market in 2021.
Sandwich assays segment leads the Global Lateral Flow Assay Market in 2021.
The key players in the global lateral flow assay market are Abbott Laboratories (Alere Inc), BioMérieux SA, PerkinElmer Inc, and Hologic Inc., among others.