Lateral Flow Assay Market - Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

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$ 9,535.1 Mn in 2022 and is estimated to reach US$ 14,819.4 Mn by 2031. The market is recording a CAGR of 5.3% over the forecast period 2023-2031. 

Lateral flow technology, which has been in existence for many years, has gained prominence as a diagnostic tool in recent times, particularly with the outbreak of COVID-19. A lateral flow assay is a simple diagnostic device used to detect the presence or absence of target analytes, such as pathogens, biomarkers, or contaminants in various sample types.

The global lateral flow assay market is witnessing significant growth, driven by the increasing demand for rapid diagnostic testing for COVID-19 and the high prevalence of infectious diseases. The COVID-19 pandemic has heightened the need for rapid diagnostic tests, and lateral flow tests, also known as rapid antigen tests, have emerged as an effective, quick, reliable, and affordable solution. Rapid antigen testing is particularly beneficial for detecting asymptomatic individuals and preventing the spread of COVID-19 by detecting proteins from the virus.

The increased globalization of infectious diseases and the ease with which they can spread globally has also driven market growth. Despite this, the inconsistent results produced by lateral flow assays can pose a challenge to market growth.

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Market Dynamics

Growing Global Rate of Infectious Diseases

 The rising prevalence of infectious diseases due to increased urbanization, globalization, and environmental degradation is driving the growth of the global lateral flow assays market. Additionally, LFA kits offer simple, cost-effective, and time-saving solutions for the diagnosis of various disorders and infections, which has further helped to drive the market growth. 

Ease of Use Associated with Lateral Flow Assay

Moreover, the ease of use and low cost associated with LFIA kits have made them popular among healthcare organizations and laboratories. Furthermore, the increasing prevalence of foodborne diseases and the need for efficient testing of food products has resulted in the increased adoption of these assays. The availability of specific reagents and other components such as sample pads, conjugate release pads, and membranes with immobilized antibodies, as well as their convenient detection formats, are other factors driving market growth.

Segmental Analysis 

Key Takeaways from the Global Lateral flow assay market Report:

By Products & Services

In terms of products & services, the LFA kits segment holds the highest share in the Global Lateral flow assay market in 2022 and is projected to experience the highest CAGR over the forecast period. This can be attributed to the ease of administration of LFA kits, which makes them a popular choice for rapid testing. Furthermore, the growth of this segment is further accelerated by the COVID-19 pandemic, as the demand for rapid and reliable testing has increased dramatically.

By Indications

The infectious diseases segment holds the largest market share in 2022 and is expected to record the highest CAGR over the forecast period. This can be attributed to the increasing incidence of infectious diseases, including the COVID-19 pandemic, which has led to a significant increase in the demand for rapid testing.

By Techniques 

In terms of techniques, the sandwich assays segment holds the highest share in the Global Lateral flow assay market in 2022 due to their ability to detect larger analytes and their widespread use in home pregnancy tests. However, the multiplex detection assays segment is expected to experience the highest CAGR over the forecast period, as this technique enables the detection and identification of multiple targets in a single test, which is becoming increasingly important in a variety of applications.

By End-Users 

Hospitals and clinics are the largest end-users of the global lateral flow assay market, accounting for the largest share of the market in 2022. This can be attributed to the increasing use of rapid testing in healthcare centers, especially for the detection of infectious diseases like COVID-19.

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By Distribution Channels 

The hospital pharmacies segment holds the highest share in the lateral flow assay market in 2022, driven by the quick and reliable results offered by lateral flow tests. However, the e-commerce segment is expected to experience the highest CAGR over the forecast period, reflecting the increasing trend towards online purchases of healthcare products.

Regional Analysis 

North America continues to be a major contributor to the global lateral flow assay market in 2022, with the region holding a significant share of the market. The growing demand for rapid and decentralized testing in the region can be attributed to the increasing pressure to manage costs and maintain high-quality standards.

However, the Asia Pacific region is projected to exhibit the highest Compound Annual Growth Rate (CAGR) over the forecast period, primarily due to the large number of chronic and infectious disease cases in the region. The increasing incidence of these diseases, combined with the growing demand for rapid and efficient diagnostic solutions, is driving the market growth in the Asia Pacific region.

In addition to the above-mentioned factors, the increasing investment in research and development activities and the growing demand for point-of-care testing are also expected to drive the growth of the lateral flow assay market globally. Furthermore, the increasing prevalence of chronic and infectious diseases, combined with the growing demand for cost-effective and efficient diagnostic solutions, is expected to continue to drive the growth of the market in the coming years.

List of Key Companies Profiled:

• Abbott Laboratories
• bioMerieux S.A
• Bio-Rad Laboratories Inc.
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Hologic Inc.
• Merck KGaA
• PerkinElmer Inc.
• Qiagen N.V.
• Quidel Corporation
• Siemens Healthineers
• Thermo Fisher Scientific, Inc.,
• Other Prominent Players

Segmentation Overview

The following are the different segments of the Global Lateral flow assay market:

By Product & Services: 

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

By Indications: 

• 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: 

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

By End User: 

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

By Distribution Channel: 

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

By Region: 

• 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