According to the study published by Astute Analytica, the global lateral flow assay market is estimated to witness a rise in its revenue from US$ 9,165.7 Mn in 2021 to US$ 14,128.7 Mn by 2030. The market is recording a CAGR of 5% over the forecast period 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. 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.
Market Dynamics
Drivers:
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. The sample is then dipped into a tube with a solution and then placed into the test cartridge. Antibodies for SARS-CoV-2 will then recognize if the virus is present, showing a colored line in the test/target line. Further, lateral flow 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.
Restraints:
The inconsistent results of lateral flow assay tests may hamper market growth. LFA comes with a drawback of reduction in the ability to quantify the signal (i.e., the originally captured labels) due to the inconsistency associated with coupling multiple reaction steps.
Segmental Analysis
Products & Services Insights
Based on products & services, the market is divided into readers and LFA kits. The LFA kits segment holds the highest share in the Global Lateral Flow Assay 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 COVID 10 pandemic LFA kits slowly started replacing other test kits such as PCR as LFA offers more rapid and reliable test results than PCR kits.
Indication Insights
In terms of indication, the lateral flow assay market is segmented into infectious disease, pregnancy tests, and drug abuse testing. Among these, 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.
Technique Insights
Based on technique, the market is segmented into sandwich assays, competitive assays, and multiplex detection assays. 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.
End-User Insights
In terms of end-users, the market is segmented into hospitals & clinics, diagnostics laboratories, home care settings, pharmaceuticals & biotechnology companies, and others. Among these, 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 tests of infectious diseases, most prominently coronavirus in both small and large healthcare centers worldwide.
Distribution Channel Insights
In terms of distribution channels, the lateral flow assay market is segmented into hospital pharmacies, retail pharmacies, supermarkets/ hypermarkets, and e-commerce. Among these, 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.
Regional Insights
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 Insights
Segmentation Overview
The following are the different segments of the Global Lateral Flow Assay Market:
By Product & Services segment of the Global Lateral Flow Assay Market is sub-segmented into:
By Indications segment of the Global Lateral Flow Assay Market is sub-segmented into:
By Technique segment of the Global Lateral Flow Assay Market is sub-segmented into:
By End User segment of the Global Lateral Flow Assay Market is sub-segmented into:
By Distribution Channel segment of the Global Lateral Flow Assay Market is sub-segmented into:
By Regionsegment of the Global Lateral Flow Assay Market is sub-segmented into:
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