According to the latest report by IMARC Group, titled “Lateral Flow Assay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global lateral flow assay market size reached US$ 9.3 Billion in 2021. IMARC Group expects the market to reach US$ 12.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.
Lateral flow assay (LFA), or lateral flow immunochromatographic assay, is a paper-based testing solution used in laboratories to detect analytes in complex mixtures. It involves using a sample pad, reaction membrane, conjugate pad combined with biorecognition elements, and absorbent pad. LFA is widely used in drug development, veterinary diagnostics, pregnancy, tuberculosis, food safety, influenza, drug abuse, and D-dimer testing. It also assists in producing simple, rapid, cost-effective, and portable detection devices that are utilized for testing biological samples of serum, plasma, and blood. As a result, it finds extensive applications in clinics, diagnostic laboratories, hospitals, and pharmaceutical manufacturing units.
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Note: We regularly track the direct effect of COVID-19 on the market and the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The increasing prevalence of chronic and infectious diseases primarily drives the global lateral flow assay market. LFA is widely used to detect the presence of pathogens or biomarkers in food, saliva, and urine samples. Moreover, various technological advancements, such as developing novel smartphone applications, are a thrust to market growth. These applications are integrated with artificial intelligence (AI) and machine learning (ML) solutions to automate the accurate reading of the samples. In line with this, the recent outbreak of coronavirus disease (COVID-19) has favored market growth. LFA kits are widely adopted to detect patients with antibodies and those that have been cured of the infection.
Breakup by Technique:
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
Breakup by Product:
- Kits and Reagents
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
Breakup by Application:
- Clinical Testing
- Infectious Disease Testing
- Cardiac Marker Testing
- Pregnancy and Fertility Testing
- Cholesterol Testing/Lipid Profile
- Drug Abuse Testing
- Others
- Veterinary Diagnostics
- Food Safety and Environment Testing
- Drug Development and Quality Testing
Breakup by End User:
- Hospitals and Clinics
- Diagnostic Laboratories
- Home Care
- Pharmaceutical and Biotechnology Companies
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Abbott Laboratories
- Becton Dickinson and Company
- Biomerieux SA
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- F. Hoffmann-La Roche AG
- Hologic Inc.
- Merck KGAA
- Perkinelmer Inc.
- Qiagen N.V.
- Quidel Corporation
- Siemens Healthineers AG (Siemens AG)
- Thermo Fisher Scientific Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally, and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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