Lateral Flow Assays Market to increase at a CAGR Of 6.1% during 2021-2031 | Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG

The lateral flow assay market was valued at USD 8.3 billion in 2021 and it is anticipated to grow further till USD 15.0 billion by 2031, at a CAGR of 6.1% during the forecast period.

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A target analyte can be detected in a sample using lateral flow assays (LFA), also referred to as lateral flow immunochromatographic tests (matrix). For the qualitative and quantitative identification of particular antigens and antibodies, these tests are frequently employed in hospitals and clinical laboratories. Additionally, lateral flow assay kits are used to quickly screen for drug addiction, pregnancy, fertility, cardiac indicators, viral disorders, and cholesterol testing/lipid profiling. They are also employed in the testing of foods and drinks.

Market Trends and Drivers

The frequency of infectious diseases is still very high on a worldwide scale despite great advancements in sanitation and medicine. Infectious diseases continue to be a major public health problem around the world, despite the fact that non-communicable diseases constitute the largest cause of morbidity and mortality. The popularity of lateral flow assay tests is anticipated to increase in poor nations due to the high frequency of infectious diseases like HIV and malaria, as well as the underdeveloped healthcare infrastructure and growing public awareness.

The popularity of lateral flow assay tests is anticipated to increase in poor nations due to the high frequency of infectious diseases like HIV and malaria, as well as the underdeveloped healthcare infrastructure and growing public awareness. The need for early illness detection skills has also been underlined by recent viral outbreaks of infectious diseases (including Ebola, H1N1, and Zika), which is also anticipated to propel market expansion. Due to the current COVID-19 pandemic, there is a significant need for lateral flow technology-based rapid diagnostic testing, which will drive the market's expansion throughout the ensuing year.

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Market Restraints and Challenges

Although lateral flow assay tests are simple to conduct and more affordable than laboratory procedures, it has been noted that they are less accurate. For instance, the lateral flow-based SARS-CoV-2 antibody tests have demonstrated a significant margin of error. False-negative results have resulted as a result, making it challenging to monitor the coronavirus's spread. Most doctors and patients choose molecular diagnostics over fast tests for the more accurate diagnosis of COVID-19 and other infectious diseases as a result of the low reliability of lateral flow assay tests.

Major Players in the Global Lateral Flow Assay Market

The key players in the global lateral flow assay market are Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Bio-rad Laboratories, Inc., Biomérieux SA, Quidel Corporation, Hologic, Inc., Perkinelmer, Inc., Merck KGAA, Becton, Dickinson and Company, Siemens Healthineers, Danaher Corporation and Qiagen N.V. among others.

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Global Lateral Flow Assay Market Segmentation

By Product

Kits & Reagents
Lateral Flow Readers

By Application

Clinical Testing
Veterinary Diagnostics
Food Safety & Environment Testing
Drug Development & Quality Testing

By Technique

Sandwich Assays
Competitive Assays
Multiplex Detection Assays

By End Use

Hospitals & Clinics
Diagnostic Laboratories
Home Care
Pharmaceutical & Biotechnology Companies
Others

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This release was published on openPR.