Pune, India, June 08, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Lateral Flow Assays Market Growth Report, Size, Share, Revenue, Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Application, Technology, End User, and Geography”, the global lateral flow assays market size is expected to grow with USD 12,181.62 million by 2028 from USD 8,505.89 million in 2022; it is estimated to grow with a CAGR of 6.7% from 2023-2028.
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Global Lateral Flow Assays Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 8,505.89 million in 2022|
|Market Size Value by||USD 12,181.62 million by 2028|
|Growth rate||CAGR 6.7% from 2023 to 2028|
|No. of Pages||598|
|No. of Tables||192|
|No. of Charts & Figures||90|
|Historical data available||Yes|
|Segments covered||Product Type, Application, Technology, and End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc, Abbott Laboratories, Merck KGaA, Hologic Inc, Qiagen NV, bioMerieux SA, Bio-Rad Laboratories Inc, Access Bio Inc, Danaher Corp|
Browse key market insights spread across 598 pages with 192 list of tables & 90 list of figures from the report, “Lateral Flow Assays Market Forecast to 2028 – COVID-19 Impact and Regional Analysis by Product Type (Kits & Reagents and Lateral Flow Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environment Testing, and Drug Development & Quality Testing), Technology (Sandwich Assay, Competitive Assays, and Multiplex Detection Assay), and End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Diagnostics Laboratories, Homecare, Veterinary Clinics, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/lateral-flow-assay-market
Global Lateral Flow Assays Market: Competitive Landscape and Key Developments
F. Hoffmann-La Roche Ltd; Thermo Fisher Scientific Inc; Abbott Laboratories; Merck KGaA; Hologic Inc; Qiagen NV; bioMerieux SA; Bio-Rad Laboratories Inc; Access Bio Inc; Danaher Corp; J Mitra & Co Ltd; Agappe Diagnostics Ltd; Premier Medical Corp Pvt Ltd; Tulip Diagnostics Pvt Ltd; IDVET; Beacon Diagnostics Pvt Ltd; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; and SD BIOSENSOR INC. are among the leading companies operating in the Global Lateral Flow Assay Market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
In May 2022, Abbott received FDA clearance for its Alinity m STI assay. The test simultaneously detects and differentiates between four sexually transmitted infections—Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium—from one swab sample or urine sample collected in a healthcare setting.
In May 2020, Hologic, Inc. launched a new Aptima molecular assay on the company’s Panther system for the detection of SARS-CoV-2. Meant for clinical testing in labs, the assay was launched after completing performance verification tests.
Asia Pacific accounts for a considerable share of the global lateral flow assay market. China is the largest shareholder in the Asia Pacific lateral flow assay market. Moreover, the country is expected to register the fastest CAGR during the projected period due to the outbreak of the COVID-19 pandemic. As per a report published in eClinicalMedicine, lateral flow device (LFD) viral antigen immunoassays have been developed for the diagnosis of SARS-CoV-2. According to the Indian Council of Medical Research (ICMR), lateral flow tests such as rapid-antigen tests (RAT) and home-antigen tests (HAT) help in the early detection of COVID-19. These kits are infrastructure-light, economical products providing results within half an hour. In June 2021, Mylab Discovery Solutions Ltd launched CoviSelf in India, the country’s first indigenous home-based rapid COVID test.
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Smartphone Usage and AI Integration in Lateral Flow Immunoassay:
Smartphone-based biosensors in optical procedures involving mechanisms such as reflection, absorption, and fluorescence have been instrumental in diagnostics, medical, healthcare, food, and environmental monitoring applications. Artificial intelligence (AI) and machine learning are major technologies that drive this progress, providing real-time and highly accurate reads. With machine learning, reader software can quickly adapt to new tests launched by manufacturers. It can be potentially used as a low-cost, portable POC platform, especially suitable in remote low-income areas.
Cloud-based systems may turn any tablet or smartphone into a universal digital reader, allowing healthcare organizations to perform lateral flow tests for the detection of any infection or marker on a large scale. For instance, an AI-driven innovative device that can read a COVID-19 lateral flow diagnostic test using a user’s smartphone has received special use approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK. Thus, AI integration and smartphone usage are likely to trigger the demand for lateral flow assays in the healthcare sector in the coming years.
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Global Lateral Flow Assays Market: Segmental Overview
The global lateral flow assays market, by product type, is bifurcated into kits & reagents and lateral flow readers. The kits & reagents segment held a larger market share in 2022. In terms of application, the global lateral flow assay market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment held the largest market share in 2022. Based on technology, the global lateral flow assay market is segmented as sandwich assays, competitive assays, and multiplex detection assays. The sandwich assays segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. By end user, the market is segregated into hospitals & clinics, pharmaceutical & biotechnology companies, diagnostic laboratories, home care, veterinary clinics, and others. The hospitals & clinics segment held the largest share of the market in 2022, and the diagnostic laboratories segment is anticipated to register the highest CAGR during the forecast period.
The global lateral flow assays market based on application, is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest market share in 2022. The rising population, chronic disease prevalence, emergence of the COVID-19 pandemic have been the major factors contributing to the growth of the market for clinical testing segment. Furthermore, growing pressure to reduce healthcare costs and increasing demand for patient-centric care favor the growth of the market. In clinical testing, POC molecular diagnostic test is the emerging segment of the in vitro diagnostic market.
According to Development Asia, animal-borne diseases result in ~2.5 billion cases and nearly 2.7 million deaths. With the increased need for diagnosis of these diseases, the need of developing and commercializing kits and reagents has also surged. Organizations such as the International Atomic Energy Agency (IAEA), with Food and Agriculture Organization of the United Nations (FAO), and several researchers in sub-Saharan Africa and Asia have maximized efforts to introduce such products. Moreover, companies such as Thermo Fisher Scientific Inc; Bio-Rad Laboratories, Inc; and F. Hoffmann-La Roche AG offer various reagents and kits for sample collection, viral nucleic acid isolation, qualification and quantification for reliable and accurate SARS-CoV-2 testing, antimicrobial susceptibility testing, rabies diagnosis testing, qPCRs, and RT-PCR detection kits (based on FDA emergency use authorization).
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