According to a recent lateral flow assays market reportby Future Market Insights (FMI), the lateral flow assays market wasvalued at US$ 11 Bn in 2021, is projected to reach US$ 12.5 Bn by 2026, and is
anticipated to grow at a CAGR of around 2% over the projected period of
2022-2032.
The high rate of infectious diseases around the world,explosive growth in the geriatric population, escalating demand for point-of-care testing, andincreased use of home-based rapidlateral flow devices are all boosting lateral flow assays market forward. The significantrestraints are doctors’ and patients’ reluctance to change existing diagnostic
techniques and the low accuracy of lateralflow assays.
The affordable cost of lateral flow assays devices and the fact that no trainedpersonnel is required to run the tests are two factors driving up demand for lateral flow assays-based devicesfor COVID-19 testing. The growing adoption of kits & reagents due to
innovations and benefits of lateralflow assays rapid tests over laboratory tests the high numberof lateral flow assay rapiddetection kits launched by healthcare companies, predominantly for lateral flow assay COVID-19 testing,are all factors contributing to the large share of the kits & reagents
segment. Sandwich assays have a considerable part of the lateral flow assays market due tothe growing use of sandwich assays in medical testing and the benefits of
sandwich assays.
Despite the fact that lateral flow assay tests are simple to implement and lessaffordable than laboratory testing, they are less reliable. Due to the
apparently limited accuracy of thelateral flow assay kit, most doctors and patients prefer molecularstudies to fast tests for more accurate COVID-19 diagnosis. As a result, major
diagnostic lateral flow assaysmarket participants are concentrating their efforts on developingmore laboratory-based infectious disease testing solutions.
Infectious disease lateral flow assays diagnostics, cardiac disease diagnosis, andveterinary applications are typical applications for lateral flow tests.
However, the use of lateral flowtechnology has grown in various new applications in recent years. Potentialapplications for lateral flowtests include saliva diagnostics, behavioural health, agriculture(crop quality testing), biowarfare (anthrax detection), environmental testing,
and food microbiology. Lateral flowassay (immunochromatography tests/lateral flow immunoassays) technologiescontinue to dominate the point ofcare diagnostic market through 2024. The acquisition and validationof vital reagents are one of the most challenging elements of producing lateral flow assay tests. Antibodiesused in assays must be evaluated for accuracy, specificity, stability, and
reproducibility, as any reagent flaws can cause the lateral flow assay to fail.Another obstacle is lateral flowassays diagnostics after an antibody or antibody pair has beenfound.
- Key Takeaways
- The Kits & Reagents segment is anticipated to grow at a rapid CAGR of 5.3%
during the forecast period. - The clinical testing segment accounted for 90.9% of the lateral flow tests
market. - With a lateral flow tests market share of 70.9% in 2020, sandwich assays dominated the lateral flow tests market.
- Blood samples were the most preferred, with a 53.1% lateral flow tests market share.
- The hospitals and clinics segment was the most favoured, with a lateral flow tests market share of 37.6%.
- China, the world’s second-largest economy, is expected to reach a lateral flow tests market size of US$917 million in 2027, with an annual growth rate of 8.8%.
- Within Europe, Germany is expected to show a lateral flow tests market growth at a 4.8% compound annual growth rate (CAGR), while the rest of the European market will
reach US$917 million by 2027. - The Asia Pacific region is expected to increase at a CAGR of 4.2% during the
forecast period.
Competitive Landscape
Some companies have increased their lateral flow tests market share throughvarious strategies such as mergers and acquisitions. In contrast, others invent
new diagnostic market testmethods and provide innovative goods to maintain their market share.
Key Segments
- By Application:
- Clinical Testing
- Veterinary Diagnostics
- Food Safety & Environmental Testing
- Drug Development & Quality Testing
- By Technique:
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
- By Sample Type:
- Blood Samples
- Urine Samples
- Saliva Samples
- Others
- By Type
- Kits & Reagents
- Lateral Flow Readers
- By End User:
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
- Others
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Information Source:
