Saturday, 27 July 2024
According to our new research study on “Lateral Flow Assay Market Forecast to 2030 – Global Analysis – by Product Type, Technique, Test Type, Application, and End User,” the lateral flow assay market size was valued at US$ 8,505.89 million in 2022 and is projected to reach US$ 16,106.13 million by 2030; the market is anticipated to record a CAGR of 8.4% from 2022 to 2030. Key factors driving the lateral flow assay market growth are the increasing use of home-based assay kits and the rising popularity of point-of-care testing. However, inconsistent assay results due to procedural limitations hinder the market growth. Additionally, evolving applications of lateral flow assays are anticipated to fuel the growth of the lateral flow assay market during the forecast period.
In terms of application, the lateral flow assay market is categorized into clinical testing, veterinary diagnostics, drug development & quality testing, and food safety & environment testing. The clinical testing segment dominated with the largest share of the market in 2022. Lateral flow immunoassay is used mainly in various diagnostic tests and has broad applications for humans and animals. The first publicly available lateral immunoassay for human applications was in the 1980s. The test was primarily used to identify pregnancy and was achieved by analyzing body indicators such as urine, serum, and plasma human chorionic gonadotropin. The clinical testing segment is categorized into infectious diseases testing, cardiac market testing, pregnancy and fertility testing, cholesterol testing, drug abuse testing, and other miscellaneous applications. Lateral flow assay testing is utilized in clinical testing scenarios and multiple diagnostic industries due to its ease of use and portability, which is anticipated to create tremendous opportunities for the market growth during the forecast period.
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Source: The Insight Partners Analysis
Clinical testing can be done for various purposes, such as infectious diseases and pregnancy & fertility. Lateral flow assay plays a crucial role in infectious disease diagnostics, such as respiratory tract infections (including influenza, SARS-CoV-2, respiratory syncytial virus, and Strep A), mosquito-borne diseases (including malaria, dengue, and zika), sexually transmitted diseases (STDs) (such as gonorrhea, syphilis, and chlamydia), tuberculosis, and bloodborne pathogens (such as HIV, hepatitis B, and hepatitis C). These assays have been designed for detecting antibody responses to infection and viral antigens in samples. The growing prevalence of chronic diseases, the emergence of infectious diseases such as COVID-19, and rising population levels are significant factors contributing to the demand for clinical testing. Furthermore, the growing burden to reduce healthcare costs and increasing demand for patient-centric care is assisting in accelerating market development. The demand for rapid diagnostic kits such as lateral flow assays is expanding due to the increasing risk of pathogen diseases and their exposure. However, the drug development & quality testing segment is anticipated to register the highest CAGR during the forecast period. Product safety and quality are significant concerns in producing pharmaceutical products. The primary application of lateral flow assay testing in this segment is to track the pathogen and the percentage of toxin level in the final preparation of the drugs. The growing pharmaceutical industry and increasing research and development are a few factors supporting the overall market outlook.
As lateral flow assays are easy to use, cost-effective, and can detect multiple markers in samples, they are becoming increasingly popular for therapeutic drug monitoring. Lateral flow assays can be used to achieve full and semi-quantitative test results in a number of less regulated and regulated sectors. In addition, the widespread availability of antibiotic tests is anticipated to support the lateral flow assay market growth during the forecast period. Charm Sciences Inc. provides Charm ROSA, a lateral flow assay for the detection of Aflatoxin M1, as well as a few common antibiotics used to treat dairy cows. Charm’s patented technology is being utilized in these tests and targets drug sensitivities at a safe & regulated level, thus preventing unnecessary rejection of milk due to extremely sensitive screening tests.
Abbott Laboratories; F. Hoffmann-La Roche Ltd.; Thermo Fisher Scientific Inc.; Bio-Rad Laboratories, Inc.; bioMerieux SA; Quidel Corporation; PerkinElmer Inc.; Hologic Inc; Merck KGaA; Becton, Dickinson and Co; Siemens Healthineers AG; and QIAGEN are among the leading companies operating in the lateral flow assay market.
Based on product type, the lateral flow assay market is bifurcated into kits & reagents and lateral flow readers. In terms of technique, the lateral flow assay market is classified into sandwich assay, competitive assay, and multiplex detection assay. Based on test type, the lateral flow assay market is bifurcated into lateral flow immunoassay and nucleic acid lateral flow assay. The lateral flow assay market, by application, is classified into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The lateral flow assay market, by end user, is categorized into hospitals and clinics, diagnostics laboratories, homecare, veterinary clinics, pharmaceutical & biotechnology companies, and others. The lateral flow assay market, based on geography, is categorized into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, Benelux, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of APAC), Middle East & Africa (Saudi Arabia, UAE, South Africa, Kuwait, Oman, Qatar, Egypt, and Rest of MEA), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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