The global lateral flow assays market, valued at US$9.9 billion in 2022, is forecasted to grow at a robust CAGR of 7.6%, reaching US$10.8 billion in 2023 and an impressive US$16.8 billion by 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The rising adoption of kits & reagents and lateral flow assay readers for infectious diseseas testing, veterinary diagnostics, and drug of abuse testing, cardiac marker testing. Whereas most of lateral flow assays are having limitation of qualitative detection, lot to lot variation like factors may hinder the growth of market during the forecast period.
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In this report, the lateral flow assays market is segmented on the basis of product type, application type, technique type, sample type, end user, and region.
"Lateral Flow Readers segment is expected to witness the fastest growth during the forecast period"
Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. During the forecast period, this segment is expected to witness the fastest growth during the forecast period. The factors responsible for the growth of this segment are increasing demand of quantitative analysis of clinical sample.
"Veterinary Diagnostics segment accounted for the second largest share of lateral flow assays market"
Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The veterinary diagnostics segment accounted for the second largest share of the lateral flow assays market in 2021. The possibility of infectious disease outbreaks (particularly in large livestock animals) is driving the demand for lateral flow tests due to their simplicity and rapidity compared to conventional detection methods.
"Multiplex Detection Assays technique is expected to witness the fastest growth during the forecast period"
Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The multiplex detection assays technique is expected to witness the fastest growth during the forecast period. The widening scope, applications, and research on multiplex detection assays are expected to boost the growth of this segment in the forecast period.
The lateral flow assays market is segmented into five regions namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is the second largest region along with fastest growing region of lateral flow assays market owing to major investments in rapid testing in this region.
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Key Market Players:
The prominent players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).
Abbott Laboratories, Inc.
Abbott Laboratories is one of the key players of the lateral flow assays market in 2022. It is one of the leading player in this market due its strong organic and inorganic strategies such as, the company focuses on expanding and strengthening its partnerships with existing customers, enhancing operations and quality, and enhancing product scope, capabilities, and expertise. Their diverse solutions, born from a rich history and unwavering innovation, ensure everyone can see the world in vibrant focus.
F. Hoffmann-La Roche AG
F. Hoffmann-La Roche Ltd. is the second key player of the lateral flow assays market in 2022. The company has a strong portfolio in clinical segments for screening of multiple infectious diseases. Also company has strong investments in R&D. For instance The company has increased its R&D expenditure for the Diagnostics Division to USD 2.05 billion in 2022 from USD 1.92 billion in 2021. The company has shown interest in developing and launching products for COVID-19. For instance, in October 2022, the company launched SARS-CoV-2 Rapid Antigen Test 2.0 Nasal2, SARS-CoV-2 Rapid Antigen Test 2.01, and SARS-CoV-2 Rapid Antigen Test 2.0 Nasal3 which results in the more enhancement of their product portfolio making it a leading player in the lateral flow assays market
Becton, Dickinson and Company
Becton, Dickinson and Company is the third largest player of the lateral flow assays market in 2022. The company’s diagnostics product portfolio focuses on rapid tests for infectious diseases through investments in the form of collaborations as well as partnership. For instance, In December 2021, the company collaborated with Scanwell Health Inc. (US) which aimed to develop an app used with the BD Veritor At-Home COVID-19 Test. The Diagnostic Systems segment provides products for the safe collection and transport of diagnostic specimens and instrument systems & reagents to detect infectious diseases, healthcare-associated infections, and cancers. The company offers its products to healthcare institutes, life science researchers, clinical laboratories, the pharmaceutical industry, and the public.
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