Lateral flow assays are simple devices that are used to detect the existence of viruses, antibodies or other molecules. They allow for quick testing of bodily fluids like blood or urine for conditions like pregnancy, infections and blood-borne diseases. The growing requirement for rapid diagnostic tests for infectious diseases and the increasing use of home-based lateral flow assay kits are propelling the demand for lateral flow assays.
The global lateral flow assay market is estimated to be valued at US$ 5.6 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Focus on Infectious Disease Testing
The market is witnessing strong growth driven by the increasing incidence of infectious diseases globally. Various regulatory bodies and governments are encouraging the development and adoption of rapid testing kits for infectious diseases. The COVID-19 pandemic has further accelerated the focus on testing for infectious diseases. Leading lateral flow assay players are actively engaging in developing reliable and affordable COVID-19 testing kits to meet the growing demand from diagnostic centers and households. Technological advancements enabling self-testing and results within minutes are boosting the demand for lateral flow assays. Development of multiplex assays for simultaneous testing of multiple diseases using single sample is also fueling the growth of this market.
Segment Analysis
The global lateral flow assay market is dominated by lateral flow immunoassays subsegment due to its wide applications in point-of-care testing of infectious diseases, pregnancy and fertility testing, and cardiac marker testing. Lateral flow immunoassays are highly preferred owing to their advantages such as simplicity of use, no instrumentation requirement, and rapid results.
Key Takeaways
The global lateral flow assay market is expected to witness high growth over the forecast period of 2023 to 2030. The increasing demand for point-of-care testing and home-based lateral flow testing kits is expected to drive the market.
Regional analysis: North America currently dominates the global lateral flow assay market due to the increased funding for research & development and presence of key players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising geriatric population, growing awareness regarding point-of-care testing, and increasing healthcare expenditure in countries such as China and India.
Key players: Key players operating in the lateral flow assay market are Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG.
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