Market Overview:
Lateral flow assays are simple devices used to detect the presence or absence of analytes in biological samples like urine, blood and saliva. They are popular among point-of-care testing due to the ease of use and delivery of results in minutes without any complex instrumentation.
Market Dynamics:
The lateral flow assay market is expected to witness significant growth over the forecast period owing to increasing applications in disease diagnosis. Growing prevalence of infectious and chronic diseases have increased the demand for point-of-care testing devices like lateral flow assays. According to WHO, infectious diseases account for around 26% of all global deaths. Moreover, the growing geriatric population susceptible to various diseases will also aid market growth. Advancements in lateral flow assay technologies have enabled quantitative and multiplexed detection of target analytes which is further expanding their applications. However, limitations associated with qualitative detection and lack of complex instrumentation requirement are hindering complete market adoption.
Major Drivers Propelling Growth of the Lateral Flow Assay Market
Increasing Incidence of Infectious and Chronic Diseases Globally: Infectious diseases have been on the rise across both developed and developing countries. According to WHO, the number of new COVID-19 cases reported globally have been increasing exponentially over the past few years. Moreover, chronic conditions such as cardiovascular diseases, cancer and diabetes are also high and rising worldwide. Lateral flow assays provide an easy and cost-effective means of diagnosis and screening for such infectious and chronic diseases. This has significantly boosted demand for lateral flow assays over the years.
Growing Support and Advancements in Point-of-Care Testing: Healthcare systems worldwide are increasingly adopting point-of-care testing due to advantages like faster results, lower costs and convenience. Regulatory bodies are also supporting decentralization of testing with new guidelines and approvals. Technological advancements are further enhancing the reliability and efficacy of lateral flow point-of-care testing. This has encouraged more patients to opt for easy self-testing or assisted rapid testing using lateral flow assays.
Restraining Factor Hampering Adoption of the Lateral Flow Assay Market
Cost-Sensitivity in Price-Conscious Markets: While lateral flow assays are cheaper alternatives to central lab tests, their prices can still be a deterrent in price-sensitive developing regions. People in such markets often lack proper health insurance as well. This makes them adverse to paying even a nominal charge for testing unless the ailment is critical. Some regional governments also have austerity measures or budget constraints limiting broader adoption. This cost-sensitivity remains a key restraining factor, especially in the screening and self-testing segments.
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Opportunity for Growth in the Lateral Flow Assay Market
Rising Investments in Home-Based Healthcare: With growing medical costs and overwhelmed healthcare systems worldwide, there is immense focus on decentralizing healthcare delivery through home-based models. This has encouraged significant investments into developing user-friendly home testing devices based on lateral flow technologies. The convenience and privacy offered has made such home-use lateral flow assays very popular. As remote patient monitoring gains priority, home testing is expected to witness higher penetration opening lucrative opportunities.
Trends Shaping Trajectory of the Lateral Flow Assay Market
Increasing Adoption of Multiplexed Lateral Flow Assays: Recently, there has been notable rise in demand for multiplexed lateral flow assays that can simultaneously detect multiple analytes from a single sample. This helps save costs and time while improving accuracy and reliability of results. More players are focusing on developing customized multiplex lateral flow panels for early disease screening as well as for disease monitoring and management. This emerging trend towards multiplexing assays is anticipated to positively impact the market in the coming years.
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