Lateral Flow Assay Market
Lateral Flow Assay Market Study by Readers and LFA Kits for Sexually Transmitted Diseases, Infectious Diseases, Diabetes, Pregnancy & Fertility Testing, and Drug Abuse Testing from 2024 to 2034
Analysis of Lateral Flow Assay Market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Lateral Flow Assay Market Overview (2024 to 2034)
The global lateral flow assay market size is expected to be worth US$ 9,035.8 million in 2024. The market is likely to rise at a CAGR of 5.1% through 2034. The industry is predicted to grow, reaching a projected value of US$ 14,844.6 million in 2034.
The lateral flow assay industry is growing rapidly due to its increasing demand in various applications such as medical diagnostics, food safety testing, drug development, and environmental monitoring. The market is also driven by its user-friendly nature, low cost, and quick results.
Technological advancements and the development of innovative lateral flow assay products have further fueled the market growth. The rise in the prevalence of chronic diseases and the need for early diagnosis contribute to the growth of the lateral flow assay industry.
Key Market Growth Drivers
- The rising prevalence of infectious diseases is likely to accelerate market expansion.
- The demand for simple testing at low prices is expected to provide promising market growth opportunities.
- The lateral flow assay market benefits from the increasing focus on personalized medicine and point-of-care testing.
- With the increasing demand for rapid and accurate diagnosis, lateral flow assays have become popular for healthcare providers, especially in remote and resource-limited areas.
- The market is also witnessing significant growth due to the increasing adoption of lateral flow assays in veterinary diagnostics and research applications.
- The increasing investments in research and development activities and the rising demand for home-based diagnostic tests are expected to create lucrative opportunities for the players in the market.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 9,035.8 million |
| Forecasted Market Value (2034F) | US$ 14,844.6 million |
| Global Market Growth Rate (2024 to 2034) | 5.1% CAGR |
| LFA Kits Growth Rate (2024 to 2034) | 5.2% CAGR |
| North America Market Share (2024) | 43.8% |
| East Asia Market Share (2024) | 11.8% |
| Key Companies Profiled |
|
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What Factors Have Contributed to An Increase in Global Demand for lateral flow assays?
“Increasing Incidence of Infectious Diseases Is Expected to Drive the Growth of the Market”
The global lateral flow assays industry is expected to rise mainly due to increasing incidence of infectious diseases. Lateral flow assays are rapid diagnostic tests widely used to detect various diseases in healthcare settings. These tests are easy to use, provide quick results, and require minimal training, making them an ideal choice for point-of-care testing.
The rising prevalence of infectious diseases such as tuberculosis, malaria, HIV, and hepatitis is driving the demand for lateral flow assays. Furthermore, the growing geriatric population and the increasing demand for home-based lateral flow assays are expected to fuel market growth. Technological advancements in lateral flow assays, such as the development of multiplex assay tests, are also driving market growth.
“Demand for Simple Testing and Low Cost Is Projected to Create Attractive Prospects”
Lateral flow assay (LFA) tests are expected to gain significant popularity due to their ease of use, cost-effectiveness, and high sensitivity. These tests are widely used in various applications such as clinical diagnostics, food safety testing, environmental monitoring, and veterinary diagnostics. One of the major advantages of LFA tests is their simplicity, making them easy to use for healthcare professionals and patients. This makes them ideal for point-of-care testing, where quick and accurate results are crucial.
Which Factor is a Barrier to the Growth of Lateral Flow Assay Demand?
“High Cost of Lateral Flow Assays Is Expected to Hamper the Market Growth during the Forecast Period”
The cost is expected to be a significant factor restraining the growth of the lateral flow assay market. Several factors, including materials, manufacturing processes, and research and development costs, influence lateral flow assays' cost. In addition, the cost of lateral flow assays is projected to be influenced by the volume of assays produced and the level of competition in the market.
As a result, the cost of lateral flow assays is predicted to fluctuate significantly between different manufacturers and suppliers. Despite this challenge, there are ongoing efforts to reduce the cost of lateral flow assays through innovations in materials, manufacturing techniques, and research and development.
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Country-wise Insights
In 2024, North America is estimated to account for 43.8% share of the indwelling catheters industry. From 2024 to 2034, the industry is expected to rise at a moderate CAGR of 5.6%, with a share of 46.1% through 2034.
East Asia is the other region with a significant share of the market. In 2024, East Asia's share is predicted to be 11.8%. During the projection period, East Asia's market is expected to witness a moderate 5.3% CAGR, retaining a 12.1% share through 2034.
What Factors Determine the Continued Growth of the United States Lateral Flow Assay Market?
“Well-established Healthcare Infrastructures in the United States are Expected to Drive Market Progress”
The value of the lateral flow assay industry in the United States for 2024 is estimated to be US$ 3,579 million. Over the forecast period, the market is expected to register a steady CAGR of 5.8% in the country, reaching a value of US$ 6,312 million by 2034.
The United States has a well-developed healthcare system that is equipped to handle various infectious diseases. However, in recent years, there has been a rise in the prevalence and incidence of infectious diseases, which has led to an increased demand for diagnostic tests. Lateral flow assays have gained popularity in the United States due to their ease of use, quick results, and cost-effectiveness.
The market for lateral flow assay is expected to grow rapidly in the coming years due to the increasing demand for point-of-care testing, rising healthcare expenditure, and the need for accurate and rapid diagnosis of infectious diseases.
Why is China considered a Major Market for the Lateral Flow Assay Market?
“Increasing Government Initiatives for Investments in the Healthcare Sector in China”
China’s government has made significant investments in healthcare, especially in infectious disease monitoring and prevention. These investments have led to developing of advanced healthcare infrastructure and facilities and the implementation of various disease surveillance and control programs.
China's lateral flow assay market is expected to grow significantly due to the increasing demand for rapid diagnostic tests for infectious diseases, especially in rural and remote areas where access to advanced healthcare facilities is limited. Moreover, the Chinese government's focus on promoting innovation and research in healthcare has led to the development of various innovative diagnostic technologies, including lateral flow assays.
Category-wise Insights
Based on product type, the LFA kits segment is expected to account for 77.2% of the market share in 2024.
Why do LFA Kits Dominate the Market for Lateral Flow Assays?
“Increasing Demand for LFA Kits Owing to Its Advantages Such as Ease of Use and Rapid Results”
The LFA kits segment is expected to contribute 77.2% of the market share by product type in 2024. The demand for LFA kits is anticipated to rise at a CAGR of 5.2% through 2034. The dominance of the lateral flow assay kits segment in the lateral flow assay market is expected to be attributed to their ease of use, rapid results, and cost-effectiveness. These kits are widely used for point-of-care and home-based testing, making them popular among healthcare professionals and individuals.
Additionally, the increasing prevalence of infectious diseases and the growing demand for on-site testing have further boosted the demand for these kits. As a result, many players in the lateral flow assay market are focusing on developing innovative lateral flow assay test kits that deliver higher accuracy and sensitivity in a shorter period.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Competitive Landscape
Key players are working on one-step assays that do not require any washing processes or sample preparation and are robust with good sensitivity and specificity. Several key lateral flow assay industry players are consolidating through mergers and acquisitions. Another key method observed in the sector is active product marketing and promotion to enhance the consumer base. Some of the prominent companies in the market are ThermoFisher Scientific Inc., Meridian Bioscience Inc., Abbott Laboratories, Becton, Dickinson & Company, PerkinElmer Inc., and Siemens Healthineers
In 2021, Abbott revealed that their Panbio COVID-19 Ag Rapid Test Device had acquired CE Mark for two new uses, which are asymptomatic screening and self-administered sample collection with a nasal swab to detect the SARS-CoV-2 virus.
Segmentation of Lateral Flow Assay Market Research
-
By Product Type:
- Readers
- LFA Kits
-
By Application:
- Sexually Transmitted Diseases
- Infectious Diseases
- Diabetes
- Pregnancy and Fertility Testing
- Drug Abuse Testing
-
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Supermarket/Hypermarket
- E-Commerce
-
By Region:
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
Which is the Leading Product Type in the Lateral flow assay market?
The LFA kits segment is the leading product type in the market, with an expected market share of 77.2% in 2024.
What is the Market Outlook for the Lateral flow assay market?
The sales outlook for lateral flow assay is likely to be valued at US$ 9,035.8 million in 2024.
What is the Market Forecast for Lateral flow assay over the Next Decade?
Demand for lateral flow assay is projected to reach US$ 14,844.6 million by 2034.
What is the growth projection for Lateral flow assay adoption?
The adoption of lateral flow assay is projected to rise at a CAGR of 5.1% through 2034.
How fast is the North America market expected to grow?
The East Asia lateral flow assay market is forecasted to expand at a CAGR of 5.6% through 2034.
Lateral Flow Assay Market
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