A recent report published by Infinium Global Research on lateral flow assays market provides in-depth analysis of segments and sub-segments in the global as well as regional lateral flow assays market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional lateral flow assays market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global lateral flow assays market. The global lateral flow assays market was valued at USD 9.424 billion in 2022 and is expected to reach USD 13.68 billion in 2030, with a CAGR of 4.25% during the forecast period 2023-2030.
The lateral flow assays market is a fast-growing industry that offers rapid and user-friendly diagnostic testing for a variety of diseases and conditions. These immunoassays use capillary action to deliver results within minutes, without requiring complex laboratory equipment or specialized training. The global use of lateral flow assays is rapidly increasing, as these assays are being applied in a variety of settings. Public awareness campaigns aimed at identifying disease symptoms and preventing the spread of infectious diseases are crucial in controlling epidemics, which has led to a higher demand for lateral flow assays. As patient awareness continues to rise, the demand for lateral flow assays is expected to grow accordingly. The use of lateral flow devices eliminates the need for waiting to interpret test results, leading to timely treatment decisions that can enhance the effectiveness of patient care and substantially reduce diagnosis costs. This is particularly advantageous in resource-constrained settings with inadequate laboratory infrastructure, where lateral flow assays can aid in optimizing patient outcomes.
The growth of the lateral flow assays market is driven by the increasing global prevalence of infectious diseases and chronic health conditions. The rising global incidence of infectious diseases and chronic health conditions is driving up the demand for diagnostic testing, including lateral flow assays. The ease of use and convenience of lateral flow assays make them an appealing option for healthcare professionals and patients alike, particularly in areas with inadequate laboratory infrastructure and limited resources. The growth of the lateral flow assays market is boosted by the growing demand for home-based testing kits that offer prompt results. The ability to receive immediate results without the need to visit a medical facility drives the growth of the market. Due to the increasing demand for home-based testing kits, the lateral flow assays market is expected to continue growing. These testing kits offer numerous benefits, such as convenience, prompt results, and cost-effectiveness, making them an attractive option for patients and healthcare providers. The growth of the lateral flow assays market is hampered by the limitations in the sensitivity and specificity of these tests when compared to other diagnostic methods. Emerging markets such as Asia-Pacific and Latin America offer an opportunity for the expansion of the lateral flow assays market due to the increasing demand for these tests in these regions.
The lateral flow assays market is dominated by North America, primarily due to the increasing demand for home healthcare, a rise in the prevalence of multiple chronic conditions, early adoption of test procedures, and the presence of several key players in the region. In Europe, factors such as the increasing prevalence of infectious diseases and the consumption of drugs and alcohol have made it the second-largest market for lateral flow assays. The Asia Pacific region is expected to experience significant growth during the forecast period, driven by a large population base, rising disposable income, government initiatives to provide better healthcare facilities, a significant patient pool, and high levels of public awareness. Additionally, the rising prevalence of viral diseases is another significant driver of the lateral flow assays market in the Asia Pacific region.
|Market Size in 2022||USD 9.424 Billion|
|Market Size by 2030||USD 13.68 Billion|
|Growth Rate from 2023 to 2030||CAGR of 4.25%|
|Largest Market||North America|
|No. of Pages||300|
|Market Segmentation||By Type, By Technique, By Application, and By End User|
|Regional Scope||North America, Europe, Asia Pacific, and RoW|
The report on global lateral flow assays market covers segments such as type, technique, application, and end user. On the basis of type, the sub-markets include lateral flow readers, and kits and reagents. On the basis of technique, the sub-markets include competitive assays, and sandwich assays. On the basis of application, the sub-markets include veterinary diagnostics, and clinical/point-of-care testing. On the basis of end user, the sub-markets include home care, diagnostic laboratories, and hospitals and clinics.
The report provides profiles of the companies in the market such as Abbott Laboratories, Quidel Corporation, Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, Siemens Healthineers, Hologic Inc., PerkinElmer Inc, Access bio Inc., Abngdon Health, and Creative Diagnostics.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the lateral flow assays market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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