According to the latest report by IMARC Group, titled "Lateral Flow Assay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global lateral flow assay market size reached US$ 9.8 Billion in 2022. Lateral flow assay (LFA) is a diagnostic test that is commonly used for rapid and point-of-care testing. It is a simple and easy-to-use method that detects the presence or absence of a target analyte, such as a virus or bacteria, in a sample. It works by using a paper-based strip, which is coated with specific biomolecules, including antibodies or antigens that can capture the target analyte. It has several advantages over traditional diagnostic tests, such as it is fast, providing rapid diagnostic results, and requiring no special equipment or expertise to perform. It is also relatively inexpensive and can be utilized in remote or resource-limited settings. As a result, it has been used for a wide range of applications, including the detection of infectious diseases, pregnancy testing, and drug testing.
Global Lateral Flow Assay Market Trends:
The global market is primarily driven by the increasing prevalence of infectious diseases among the masses. Coupled with the growing need for rapid and reliable diagnostic tests for quickly discovering and treating diseases, this is providing a boost to the market. Along with this, the rising preference for point-of-care testing in order to improve patient outcomes by providing rapid and precise test results, allowing for earlier diagnosis and care of diseases, is creating a positive market outlook. Moreover, continual technological advancements and the emergence of multiplex LFAs that are capable of detecting multiple target analytes in a single test, using a single sample, which is gaining widespread prominence among the masses. Apart from this, the augmenting adoption of gold nanosphere-based surface-enhanced Raman scattering (SERS) labels in LFA measurements due to strong anti-interference and high sensitivity ability is impacting the market favorably. Other factors, including rapid urbanization, continual improvements in the healthcare sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.3 Billion by 2028, exhibiting a CAGR of 5% during 2023-2028.
- On the basis of the technique, the market has been categorized into sandwich, competitive and multiplex detection assays.
- Based on the product, the market has been segmented into kits and reagents and lateral flow readers (digital/mobile and benchtop readers).
- On the basis of the application, the market has been classified into clinical testing (infectious disease, cardiac marker, pregnancy and fertility, cholesterol testing/lipid profile, drug abuse and other tests), veterinary diagnostics, food safety and environment testing and drug development and quality testing.
- Based on the end user, the market has been segregated into hospitals and clinics, diagnostic laboratories, home care, pharmaceutical and biotechnology companies and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Abbott Laboratories, Becton Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Hologic Inc., Merck KGAA, Perkinelmer Inc., Qiagen N.V., Quidel Corporation, Siemens Healthineers AG (Siemens AG) and Thermo Fisher Scientific Inc.
|Base Year of the Analysis
||Technique, Product, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abbott Laboratories, Becton Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Hologic Inc., Merck KGAA, Perkinelmer Inc., Qiagen N.V., Quidel Corporation, Siemens Healthineers AG (Siemens AG) and Thermo Fisher Scientific Inc.
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