Lateral Flow Assay Market Size to Reach $11.77 Billion by 2030: Increasing Prevalence of Infectious and Chronic Diseases to Propel Growth: The Brainy Insights
The growing presence of lateral flow tests on online pharmacy platforms will advance the reach of the lateral flow assay market. The increasing public healthcare expenditure will also augment the market’s development. The North American region emerged as the largest market for the global lateral flow assay market, with a 40.93% market revenue share in 2022.
Newark, Nov. 21, 2022 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global lateral flow assay market will grow from USD 8.45 billion in 2022 and reach USD 11.77 billion in 2030. The covid 19 pandemic infected million and killed millions worldwide. The strict implementation of testing, contact tracing and quarantine were some of the most effective policy-level measures that reduced mortality rates. However, the lack of proper testing kits or inadequate laboratories led to a heavy death toll. Barring the covid 19 pandemic years, around 17 million deaths are attributed to infectious diseases globally. They range from the common cold to hepatitis. HIV, tuberculosis and influenza also claim thousands of lives each year. Testing and contact tracing will play an essential role when dealing with future pandemics, thereby contributing to the market’s growth. The changing environmental factors that have affected weather patterns have increased the risk of endemic diseases re-emerging. Developing vaccines for each of these take several years, and the only effective strategy in the meantime is to have precision testing systems to track and control the spread of such diseases. The global lateral flow assay markets will witness significant growth in the future with the rise in infectious diseases.
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Key Insight of the Lateral flow assay Market
The Asia Pacific is expected to grow the fastest during the forecast period.
The Asia Pacific market is anticipated to develop the fastest during the projected period. The population in the region’s low- and middle-income nations is vulnerable to numerous infectious diseases due to a lack of preventive healthcare measures. The market will rise due to the rising incidence of contagious diseases. The increasing public healthcare expenditure will aid the market’s growth. Given the vast population, the region’s unfulfilled medical needs present private market enterprises with significant market potential. The lateral flow assay market is growing due to leading industry participants being drawn to the region’s prospective consumer market.
In 2022, the kits & reagents segment dominated the market with the largest market share of 57% and market revenue of 4.81 billion.
The product type segment is divided into kits & reagents and lateral flow readers. In 2022, the kits & reagents segment dominated the market with the largest market share of 57% and market revenue of 4.81 billion.
In 2022, the sandwich assays accounted for the largest share of the market, with 46% and a market revenue of 3.88 billion.
The technique segment is divided into sandwich assays, multiplex detection assays and competitive assays. In 2022, the sandwich assays segment accounted for the largest share of the market, with 46% and a market revenue of 3.88 billion.
In 2022, the clinical testing segment dominated the market with the largest market share of 54% and market revenue of 4.56 billion.
The application is divided into clinical testing, veterinary diagnostics, food safety & environment testing, drug development & quality testing, and others. In 2022, the clinical testing segment dominated the market with the largest market share of 54% and market revenue of 4.56 billion.
In 2022, the hospitals & clinics segment dominated the market with the largest market share of 48% and market revenue of 4.05 billion.
The distribution channel is divided into hospitals & clinics, home care, diagnostic laboratories, pharmaceutical & biotechnology companies and others. In 2022, the hospitals & clinics segment dominated the market with the largest market share of 48% and market revenue of 4.05 billion.
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Scope of the Report:
|Market size available for years||2019–2030|
|Base year considered||2021|
|Market Size in 2022||$8.45 billion|
|Projected Market Value in 2030||$11.77 billion|
|CAGR||4.23% From 2022 to 2030|
|Segments covered||Product Type, Technique, Application, End User|
|Geographies covered||North America, Asia Pacific, Europe, Middle East and Africa, and Latin America|
|Companies covered||Abbott Laboratories, Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Danaher Corporation, F Hoffmann-La Roche Ltd., Merck, Quidel Corporation, Siemens Healthineers AG, Thermo Fisher Scientific Inc.|
Advancement in market
October 2022 – Researchers from China have created an MPXV assay that combines clustered regularly interspaced short palindromic repeats, CRISPR-associated protein (CRISPR/Cas), and recombinase-aided amplification (RAA). This study was just published on the medRxiv preprint server. The assay demonstrated high selectivity, which could differentiate between MPXV and other orthopoxviruses. Prokaryotic organisms’ adaptive immune systems are where CRISPR/Cas was initially identified. The CRISPR/Cas12a system integrates signal transduction and biorecognition. The system has been used to identify several viruses, including the severe acute respiratory syndrome coronavirus 2. (SARS-CoV-2). It benefits greatly from benign environmental conditions, high sensitivity, simplicity of use, and strong signal amplification.
Driver: re-emergence of infectious diseases
The covid-19 pandemic has demonstrated how rising globalization can severely hamper virus transmission across national borders. The likelihood of endemic infections re-emerging has grown with the threat of climate change. New strains of viruses, bacteria, and other pathogens are becoming more resilient to the current vaccinations and therapies due to the inappropriate and needless use of antibiotics and other pharmaceuticals. As a result, more infectious diseases are on the rise due to human and ecological factors like climate change. The global lateral flow test market will expand as infectious illness rates rise.
Restraint: lateral flow assays can display false results
The test kits’ accuracy is not perfect. Even the most sophisticated test kits cannot produce a precise result. The kits frequently show erroneous negatives and positives. The user’s sampling inaccuracy or inability to follow directions fully can produce false findings. Inaccurate results might result in a mistaken diagnosis or no diagnosis, both of which negatively influence the patient. The market’s expansion will be constrained by the unreliable nature of lateral flow assays.
Opportunities: use of advanced technologies to improve precision in results
The government has improved testing procedures to avoid a possible future pandemic due to the rising infectious diseases. When a virus outbreak starts, the government takes three preventive steps: testing, contact tracing, and isolation of positive patients. The market will benefit greatly from the expanding government assistance for developing highly accurate lateral flow assays through financing and supportive policies. The investigations and research being done to assess artificial intelligence’s effectiveness in increasing the precision and accuracy of test outcomes have shown encouraging results.
Challenge: comprehensive and long approval processes
lateral flow assays come into direct touch with patients. Therefore, they fall under a medical equipment category requiring strict regulation and oversight from government agencies. Consumers experience mental distress due to erroneous positives or negatives or defective kits. False negatives and positives can result in inaccurate diagnoses, which, if left undetected, can have grave implications. Therefore, to determine the accuracy of testing kits, the regulatory authorities perform a thorough testing and approval method. The rigorous and drawn-out process of approvals, followed by accountability measures, may impede market expansion.
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Some of the major players operating in the lateral flow assay market are:
• Abbott Laboratories
• Becton, Dickinson and Company
• Biomérieux SA
• Bio-Rad Laboratories
• Danaher Corporation
• F Hoffmann-La Roche Ltd.
• Quidel Corporation
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.
Key Segments cover in the market:
By Product Type
• Kits & Reagents
• Lateral Flow Readers
o Digital Readers
o Benchtop Readers
• Sandwich Assays
• Multiplex Detection Assays
• Competitive Assays
• Clinical Testing
• Veterinary Diagnostics
• Food Safety & Environment Testing
• Drug Development & Quality Testing
By Distribution Channel
• Hospitals & Clinics
• Home Care
• Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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