Lateral Flow Assay Market size worth $ 11.7 Billion, Globally, by 2028 at 4.6% CAGR: Verified Market Research®

Owing to increasing application in medical diagnostics, high prevalence of infectious disease, increasing demand for point-of-care testing, and high adoption of home-based Lateral Flow Assay tests, are some of the factors that will lead the market.

JERSEY CITY, N.J., Feb. 24, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Lateral Flow Assay Market" By Type ( Lateral Flow Readers, Kits & Reagents), By Technique (Competitive Assay, Sandwich Assay), By Application (Veterinary Diagnostics, Clinical/Point-of-care Testing), By End-user (Home Care, Diagnostic Laboratories, Hospitals & Clinics), and By Geography. According to Verified Market Research, the Global Lateral Flow Assay Market size was valued at USD 8.2 Billion in 2020 and is projected to reach USD 11.7 Billion by 2028, growing at a CAGR of 4.6% from 2021 to 2028.

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Global Lateral Flow Assay Market Overview

High prevalence of infectious diseases, rise in geriatric population, increase in demand for home-based lateral flow assay test kits, the surge in demand for point-of-care testing, and rise in disposable income in developing countries are the key drivers of the Global Lateral Flow Assay Market. Other factors such as technological advancements and growing product acceptance are likely to propel the Global Lateral Flow Assay Market. Increasing prevalence of lifestyle and infectious diseases rising the demand for point-of-care testing under home care settings which has the ability to provide results in real-time (5-15 minutes), and ease of use.

The home pregnancy test is a well-recognized example of lateral flow assay technology, which detects the presence of a hormone produced during pregnancy and displays a binary result. Adoption of home-based lateral flow assay devices is increasing, owing to various features such as portable devices, low production cost, immediate results, and overall ease of use. Lateral flow assay-based point-of-care testing improves the quality of care, owing to various advantages offered by them such as cost savings, reduced doctor, visits and laboratory overhead costs.

Technological advancements are resulting in functional improvements in lateral flow assays in terms of sensitivity, selectivity, and progress in quantification. The test readers developed by manufacturers are widely used to measure the intensity of the test line of a sample. Growing miniaturization and portability has enhanced the adoption of handheld lateral flow assay readers. Technological advancements for utilizing unique wavelengths for sample illumination, along with various sample detection techniques, which include either CMOS or CCD detection technology, is driving innovations in lateral flow assay testing devices.

Moreover, the introduction of test-specific advanced image processing algorithms has improved the quantification of sample analytes. The Lateral Flow Assay Market is expected to increase as these kits can be used without much training and expertise. Alternative non-optical technologies, such as Magnetic Immunoassay (MIA) and the usage of the capillary pumping of the sample fluid to reduce variations in sample volume are gaining traction in the market.

Key Developments

• In September 2020, Thermofisher Scientific, Inc. (US)opened a new Bioprocessing Collaboration Project in Missouri, US, to bring together its expertise in GMP biologics manufacturing and bioprocessing technologies, such as chromatography and analytical tools.
• In September 2020, Qiagen N.V. (Netherlands) acquired NeuMoDx Molecular, Inc. (US), expanding QIAGEN's diagnostic instrument product offering.
• In September 2020, Thermofisher Scientific, Inc. (US) has launched a new Bioprocessing Collaboration Center (BCC) in Missouri, US, to merge its expertise in GMP biologics production and bioprocessing technologies such as chromatography and analytical tools.

Key Players

The major players in the market are Abbott Laboratories (US), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), QIAGEN N.V. (The Netherlands), PerkinElmer, Inc. (US) and others.

Verified Market Research has segmented the Global Lateral Flow Assay Market On the basis of Binder Type, End User, Coating Type, and Geography.

• Lateral Flow Assay Market, By Type
• Lateral Flow Readers
• Kits & Reagents
• Lateral Flow Assay Market, By Technique
• Competitive Assay
• Sandwich Assay
• Multiplex Detection Assay
• Lateral Flow Assay Market, By Application
• Veterinary Diagnostics
• Clinical/Point-of-care Testing
• Drug Development & Quality Testing
• Lateral Flow Assay Market, By End-user
• Home Care
• Diagnostic Laboratories
• Hospitals & Clinics
• Pharmaceutical & Biotechnology Companies
• Lateral Flow Assay Market By Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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