SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- The global lateral flow assays market size is expected to reach USD 9.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers and acquisitions.
Key Insights & Findings:
The outbreak of COVID-19 has created significant demand for lateral flow assays for conducting mass testing in the U.S. and European countries
However, increasing vaccinations leading to reduced COVID-19 cases in the coming years may hamper the segment growth
By product, kits and reagents held the largest share in 2020 as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases
Easy availability of kits and reagents coupled with the launch of new kits by major players are key factors propelling the segment growth
A smartphone-based lateral flow reader is more convenient due to its ease of use and portability. Thus, it is anticipated to witness significant growth in the near future
The clinical testing application segment held the largest market share in 2020 owing to an increase in the incidence of infectious diseases, a rise in the pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used in any healthcare setting
Technological advancements in the healthcare sector, innovation in technology and devices, and an increase in the adoption of POC testing by patients and healthcare professionals are anticipated to fuel the market growth during the forecast period
The drug development and quality testing segment is anticipated to witness the fastest CAGR throughout the forecast period
An increase in the use of lateral flow assays for therapeutic drug monitoring has majorly driven the segment growth
An increase in the availability of antibiotic tests is one of the factors influencing the market growth during the forecast period
Sandwich assay technique accounted for significant revenue share in 2020 owing to their accuracy, affordability, and ease of use
Hospitals and clinics are the major end-users of lateral flow assays, thus, accounted for a major share in 2020
An increase in healthcare expenditure globally has significantly contributed to the growth of the market.
North America dominated the market in 2020 with the presence of prominent players in the region and high adoption of advanced products by end-users
Asia Pacific is projected to witness the fastest CAGR throughout the forecast period
Continuous strategic initiatives undertaken by leading and emerging players to develop and launch advanced products are anticipated to significantly support the market growth. For instance, in January 2021, U.K.-based Sensyne Health launched MagnifEye, a novel smartphone app that utilizes deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests. Additionally, in March 2021, IUL SA, a Spain-based lateral flow products manufacturer, introduced its new lateral flow reader, iPeak+. In addition, a rise in mergers and collaborations by market players is anticipated to facilitate access to novel lateral flow technologies
A rise in the prevalence of infectious diseases, including the outbreak of COVID-19, and an increase in government initiatives to curb COVID-19, HIV, and other communicable diseases are anticipated to create significant demand for lateral flow devices. According to the U.S. Department of Health & Human Services, the U.S. government has formed the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) that works towards preventing, early detection, and responding to new as well as existing risks related to AIDS and HIV.
Grand View Research has segmented the global lateral flow assays market report on the basis of product, application, technique, end use, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.