Lateral Flow Assays Market to Exceed US$ 11.7 Bn by 2032; Sales in Benchtop Readers Surge by 4.6%

Sales of Lateral Flow Assays in Clinical Testing to Increase at 5% CAGR through 2032

Fact.MR's latest report on the global lateral flow assays market presents in-depth information about key factors, such as growth drivers, challenges, opportunities, and recent developments. In addition to that, it sheds light into various factors shaping the future growth prospect of the market through detailed segmentation, including product type, application, technique, and regions.

NEW YORK, May 4, 2022 /PRNewswire/ -- The global lateral flow assays market was valued at US$ 7.2 Bn in 2021. As per the report, the demand for lateral flow assays is likely to surge at a CAGR of 4.7% during 2022-2032, exceeding US$ 11.7 Bn by the end of 2032.

Growing prevalence of influenza, STDs, and tuberculosis worldwide is expected to propel the sales of lateral flow assays in future years. Rising awareness among people regarding the availability of point-of-care testing (POCT) kits is another vital factor that is set to augur well for the market.

As per the World Health Organization (WHO), in 2020, nearly 1.5 million people died from tuberculosis. It is considered to be the 2^nd leading infectious killer after COVID-19 and the 13^th leading cause of death across the globe. These numbers are projected to surge at a rapid pace, thereby bolstering the market.

Further, increasing utilization of lateral flow assays in pregnancy testing, drugs of abuse screening, and rapid cardiac markers diagnostics is likely to drive the market. Their cost-effective nature and ability to deliver analytical information will also push sales in the market.

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Lateral flow tests are capable of operating in low-resource settings, including home care settings. Thus, their usage is expected to surge at a steady pace for testing stigmatized conditions, such as HIV.

According to the Centers for Disease Control and Prevention (CDC), approximately 36,801 people received an HIV diagnosis in 2019 in the U.S. alone. By the end of 2019, about 1,189,700 people had HIV in the country. As lateral flow tests enable patients to perform self-tests in their homes, their demand is likely to grow in future years.

Moreover, evolving applications of lateral flow assays are expected to fuel the market. Rising usage of these assays in saliva diagnostics, biowarfare, and behavioral health testing is projected to accelerate the market.

Also, increasing concerns regarding public health and food safety are estimated to push the utilization of lateral flow tests in the food and beverage industry. These are set to be implemented for the detection of allergens and mycotoxins.

Key Takeaways:

• Regionally, North America is projected to exhibit a year-on-year growth rate of 5.5% in 2022, reaching US$ 2 Bn during 2022-2032.
• The U.S. is estimated to account for lion's share backed by the presence of cutting-edge point-of-care testing facilities.
• Based on product type, the kits & reagents segment is expected to hold more than 70% of the global market, registering 5% CAGR by 2032.
• Sales in the benchtop readers segment are projected to increase at a 4.6% CAGR until 2032.
• In terms of application, demand in the clinical testing category is estimated to grow at a CAGR of 5% during the forecast period.

Growth Drivers:

• Urgent need for the rapid diagnosis of various infectious diseases across the globe is set to propel the market.
• Increasing demand for home-based lateral flow assay devices to manage cardiovascular diseases is likely to bode well for the market.

Restraints:

• Low accuracy of results, as compared to laboratory tests may obstruct growth.
• Absence of information about drug resistance during lateral flow urine lipoarabinomannan assay to detect tuberculosis may hamper growth.

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Competitive Landscape:

The global market is highly fragmented with the presence of a large number of key players. Majority of these players are aiming to generate more shares by launching innovative products in the market.

A few other companies are investing huge sums in research and development activities and joining hands with start-up companies to come up with novel products and gain fast track approvals.

For instance,

• October 2021: Bio-Rad Laboratories, Inc., a developer and manufacturer of specialized technological products for the healthcare industry based in California, introduced Bio-Plex Pro Human IgA and IgM SARS-CoV-2 panels. These will be able to detect IgM and IgA antibodies against four SARS-CoV-2 antigens. These would also help researchers in developing vaccines, as well as in performing seroprevalence studies.
• September 2021: The United States Food and Drug Administration (U.S. FDA) provided Emergency Use Authorization (EUA) to ANP Technologies Inc. for its NIDS COVID-19 Antigen Rapid Test Kit. The test is capable of delivering results in just 15 minutes and is a lateral flow immunoassay. It has proved to be effective at detecting numerous variants of COVID-19, including Delta.

Key Companies Profiled by Fact.MR

• Abbott Laboratories
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche AG
• Bio-rad Laboratories, Inc.
• Biomérieux SA
• Quidel Corporation
• Hologic, Inc.
• Perkinelmer, Inc.
• Merck KGAA
• Becton, Dickinson and Company
• Siemens Healthineers
• Danaher Corporation
• Qiagen N.V

More Valuable Insights on Lateral Flow Assays Market

In the latest study, Fact.MR reveals key factors expected to boost the growth in global lateral flow assays market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of lateral flow assays through detailed segmentation as follows:

By Product Type:

• Lateral Flow Readers
• Digital/Mobile Readers
• Benchtop Readers
• Kits & Reagents

By Application:

• Drug Development & Quality Testing
• Clinical Testing
• Veterinary Diagnostics
• Food safety & Environment Testing

By Technique:

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

Key Questions Covered in the Lateral Flow Assays Market Report

• What is the estimated revenue of the lateral flow assays market during the forecast period?
• Which are the challenges faced in the lateral flow assays market?
• Which region is estimated to exhibit fastest growth rate in the global lateral flow assays market during 2022-2032?
• What is the projected market valuation of the lateral flow assays market in 2022?
• Which are the factors driving the lateral flow assays during 2022-2032?
• What is the expected growth rate of the lateral flow assays market until 2032?

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