According to the World Health Organization (WHO), the prevalence of communicable diseases, such as HIV/AIDS, tuberculosis (TB), malaria, viral hepatitis, sexually transmitted infections, and neglected tropical diseases (NTDs), has risen in recent years. These diseases have had a significant impact on low-income countries and marginalized populations, resulting in high rates of death and disability. HIV remains a global public health concern, having claimed the lives of 36.3 million individuals to date. TB, causing 1.5 million deaths annually, is the second deadliest infectious disease after COVID-19.
To address this alarming concern, healthcare companies are undoubtedly emphasizing meticulous research and development (R&D) to develop advanced diagnostic solutions. Thus, the increased recognition of the importance of early disease detection, coupled with the advancements in multiplexed and smartphone-based lateral flow assays (LFAs) has influenced the adoption of Lateral Flow Assays, subsequently driving its market. According to a recent report published by MarkNtel Advisors, The Global Lateral Flow Assay Market was valued at USD 9.3 billion in 2022 and is projected to grow at a CAGR of around 3.4% during 2023-28. Let us delve deeper and learn about the leading companies that deal in suitable diagnostics, particularly Lateral Flow Assays.
Abbott Laboratories is a renowned company known for its development, manufacturing, and sale of a wide range of healthcare products. Their diverse portfolio includes pharmaceuticals, nutritional products, diagnostic tools, and vascular products. Abbott has successfully completed 24 acquisitions and made 6 strategic investments. Within the Diagnostic Products segment, Abbott specializes in the production and distribution of lateral flow assay devices, which are part of their Rapid Diagnostics segment.
Abbott achieved a significant milestone in March 2023, when it obtained clearance from the U.S. Food and Drug Administration for the inaugural commercially accessible laboratory blood test for traumatic brain injury (TBI). This breakthrough makes the test widely accessible to hospitals across the United States. Operating on Abbott's advanced Alinity® i laboratory instrument, this test offers healthcare professionals an objective and efficient method to evaluate individuals with mild TBIs, commonly referred to as concussions. It complements Abbott's previously FDA-cleared rapid i-STAT TBI Plasma test, providing healthcare providers with a comprehensive range of diagnostic tools for TBI assessment.
PerkinElmer is a leading provider of technology, services, and solutions catering to various sectors including diagnostics, research, environmental, industrial, and laboratory services. The company offers a diverse range of products encompassing genetic screening and drug discovery equipment, optoelectronics, analytical instruments, image detection systems, and fluid containment products. PerkinElmer operates through two primary business segments: Discovery & Analytical Solutions and Diagnostics.
Under the Discovery & Analytical Solutions segment, PerkinElmer offers a comprehensive suite of products that assist researchers in gaining insights into diseases and developing effective treatments. This segment also plays a vital role in aiding scientists to diagnose, monitor, and manage contaminants and toxic chemicals that have a direct impact on the environment and food supply. Within the lateral flow assay market, PerkinElmer actively operates through its Discovery & Analytical Solutions segment, providing innovative solutions in this field.
QIAGEN is a leading provider of molecular diagnostics, applied testing, and sample and assay technologies. The company specializes in delivering solutions that enable the transformation of biological materials into valuable molecular insights. QIAGEN's offerings are instrumental in various domains, including molecular diagnostics, applied testing, academic research, and pharmaceutical research. The company also deals in LFAs through its Molecular Diagnostics segment. This indicates the company's active involvement in developing and providing lateral flow assays for various diagnostic applications.
Siemens Healthineers is a leading healthcare solution & services provider, offering a wide range of medical technology, software solutions, and clinical consulting services. The company's offerings are backed by comprehensive training and service options. Siemens Healthineers operates across three key business segments, namely Imaging, Diagnostics, and Advanced Therapies. Within the Diagnostics segment, Siemens Healthineers is actively involved in the lateral flow assays market, providing innovative solutions in this field.
In September 2022, Siemens Healthineers introduced a pair of innovative combination tests with the purpose of detecting SARS-CoV-2, the virus responsible for COVID-19, as well as other seasonal respiratory pathogens. This comprehensive assay equips healthcare professionals with valuable information about the presence of these infectious agents, thereby facilitating accurate diagnosis and appropriate treatment decisions.
Becton, Dickinson, and Company
Becton, Dickinson, and Company (BD), headquartered in the United States, specializes in developing, manufacturing, and distributing a wide range of medical supplies, devices, laboratory equipment, and diagnostic products. Within the BD Life Sciences segment, the company offers products that ensure the safe collection and transportation of diagnostic specimens. Additionally, BD provides instruments and reagent systems for detecting infectious diseases, healthcare-associated infections, and cancers. BD also has a presence in the lateral flow assays market, primarily through its Diagnostic Systems sub-segment, which falls under the umbrella of the BD Life Sciences segment.
In a Nutshell,
The global lateral flow assay industry is witnessing significant growth due to the increasing prevalence of communicable diseases and the emphasis on early disease detection. Numerous companies, such as Abbott Laboratories, PerkinElmer Inc., and Siemens Healthineers, have established themselves as leaders in the healthcare industry by offering a diverse portfolio of diagnostic tools & technologies. With their continuous R&D, these companies are driving advancements in LFAs and contributing to improving global healthcare outcomes, thereby eventually pushing the lateral flow assay market growth.