Press Release Description

Lateral Flow Assay Market to Thrive with Growing Preference for at Home & Self-testing Services

The Global Lateral Flow Assay Market is projected to grow at a CAGR of 3.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The burden of infectious diseases, including respiratory infections, sexually transmitted infections, and gastrointestinal infections, has increased across the globe. Being a fast & cost-effective method to detect infectious agents rapidly, the demand for lateral flow assays as solutions has also increased simultaneously. This has primarily caused the market growth of the lateral flow assay.

Furthermore, there has been a significant increase in the demand for point-of-care testing offered by lateral flow assays, particularly in remote or resource-limited settings, where a rise in the prevalence of infectious diseases has been witnessed and quick and convenient diagnostic results were crucial at the patient's location, thereby driving the Lateral Flow Assay Market growth. The market is experiencing growth driven by the increasing use of home-based and self-testing applications. The COVID-19 pandemic has also accelerated the adoption of home-based testing and self-monitoring. Additionally, growing awareness about early disease detection and the development of multiplexed and smartphone-based lateral flow assays (LFAs) have contributed to market expansion.

Besides, advancements in LFAs, supported by research and development investments, have broadened their applications and improved their sensitivity, specificity, and multiplexing capabilities. These improvements have enhanced the reliability of LFAs, leading to their adoption in various industries, including healthcare, food safety, and environmental monitoring. Also, key industry players are actively innovating and diversifying their product portfolios, driving market competition and overall growth., further states the research report, “Global Lateral Flow Assay Market Analysis, 2024.”

Global Lateral Flow Assay Market

Global Lateral Flow Assay Market Segmentation Analysis

Kits & Reagents Dominated the Global Lateral Flow Assay Market

Based on the product, the market is fragmented into Kits & Reagents and Lateral Flow Readers (Benchtop Readers & Digital Readers). Of all, the Kits & Reagents category dominates the Lateral Flow Assay Market and is expected to continue thriving. This growth is driven by the rising prevalence of chronic & infectious diseases. Lateral flow kits offer enhanced adaptability for capturing and detecting various analytes, eliminating the need to spray captured antibodies on the test strip. Their versatility makes them essential in pharmaceuticals, animal health, environmental testing, feed and food testing, and crop and plant testing.

North America Witnessed Considerable Growth in the Global Lateral Flow Assay Market

Geographically, North America has emerged as a leader in the Global Lateral Flow Assay Market. The dominance is attributed to the growing awareness and a strong emphasis on R&D. In North America, the burden of various infectious diseases, such as hepatitis, tuberculosis, etc., has increased, and with that, the demand for lateral flow assays that allow for home-based and self-testing also witnessed an increase and this has positively impacted the North America Lateral Flow Assay Market growth.

Furthermore, the region's healthcare infrastructure has also played a pivotal role in driving the market's growth, with healthcare providers and institutions consistently seeking state-of-the-art diagnostics to enhance patient care and outcomes.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Abbott, PerkinElmer Inc., Gold Standard Diagnostics, QIAGEN N.V., Quidel Corporation, IUL, SA, Genobio, FUJIREBIO (H.U. Group company), Hologic Inc., Thermo Fisher Scientific Inc., Abcam PLC, Elabscience Bionovation Inc., P4Q Electronics, F. Hoffmann-La Roche Ltd., Siemens Healthineers., etc., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Lateral Flow Assay Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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