A recent research study by MarkNtel Advisors cited that the Global Lateral Flow Assay Market is set to record around 3.4% CAGR during 2023-28. The mounting demand for point-of-care testing, expansion of home-based testing applications, and the growing prevalence of infectious diseases worldwide are projected to drive the market in the forecast years.
Lateral flow assays (LFAs), also known as lateral flow immunoassays, are diagnostic tests used to rapidly detect various analytes, including antibodies, antigens, proteins, and nucleic acids. LFAs are commonly used in medical diagnostics, veterinary diagnostics, food safety testing, environmental monitoring, and drug development. The onset of the Covid-19 pandemic fueled the demand for LFAs for the rapid detection of SARS-CoV-2 antigens or antibodies. These test kits are widely used for infectious disease testing, including detecting sexually transmitted infections (STIs), respiratory infections, & tropical diseases, among others.
The market is highly competitive, with several key players participating, including large multinational companies and smaller specialized firms that focus on developing specific assays or niche applications. The key players are heavily investing in research & development to introduce new tests and improve existing ones, thereby creating new directions for the market to expand notably in the coming years, further states the research report, “Global Lateral Flow Assay Market Analysis, 2023.”
Kits and Reagents Dominated the Market with the Highest Revenue Share
These lateral flow kits possess enhanced adaptability to capture and detect a wide range of analytes, eliminating the requirement to spray captured antibodies onto the test strip. Their versatility makes them indispensable in various industries, including pharmaceuticals, animal health, environmental testing, feed, food testing, and crop and plant testing. Introducing new kits by significant players is anticipated to accelerate market growth further. Notably, in July 2021, Abbott unveiled its Panbio COVID-19 Antigen Self-Test in India, followed by Roche Diagnostics India's introduction of its COVID-19 At-Home Test in January 2022.
North America Leads the Lateral Flow Assay Market Through 2028
Geographically, North America holds the largest market share, with the US as the dominant country due to its significant patient population and improved affordability supported by rising disposable incomes. The growth of the regional market ascribes to the rising incidence of infectious and chronic diseases, such as Lyme disease, tuberculosis, and HIV/AIDS, which have increased mortality rates within the region and, in turn, have further emphasized the need for prompt diagnostic tests, thereby driving the demand for fast diagnostic devices, including LFAs.
With strategic initiatives, such as mergers, collaborations, & acquisitions, the leading market players, including Abbott Laboratories, PerkinElmer Inc., Merck KGaA, QIAGEN N.V., Quidel Corporation, Hologic Inc., Thermo Fisher Scientific Inc., bioMerieux SA, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Abcam PLC, Danaher Corporation, P4Q Electronics, Hoffmann-La Roche AG, and Siemens Healthineers, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report