Lateral Flow Assays Market - Global Forecast to 2027

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Lateral Flow Assays Market - Global Forecast to 2027

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Lateral Flow Assays Market - Global Forecast to 2027

 Category : Medical Devices

 Published: Aug-2021
 Author: SPER Analyst
Lateral Flow Assays Market is projected to be worth $14.0 Billion by 2027

The global lateral flow assays market is expected to grow at a CAGR of ~9% from 2020 to reach ~14 billion by 2027. The growth of this market is primarily attributed to increasing geriatric population, prevalence of infectious diseases, increasing demand for POC testing, and home-based lateral flow assay devices. However, lower accuracy and high margin of error associated with lateral flow assays is expected to hinder the growth of the market. 

The global lateral flow assay market study provides market data for-by product (kits & reagents and lateral flow readers), by application (clinical testing, veterinary diagnostics, food safety & environment testing and drug development and quality testing), by technique (sandwich assays, competitive assays and multiplex detection assays), by sample type (blood samples, urine samples, saliva samples and other samples), by end user (hospitals & clinics, diagnostics laboratories, home care settings, pharmaceutical & biotechnology companies and other end users). The study also evaluates industry competitors and analyses the market at a regional and country level.

Browse report overview on "Global Lateral Flow Assays Market" at: https://www.sperresearch.com/report-store/Lateral-Flow-Assays.aspx

By product, kits and reagents accounted for largest share of lateral flow assay market in 2020. The large share is mainly attributed to increasing adoption of lateral flow assay kits for various application areas. Lateral flow readers segment is expected to grow at highest rate during the forecast period. The growth is mainly driven by high sensitivity of lateral flow readers and ability to accurately quantify, capture and transmit data. 

By technique, sandwich assays segment accounted for the largest market share in 2020. The large share of this segment is mainly due to higher sensitivity, specificity for larger analyte and increasing applications of this assay in diagnostics. 

Based on sample type, other samples segment is expected to grow at the higher rate for lateral flow assays market. The growth of this segment is mainly driven by escalating demand for precise testing techniques and increased R&D investments. 

Clinical testing segment is expected to hold largest market share of lateral flow assay, by application in the forecast period. The large share of this segment can be ascribed by faster results for qualitative and quantitative analysis in POC testing.

By end users, hospitals & clinics segment dominated the lateral flow assays market in 2020. The large share of this segment is mainly attributed to growing usage of lateral flow assays, advantages over conventional testing and higher demand during the pandemic. 

This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). North America commanded largest market share of lateral flow assay market, by region. The largest share is attributed to prevalence of infectious diseases such as HIV/AIDS, lyme disease, tuberculosis, increasing geriatric population, increasing disposable income and increased investments due to pandemic. APAC is expected to exhibit highest CAGR in the forecast period. The growth of this regional market is mainly driven by government initiatives, prevalence of chronic diseases and increasing expenditure on healthcare in these countries.

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The major players operating in the lateral flow assays market are 
  • Abbott Laboratories (US)
  • F. Hoffman-La Roche Ltd. (Switzerland)
  • Danaher Corporation (US)
  • Siemens AG (Germany)
  • Becton, Dickinson and Company (US)
  • bioMérieux SA (France)
  • Bio-Rad Laboratories (US)
  • Thermo Fisher Scientific, Inc. (US)
  • PerkinElmer Inc. (US)
  • Hologic Inc. (US)
  • Quidel Corporation (US)
  • Merck KGaA (Germany)
  • Abcam plc (UK)
  • Surmodics IVD (US)
  • Chembio Diagnostic Systems, Inc. (US)
  • OraSure Technologies (US)
  • DCN Diagnostics (US)
  • Polysciences, Inc. (US)
  • Abingdon Health (UK)
  • BioPorto Diagnostics A/S (Denmark)
  • Microcoat Biotechnologie GmbH (Germany)
  • Scienion AG (Germany)
  • Senova GmbH (Germany)
  • and Access Bio, Inc. (US).

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