The report 'Global Lateral Flow Assay Market by Product (kits & reagents and lateral flow readers), application (clinical testing, cardiac marker testing, pregnancy, and fertility testing, cholesterol testing/lipid profile testing, drugs of abuse testing, and others), technique (sandwich assay, competitive assay, and multiplex detection assay), end-user (hospitals and clinic, diagnostic laboratories, home care, pharmaceutical, and biotechnology companies and others), and region (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa) – Global Forecast to 2030'. In 2020, the Global Lateral Flow Assay had its market share valued at USD 8.4 billion. In 2030, the market is expected to be valued at USD 12.85 billion, with a 4.34% CAGR.
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Key Factors Augmenting the Market Growth
Some of the necessary factors that assist in driving the overall growth of the market are the high prevalence of the various infectious diseases worldwide, rapidly rising geriatric population, increasing use of home-based lateral flow assay devices, rising demand for POC devices, and the need for rapid diagnostic testing for COVID-19.
In 2020, the kits and reagents segment led the market for lateral flow assay, accounting for 67.8% of total revenue.
The product type is bifurcated into kits & reagents and lateral flow readers segments. In 2020, the kits and reagents segment led the market for lateral flow assay, accounting for 67.8% of total revenue. The introduction of new kits by leading players is expected to drive market expansion over the forecast period.
In 2020, the clinical testing segment led the market for lateral flow tests, accounting for 67.9% of total revenue.
The application segment is divided into clinical testing, cardiac marker testing, pregnancy, and fertility testing, cholesterol testing/lipid profile testing, drug abuse testing, and other segments. In 2020, the clinical testing segment led the market for lateral flow tests, accounting for 67.9% of total revenue. This is due to increased infectious illnesses, such as the COVID-19 outbreak.
The sandwich assay has the largest lateral flow assay market size, accounting for 39.5% of revenue in 2020
The lateral flow assay technique segment is divided into sandwich, competitive, and multiplex detection assays. The sandwich assay has the largest lateral flow assay market size, accounting for 39.5% of revenue in 2020 due to its accuracy, cost, and convenience of use.
In 2020, the hospitals and clinics segment had the biggest lateral flow assay market share, accounting for 39.5% of total revenue.
The end-users are classified into hospitals and clinics, diagnostic laboratories, home care, pharmaceutical and biotechnology companies, and others. In 2020, the hospitals and clinics segment had the lateral flow assay market share, accounting for 39.5% of total revenue. Hospitals and clinics are primary care sites for medical diagnosis and treatment. In addition, the majority of the population relies on hospitals and clinics for illness diagnosis, treatment, and management.
North America had the largest lateral flow assay market share, accounting for 36.3% of sales in 2020.
The worldwide lateral flow assay market is divided geographically into North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America. North America has the largest lateral flow assay market share, accounting for 36.3% of sales in 2020. This is due to the availability and inexpensive cost of technologically improved lateral flow tests. However, Asia Pacific is the fastest-growing lateral flow assay market over the projection period, with a CAGR of 4.2%. Rising demand due to the high prevalence of infectious and chronic illnesses and the introduction of new players in Asian nations are important driving factors for regional market expansion.
Key Players Plying in the Market
The top market players are Abbott Laboratories, Quidel Corporation, F. Hoffman-La Roche AG, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux S.A., and Bio-Rad Laboratories, Thermo Fisher Scientific, Inc., PerkinElmer Inc., Hologic Inc., QIAGEN N.V., and Merck KGaA.
Recent Developments