DUBLIN–(BUSINESS WIRE)–The “Lateral Flow Assay Market Analysis by Application (Drug Development & Quality Testing, Testing), by Product (Lateral Flow Readers, Kits & Reagents by Technique (Competitive Assays, Sandwich Assays), by Sample Type, and by Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global lateral flow assay market size is estimated to be USD 7.91 billion in 2021 and is expected to witness a CAGR of 5.23% during the forecast period.
Companies Mentioned
- Abbott Laboratories (U.S.)
- F. Hoffman-La Roche Ltd. (Switzerland)
- Danaher Corporation (U.S.)
- Siemens AG (Germany)
- Becton
- Dickinson and Company (U.S.)
- bioMerieux (France)
- Bio-Rad Laboratories (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- PerkinElmer Inc. (U.S.)
- Hologic Inc. (U.S.)
Increasing incidences of infectious diseases globally is a key driver for the growth of the global lateral flow assay market.
Additionally, rapid increase in geriatric population and growth in use of home-based lateral flow assay devices in the lateral flow assay market are some of the other drivers propelling the market growth. Nevertheless, lower accurateness of lateral flow assay tests and restricted compensations for lateral flow assay products are expected to restrain the global market growth.
By Application
Based on application, the market is categorized into drug development & quality testing, testing, veterinary diagnostics, and food safety & environment testing. In 2021, the testing segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the adoption of point of care testing devices for qualitative and quantitative analysis worldwide. The drug development & quality testing segment is anticipated to grow at a profitable CAGR during the forecast period, due the launch of new testing techniques being used for developing various drugs and for checking the quality.
By Product
Based on product, the market is segmented into lateral flow readers and kits & reagents. In 2021, the lateral flow readers segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to the lateral flow readers being extremely sensitive and enumerate and precisely capture and transmit data worldwide. Kits & reagents segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the growing initiatives by various public and private organizations in development of technology for lateral flow assay market.
By Technique
Based on technique, the market is categorized into competitive assays, sandwich assays, and multiplex detection assays. In 2021, the sandwich assays segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to widespread applications of these assays in clinical testing application worldwide. The multiplex detection assays segment is anticipated to grow at a profitable CAGR during the forecast period, due to the advantages related with the use of these assays, such as high sensitivity and specificity for larger analysis.
By Sample Type
Based on sample type, the market is categorized into urine samples, blood samples, saliva samples, and other samples. In 2021, the other samples segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to surge in R&D and the necessity for more specific and precise disease testing worldwide. The blood samples segment is anticipated to grow at a profitable CAGR during the forecast period, due to the number of tests that can be conducted by collecting blood samples and arriving at correct diagnosis.
Regional Insights
In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the change in various regulation, growing geriatric population, growth in initiatives from government, accessibility of technological advanced products in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the increasing cases of COVID 19, growing government and corporate investment in healthcare sector, aged population, and availability of skilled labour forces at economic costs, are the major factors in this region.
Key Topics Covered:
1. Research Methodology
2. Introduction: Lateral Flow Assay
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraint
4.3. Market Opportunities
4.4. Market Trends
4.5. Market Challenges
5. Market Environment Analysis
6. COVID-19 Impact Analysis: Lateral Flow Assay Market
7. Market Analysis by Application
8. Market Analysis by Product
9. Market Analysis by Technique
10. Market Analysis by Sample Type
11. Regional Market Analysis
11.1. Regional Market Trends
11.2. Regional Market: Comparative Analysis
12. North America Lateral Flow Assay Market
11. Europe Lateral Flow Assay Market
12. Asia Pacific Lateral Flow Assay Market
13. Latin America Lateral Flow Assay Market
14. MEA Lateral Flow Assay Market
15. Competitor Analysis
15.1. Market Share Analysis, 2021 & 2029
15.2. Competitive Mapping
15.3. Key Players Market Place Analysis
15.4. Major Recent Developments
16. Company Profiles
17. Conclusion & Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/m6dnj4
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