Lateral Flow Assays Market in terms of revenue was estimated to be worth $10.8 billion in 2023 and is poised to reach $16.8 billion by 2029, growing at a CAGR of 7.6% from 2023 to 2029 according to a new report by MarketsandMarkets™. The rising demand of lateral flow assays due to increasing number of geriatric populations, growing prevalence of infectious diseases as well as increasing of point of care tests are some of the key factors that are driving the growth of this market. However, the hesitance in the patients as well as in health professionals to change in the conventional diagnostic method and the lack of accuracy of lateral flow assays are some of the key restraints for lateral flow assays market.
Lateral Flow Assays Market Size, Dynamics & Ecosystem
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"Kits and Reagents segment is expected to witness the highest growth during the forecast period"
Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. During the forecast period, the the lateral flow readers segment is expected to witness the second highest growth during the forecast period. The growth of this segment can be attributed as these are economical, quantitative as well as capability of assaying multiple analytes simultaneously.
"Veterinary Diagnostic segment accounted for the second largest share of lateral flow assays market in 2022"
Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The veterinary diagnostic segment accounted for the second largest share of the lateral flow assays market in 2022.In the veterinary diagnostic segment, lateral flow tests are used to test commercial livestock and household pets for various medical conditions, including bacterial and viral infections, allergies, fertility issues, and diabetes. The possibility of infectious disease outbreaks (particularly in large livestock animals) drives the demand for lateral flow tests due to their simplicity and rapidity compared to conventional detection methods.
"The multiplex detection assays technique is expected to witness the fastest growth during the forecast period"
Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The multiplex detection assays technique anticipated to undergo the most substantial growth in the given forecast period. The multiplex assays are useful in clinical diagnosis as it allows to help and decide the stage of a disease where multiple interdependent analytes are involved in the test process. It is highly desirable to analyze multiple analytes simultaneously under the same set of conditions.
North America is expected to account for the largest share of the lateral flow assays industry.
North America has some of the highest worldwide healthcare spending rates, which translates into large investments in state-of-the-art ophthalmic technology. This encourages the creation and uptake of cutting-edge technology, expanding the realm of what is practical for preventive and vision restoration. World-class research facilities and medical centers that are at the forefront of ocular research and development can be found in the area. This creates a vibrant ecosystem that encourages innovation, which results in a steady supply of new and enhanced equipment coming to market. Naturally, as North America's population ages, age-related eye conditions like cataracts and macular degeneration become more common. Growth is further accelerated as a result of the expanded market for diagnostic and therapeutic equipment.
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Lateral Flow Assays Market Dynamics:
Drivers:
High prevalence of infectious diseases
Rising geriatric population
Growing use of home-based lateral flow assay devices
Growing demand for POC testing
Restraints:
Inconsistent results of lateral flow assay tests
Opportunities:
Evolving applications of lateral flow assays
Rising demand for lateral flow assays in food & beverage industry
Emergence of Omicron COVID variant
Challenge:
Limited reimbursements for lateral flow assay products
Difficulties in procuring quality raw materials to develop tests
Key Market Players of Lateral Flow Assays Industry:
The key players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Thermo Fisher Scientific, Inc. (US), and PerkinElmer Inc. (US).
A breakdown of the primary participants (supply-side) for the lateral flow assays market referred to for this report is provided below:
By Company Type: Tier 1–35%, Tier 2–20%, and Tier 3–45%
By Designation: C-level–45%, Director Level–25%, and Others–30%
By Region: North America–36%, Europe–26%, Asia Pacific–21%, Latin America- 10%, and Middle East and Africa– 7%
Recent Developments of Lateral Flow Assays Industry:
In August 2023, Quidelortho received authorization from the US Food and Drug Administration (FDA), allowing the company to market its new Sofia 2 SARS Antigen+ FIA.
In February 2022, Abbott Laboratories received FDA Emergency Use Authorization (EUA) for its Alinity M assay to detect antibodies to SARS-CoV-2.
In October 2022, Roche launched the next-generation portfolio of SARS-CoV-2 rapid antigen tests ("2.0").
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