Global Lateral Flow Assay Market Size, Share and Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts, 2022 – 2031

Kenneth Research has recently added a report titled Global Lateral Flow Assay Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Lateral Flow Assay Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Lateral Flow Assay Market is valued approximately at USD 6.0 billion in 2018 and is anticipated to grow with a growth rate of more than 7.6% over the forecast period 2019-2026. Lateral flow Assay, also called lateral flow immunochromatographic assays, are those devices used to detect the presence (or absence) of a target analyte such as biomarkers or pathogens in sample (matrix). Lateral flow assays are mainly used in medical diagnostics for point-of-care testing, home testing and laboratory use. A lateral flow assay strip comprises of conjugate or reagent pad, sample pad, wick or waste reservoir and reaction membrane. These assays are extensively used in clinical laboratories and hospitals for the quantitative and qualitative detection of certain antibodies and antigens. High prevalence of infectious diseases, growing demand for home-based lateral flow assay test kits, rise in geriatric population, rise in disposable income, and surge in demand for point-of-care testing are the few factors responsible for high CAGR of the market over the forecast period.

For instance, according to the World Health Organization (WHO), infectious diseases kill over 17 million people each year. Also, as per the National Institute of Health (NIH), around 8.5% of people worldwide (617 million) are aged 65 and over, and this percentage is projected to increase to nearly 17% of the world’s population by 2050 (1.6 billion). Moreover, rising demand for lateral flow assays in the food & beverage industry, advancement of technology and increase in applications of lateral flow assay tests in clinical diagnostics are the major factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, stringent regulation, inconsistency in test results and lack of trained care takers for efficient operation of patient handling equipment are few factor anticipated to restraining the growth of global Lateral Flow Assay market during the forecast period.

The regional analysis of global Lateral Flow Assay Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of a highly developed healthcare system, rising geriatric population, increasing incidence of chronic diseases and presence of large number of lateral flow assay kits manufacturers in this region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as large population base, increase in government initiatives to provide better healthcare facilities and rise in prevalence of chronic diseases that would create lucrative growth opportunities for the Lateral Flow Assay market across North American region.

Major market player included in this report are:
ABBOTT Laboratories
F. Hoffmann-La Roche AG
Danaher Corporation
Siemens AG
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Thermo Fisher Scientific Inc.
PerkinElmer Inc.
Merck KGaA
Hologic Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Kits & Reagents
Lateral Flow Readers

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By Application:
Clinical Testing
Veterinary Diagnostics
Food Safety & Environment Testing
Drug Development & Quality Testing

By Technique:
Sandwich Assays
Competitive Assays
Multiplex Detection Assays

By End-User:
Hospital & Clinics
Diagnostic Laboratories
Pharmaceutical & Biotechnology Companies

By Region:
North America
Asia Pacific
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026

Target Audience of the Global Lateral Flow Assay Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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