Global $13.85 Billion Lateral Flow Assays Markets to 2027: Evolving Applications of Lateral Flow Assays & Rising Demand for Lateral Flow Assays in the Food & Beverage Industry

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Dublin, July 07, 2021 (GLOBE NEWSWIRE) -- The "Lateral Flow Assays Market by Product (Kits, Readers), Technique (Sandwich, Competitive, Multiplex), Application (Clinical [Pregnancy, Infectious Diseases], Food Safety, Drug Development, Veterinary), and End User (Hospitals, Home Care) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The lateral flow assays market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach $13.85 billion by 2027.

The growth of the lateral flow assays market is mainly attributed to the increasing healthcare expenditure across the world, the rising prevalence of various chronic and infectious diseases, growth in the aging population, the increasing usage of home-based lateral flow assay kits, growth in government initiatives promoting health awareness, the growing demand for PoC testing, and the increasing adoption of LFA products due to innovations and benefits of LFA rapid tests over laboratory tests. Moreover, the recent outbreak of COVID-19 has positively affected the growth of the LFA market during 2019-2020

Based on product, the kits & reagents segment accounted for the largest share of the lateral flow assays market in 2020. The large share of this segment is mainly attributed to factors such as the increasing adoption of lateral flow assay-based test kits due to innovations and their benefits over laboratory tests; the increasing spread of various chronic and infectious diseases across the world; and the high number of lateral flow assay rapid detection kits being launched by healthcare companies mainly for COVID-19 testing.

Based on technique, the sandwich assays segment accounted for the largest share of the market in 2020. The large share of this segment is mainly attributed to the evolving applications of sandwich assays in medical testing settings and the advantages of sandwich assays, such as higher sensitivity and specificity for larger analytes. Moreover, a large number of lateral flow assay-based rapid detection kits based on the sandwich assay technique are being launched by companies for COVID-19 testing, which is further expected to contribute to the growth of this segment.

Based on application, the clinical testing segment accounted for the largest share of the market in 2020. The large share of this segment is mainly attributed to the increasing healthcare expenditure across the world, rise in government initiatives promoting health awareness, growing awareness among people regarding clinical testing, and the rising prevalence of various chronic and infectious diseases worldwide. In addition, continuous advancements in lateral flow assays are also expected to contribute to the growth of this segment.

Based on end user, the hospitals & clinics segment accounted for the largest share of the market in 2020. Factors driving the growth of this segment are the increasing access to healthcare, economic growth, the rising prevalence of lifestyle diseases, and the impact of COVID-19.

North America commanded the largest share of the lateral flow assays market in 2020, followed by Europe and Asia-Pacific.

The key players operating in the lateral flow assays market are

  • Abbott Laboratories (U.S.)
  • Danaher Corporation (U.S.)
  • F. Hoffmann-La Roche AG (Switzerland)
  • Siemens Healthineers AG (Germany)
  • Becton Dickinson and Company (U.S.)
  • bioMerieux SA (France)
  • Bio-Rad Laboratories Inc. (U.S.)
  • Thermo Fisher Scientific Inc. (U.S.)
  • QIAGEN N.V. (Germany)
  • PerkinElmer Inc. (U.S.)
  • Quidel Corporation (U.S.)
  • Merck KGAA (Germany).

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Benefits of LFA-Based Rapid Tests over Laboratory Tests
4.2.2. Increasing Usage of Home-Based Lateral Flow Assays
4.2.3. Growing Demand of Point-of-Care Testing
4.2.4. Growing Prevalence of Chronic & Infectious Diseases along with Aging Population
4.2.5. Growing Acceptance of Smart Devices
4.3. Restraints
4.3.1. Variance in Lateral Flow Assay Test Results
4.4. Opportunities
4.4.1. Evolving Applications of Lateral Flow Assays
4.4.2. Rising Demand for Lateral Flow Assays in the Food & Beverage Industry
4.5. Challenges
4.5.1. Reluctance towards Changing Existing Diagnostic Practices
4.5.2. Developing Multiplexing Assays Compared to Single Analyte Assays
4.6. Impact of Covid-19

5. Global Lateral Flow Assays Market, by Product
5.1. Introduction
5.2. Kits & Reagents
5.3. Lateral Flow Readers
5.3.1. Digital/Mobile Readers
5.3.2. Benchtop Readers

6. Global Lateral Flow Assays Market, by Technique
6.1. Introduction
6.2. Sandwich Assays
6.3. Multiplex Detection Assays
6.4. Competitive Assays

7. Global Lateral Flow Assays Market, by Application
7.1. Introduction
7.1.1. Clinical Testing
7.1.1.1. Infectious Disease Testing
7.1.1.2. Pregnancy & Fertility Testing
7.1.1.3. Cardiac Marker Testing
7.1.1.4. Cholesterol Testing/Lipid Profile
7.1.1.5. Drug Abuse Testing
7.1.1.6. Other Clinical Tests
7.1.2. Veterinary Diagnostics
7.1.3. Food Safety & Environment Testing
7.1.4. Drug Development and Quality Testing

8. Global Lateral Flow Assays Market, by End User
8.1. Introduction
8.2. Hospitals & Clinics
8.3. Diagnostic Laboratories
8.4. Home Care Settings
8.5. Pharmaceutical & Biotechnology Companies
8.6. Other End Users

9. Lateral Flow Assays Market, by Geography

10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Market Share Analysis (2019)
10.4.1. Abbott Laboratories (U.S.)
10.4.2. Becton, Dickinson and Company (U.S.)
10.4.3. Thermo Fisher Scientific, Inc. (U.S.)

11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)

For more information about this report visit https://www.researchandmarkets.com/r/ocql1a

 

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