Worldwide Lateral Flow Assay Industry to 2029 - Increasing Incidences of Infectious Diseases are Driving Growth

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Dublin, Aug. 17, 2022 (GLOBE NEWSWIRE) -- 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. 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.

Competitor Insights

Some of the key players in the lateral flow assay market 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.); and Hologic Inc. (U.S.).

The leading players operating in the lateral flow assay industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029.

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
5.1. Porter's 5 Forces Analysis
5.2. PESTEL Analysis
5.3. Value Chain Analysis
5.4. SWOT Analysis
5.5. Benchmark

6. COVID-19 Impact Analysis: Lateral Flow Assay Market
6.1. COVID-19: Overview
6.2. COVID-19 Impact on the Global Market
6.3. COVID-19 Impact on the Regional Markets

7. Market Analysis by Application
7.1. Drug Development & Quality Testing
7.1.1. Drug Development & Quality Testing Market Forecast, 2021-2029 (USD Million)
7.2. Testing
7.2.1. Testing Market Forecast, 2021-2029 (USD Million)
7.3. Veterinary Diagnostics
7.3.1. Veterinary Diagnostics Market Forecast, 2021-2029 (USD Million)
7.4. Food Safety & Environment Testing
7.4.1. Food Safety & Environment Testing Market Forecast, 2021-2029 (USD Million)

8. Market Analysis by Product
8.1. Lateral Flow Readers
8.1.1. Lateral Flow Readers Market Forecast, 2021-2029 (USD Million)
8.2. Kits & Reagents
8.2.1. Kits & Reagents Market Forecast, 2021-2029 (USD Million)

9. Market Analysis by Technique
9.1. Competitive Assays
9.1.1. Competitive Assays Market Forecast, 2021-2029 (USD Million)
9.2. Sandwich Assays
9.2.1. Sandwich Assays Market Forecast, 2021-2029 (USD Million)
9.3. Multiplex Detection Assays
9.3.1. Multiplex Detection Assays Market Forecast, 2021-2029 (USD Million)

10. Market Analysis by Sample Type
10.1. Urine Samples
10.1.1. Urine Samples Market Forecast, 2021-2029 (USD Million)
10.2. Blood Samples
10.2.1. Blood Samples Market Forecast, 2021-2029 (USD Million)
10.3. Saliva Samples
10.3.1. Saliva Samples Market Forecast, 2021-2029 (USD Million)
10.4. Other Samples
10.4.1. Other Samples Market Forecast, 2021-2029 (USD Million)

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
16.1. Abbott Laboratories (U.S.)
16.1.1. Company Snapshot
16.1.2. Company Overview
16.1.3. Financials
16.1.4. Product Benchmarking
16.1.5. Recent Developments
16.2. F. Hoffman-La Roche Ltd. (Switzerland)
16.2.1. Company Snapshot
16.2.2. Company Overview
16.2.3. Financials
16.2.4. Product Benchmarking
16.2.5. Recent Developments
16.3. Danaher Corporation (U.S.)
16.3.1. Company Snapshot
16.3.2. Company Overview
16.3.3. Financials
16.3.4. Product Benchmarking
16.3.5. Recent Developments
16.4. Siemens AG (Germany)
16.4.1. Company Snapshot
16.4.2. Company Overview
16.4.3. Financials
16.4.4. Product Benchmarking
16.4.5. Recent Developments
16.5. Becton, Dickinson and Company (U.S.)
16.5.1. Company Snapshot
16.5.2. Company Overview
16.5.3. Financials
16.5.4. Product Benchmarking
16.5.5. Recent Developments
16.6. bioMerieux (France)
16.6.1. Company Snapshot
16.6.2. Company Overview
16.6.3. Financials
16.6.4. Product Benchmarking
16.6.5. Recent Developments
16.7. Bio-Rad Laboratories (U.S.)
16.7.1. Company Snapshot
16.7.2. Company Overview
16.7.3. Financials
16.7.4. Product Benchmarking
16.7.5. Recent Developments
16.8. Thermo Fisher Scientific, Inc. (U.S.)
16.8.1. Company Snapshot
16.8.2. Company Overview
16.8.3. Financials
16.8.4. Product Benchmarking
16.8.5. Recent Developments
16.9. PerkinElmer Inc. (U.S.)
16.9.1. Company Snapshot
16.9.2. Company Overview
16.9.3. Financials
16.9.4. Benchmarking
16.9.5. Recent Developments
16.10. Hologic Inc. (U.S.)
16.10.1. Company Snapshot
16.10.2. Company Overview
16.10.3. Financials
16.10.4. Product Benchmarking
16.10.5. Recent Developments
16.11. Company 11
16.11.1. Company Snapshot
16.11.2. Company Overview
16.11.3. Financials
16.11.4. Product Benchmarking
16.11.5. Recent Developments
16.12. Company 12
16.12.1. Company Snapshot
16.12.2. Company Overview
16.12.3. Financials
16.12.4. Product Benchmarking
16.12.5. Recent Developments
16.13. Company 13
16.13.1. Company Snapshot
16.13.2. Company Overview
16.13.3. Financials
16.13.4. Product Benchmarking
16.13.5. Recent Developments
16.14. Company 14
16.14.1. Company Snapshot
16.14.2. Company Overview
16.14.3. Financials
16.14.4. Product Benchmarking
16.14.5. Recent Developments
16.15. Company 15
16.15.1. Company Snapshot
16.15.2. Company Overview
16.15.3. Financials
16.15.4. Product Benchmarking
16.15.5. Recent Developments
16.16. Others Prominent Players

17. Conclusion & Recommendations

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