Dublin, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The "Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Opportunities And Strategies To 2031: COVID-19 Growth And Change" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the global LFIA based rapid test market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
The global LFIA based rapid test market reached a value of nearly $11,050.8 million in 2021, having increased at a compound annual growth rate (CAGR) of 14.5% since 2016. The market is expected to decline from $11,050.8 million in 2021 to $6,836.7 million in 2026 at a rate of -9.2%. The market is then expected to grow at a CAGR of 6.9% from 2026 and reach $9,542.8 million in 2031.
Growth in the historic period in the LFIA based rapid test market resulted from increased cases of infectious diseases, rising demand for point-of-care testing under home care settings, increased healthcare expenditure, and emerging markets growth. The market was restrained by regulatory challenges, political uncertainties, reduction in free trade, inconsistent results of lateral flow assays tests, recalls of product due to false results, and low healthcare reimbursements.
Going forward, an increase in healthcare access, the COVID-19 pandemic, rising ageing population, growing demand for home-based lateral flow assays devices, easy accessibility, and increasing regulatory approvals will drive the market in future. Factors that could hinder the growth of the market in the future include lack of skilled labor, strict government regulations for approvals of rapid tests, and low sensitivity of rapid tests.
North America was the largest region in the LFIA based rapid test market, accounting for 37.5% of the total in 2021. It was followed by the Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the LFIA based rapid test market will be Africa and Middle East where growth will be at CAGRs of -7.1% and -8.1% respectively during 2021-2026. These will be followed by North America and Western Europe, where the markets are expected to register CAGRs of -8.5% and -8.6% respectively during 2021-2026.
The top opportunities in the LFIA based rapid test market segmented by technique will arise in multiplex detection assay segment, which will gain $(405.0) million of global annual sales by 2026. The top opportunities in the LFIA based rapid test market segmented by end-users will arise in other end users segment, which will gain $(242.5) million of global annual sales by 2026. The top opportunities in the LFIA based rapid test market segmented by application will arise in other applications segment, which will gain $(180.5) million of global annual sales by 2026. The LFIA based rapid test market size will gain the most in the Indonesia at $(41.9) million.
Scope:
Markets Covered:
- 1) By Technique: Competitive Assay; Sandwich Assay; Multiplex Detection Assay
- 2) By Application: Infectious Disease; Pregnancy And Fertility; Toxicology; Cardiac Marker And Cholesterol Testing; Other Applications
- 3) By End-Users: Hospitals And Clinics; Diagnostic Laboratories; Home Care; Other End Users
Key Topics Covered:
1. LFIA Based Rapid Test Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
7. LFIA Based Rapid Test Market Characteristics
8. LFIA Based Rapid Test Market Trends And Strategies
9. Impact Of COVID-19 On The LFIA Based Rapid Test Market
10. Global LFIA Based Rapid Test Market Size And Growth
11. Global LFIA Based Rapid Test Market Segmentation
12. LFIA Based Rapid Test Market, Regional And Country Analysis
13. Asia-Pacific Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
14. Western Europe Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
15. Eastern Europe Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
16. North America Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
17. South America Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
18. Middle East Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
19. Africa Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
20. LFIA Based Rapid Test Global Market Competitive Landscape
21. Key Mergers And Acquisitions In The Global LFIA Based Rapid Test Market
22. LFIA Based Rapid Test Market Opportunities And Strategies
23. LFIA Based Rapid Test Market, Conclusions And Recommendations
24. Appendix
Companies Mentioned
- Abbott Laboratories
- F. Hoffmann-La Roche
- Quidel Corporation
- Becton, Dickinson and Company
- Danaher Corporation
For more information about this report visit https://www.researchandmarkets.com/r/pd7i8y
