Portland, OR, March 10, 2020 (GLOBE NEWSWIRE) -- As per the report, the lateral flow immunoassay based rapid test industry was estimated at $4.72 billion in 2018 and is expected to reach $8.49 billion by 2026, growing at a CAGR of 7.6% from 2019 to 2026. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
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Advantages of LFIA based rapid tests over laboratory testing, increase in initiatives of government and nonprofit organizations toward health awareness, and surge in healthcare expenditure all over the world drive the growth of the global lateral flow immunoassay based rapid test market. On the other hand, inadequate reimbursement policies for LFIA based rapid test diagnostics restraint the growth to some extent. However, growth prospects in the developing markets, and rise in prevalence of various chronic and infectious diseases worldwide are estimated to offer a number of opportunities for the key players.
The global rapid tests market is segmented into application, technique, end user, and region. Based on application, the market is segmented into infectious disease, pregnancy & fertility, toxicology, and others. The infectious disease segment accounted for more than four-fifths of the global lateral flow immunoassay based rapid test market share in 2018, and is estimated to rule the roost throughout the forecast period. In addition, the same segment would also manifest the fastest CAGR of 7.8% by the end of 2026.
Based on technique type, the market is classified into competitive assay, sandwich assay, and multiplex detection assay. The competitive assay segment contributed the major share in 2018, generating nearly three-fifths of the global lateral flow immunoassay based rapid test market. On the other hand, the multiplex detection assay segment is expected to grow at the fastest CAGR of 9.0% during the estimated period.
Based on geography, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The region across North America contributed to more than two-fifths of the global lateral flow immunoassay based rapid test market revenue in 2018, and is predicted to dominate till 2026. Contrarily, the region across Asia-Pacific would portray the fastest CAGR of 9.2% in between 2019 to 2026.
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Key market players analyzed in the research include Becton, Danaher Corporation (Cepheid, Inc.), Hologic, Inc., Bio-rad Laboratories, Inc., Quidel Corporation, Abbott Laboratories (Alere Inc.), F. Hoffmann-La Roche AG (Roche Diagnostics), Biomerieux SA, Qiagen N.V., Thermo Fisher Scientific, and Dickinson and Company.
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