Lateral flow assays are devices that may be utilized to ensure the existence or absence of a target analyte without utilizing the lab equipment. For the qualitative and quantitative detection of specific antigens and antibodies, these instruments are frequently engaged in hospitals and clinical laboratories. It's a low-cost, straightforward tactic for detecting infections or biomarkers in humans and animals, as well as pollutants and damaging substances in water, food, and animal feed. The COVID-19 pandemic has had a beneficial influence on the lateral flow assays market, since the requirement for speedy identification of coronavirus infection has been precedence since the epidemic began during December 2019. As the number of cases has grown across the world, most of the foremost lateral flow assay market players have contributed in research and development, and formed partnerships and agreements with other market players and government agencies to improve the lateral flow diagnostic solutions for the disease. As a result, countless COVID-19 antibody and antigen tests have been launched, with additional manufacturing and distribution of these tests across areas to meet augmented demand.
According to the report analysis, ‘Lateral Flow Assays Market Global Industry Analyses 2016-2020 an opportunity forecasted 2020-2030’ states that despite tremendous advancements in sanitation and medicine, infectious illness incidence remains high over the globe. Infectious illnesses are still a foremost public health problem around the world, despite the fact that non-communicable illnesses are the extreme cause of morbidity and mortality. Infectious illnesses take the lives of more than 15 million individuals worldwide each year, according to the National Institute of Allergy and Infectious Diseases. In the review period, this factor is projected to be a proficient driver of the lateral flow assays market.
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In addition, the high prevalence of infectious diseases around the globe, speedy growth in the geriatric population, increasing demand for point-of-care testing, and growing use of home-based lateral flow assay devices are the foremost factors propelling the growth of this market. On the other hand, reluctance among doctors and patients to modify existing diagnostic processes and the low accuracy of lateral flow assays are the foremost restraints.
Lateral Flow Assays Market: Key Players
- Abbott Laboratories (U.S.)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Danaher Corporation (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Siemens Healthineers AG (Germany)
- Becton, Dickinson and Company (U.S.)
- BioMérieux 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)
With the augmenting prevalence of chronic diseases, the emphasis on the effective and early diagnosis of diseases is growing. Lateral flow assay techniques are progressively preferred for disease diagnosis owing to their capability to detect symptoms in the early stages. The worldwide rise in the geriatric population, coupled with the growing patient pool for chronic diseases, translates into higher requirement for the lateral flow assay tests.
Segmentation
By Product
Kits & Reagents
Lateral Flow Readers
Digital/Mobile Readers
Benchtop Readers
By Technique
Sandwich Assays
Competitive Assays
Multiplex Detection Assays
By Application
Clinical Testing
Infectious Disease Testing
Cardiac Marker Testing
Pregnancy & Fertility Testing
Cholesterol Testing/Lipid Profile
Drug Abuse Testing
Other Clinical Tests
Veterinary Diagnostics
Food Safety & Environment Testing
Drug Development & Quality Testing
By End-User
Hospitals & Clinics
Diagnostic Laboratories
Home Care
Pharmaceutical & Biotechnology Companies
Other End Users
Furthermore, the Lateral Flow Assay Market is predicted to observe growth over the forecast duration, owing to growing application in medical diagnostics, great prevalence of infectious disease, augmenting the demand for point-of-care testing, and high implementation of home-based Lateral Flow Assay tests. Moreover, technological advances to convert the assays from simple qualitative tests into complex multi-analyte quantitative assays are propelling the growth of the Lateral Flow Assay Market. Therefore, it is predicted that during the near years the market of lateral flow assay will increase around the globe more actively over the review duration.
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Global Lateral Flow Assay Market Analysis
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