The global lateral flow assays market is poised for substantial growth, with projections indicating a surge to USD 6.9 billion by 2033, up from USD 4.3 billion in 2023. This forecast, detailed in the latest report by Future Market Insights (FMI), highlights a robust Compound Annual Growth Rate (CAGR) of 4.7% over the next decade.
Lateral flow assays, renowned for their efficacy as point-of-care tests, are experiencing heightened demand worldwide. These tests deliver swift and reliable results directly at the testing site, eliminating the delays associated with laboratory sample processing. This rapid turnaround is pivotal in expediting diagnosis and treatment decisions, particularly crucial in managing infectious diseases.
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The escalating prevalence of infectious diseases globally underscores the critical need for efficient diagnostic solutions. Lateral flow assays offer a practical and user-friendly approach to early disease detection and management, contributing significantly to their escalating adoption.
With a growing emphasis on cost-effective diagnostic tools, lateral flow assays emerge as preferred options across diverse applications. Their affordability and simplicity make them indispensable in resource-limited settings, enhancing accessibility to crucial diagnostic capabilities.
Beyond healthcare, lateral flow assays find extensive application in veterinary diagnostics, food safety testing, environmental monitoring, and more. This versatility broadens their market penetration and adoption across multiple sectors, reinforcing their role as indispensable diagnostic tools.
The projected growth trajectory of the global lateral flow assays market underscores their pivotal role in meeting evolving healthcare demands and addressing emerging challenges. As the demand for rapid, reliable, and cost-effective diagnostic solutions continues to escalate, lateral flow assays are poised to shape the future of diagnostics worldwide.
Key Takeaways:
- The Kits & Reagents segment is anticipated to grow at a rapid CAGR of 5.3% during the forecast period.
- The clinical testing segment accounted for 90.9% of the lateral flow tests market.
- With a lateral flow tests market share of 70.9% in 2020, sandwich assays dominated the lateral flow tests market.
- Blood samples were the most preferred, with a 53.1% lateral flow tests market share.
- The hospitals and clinics segment was the most favoured, with a lateral flow tests market share of 37.6%.
- China, the world’s second-largest economy, is expected to reach a lateral flow tests market size of USD917 million in 2027, with an annual growth rate of 8.8%.
- Within Europe, Germany is expected to show a lateral flow tests market growth at a 4.8% compound annual growth rate (CAGR), while the rest of the European market will reach USD917 million by 2027.
- The Asia Pacific region is expected to increase at a CAGR of 4.2% during the forecast period.
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Competitive Landscape:
Some companies have increased their lateral flow tests market share through various strategies such as mergers and acquisitions. In contrast, others invent new diagnostic market test methods and provide innovative goods to maintain their market share.
- Abbott Laboratories
- Becton, Dickinson and Company
- Biomérieux SA
- Bio-Rad Laboratories
- Danaher Corporation
- F Hoffmann-La Roche Ltd.
- Merck
- Quidel Corporation
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.
Key Segments Covered in the Market Report:
By Application:
- Clinical Testing
- Veterinary Diagnostics
- Food Safety & Environmental Testing
- Drug Development & Quality Testing
By Technique:
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
By Sample Type:
- Blood Samples
- Urine Samples
- Saliva Samples
- Others
- By Type
- Kits & Reagents
- Lateral Flow Readers
By End User:
- Hospitals & Clinics
- Diagnostics Laboratories
- Home Care Settings
- Pharmaceuticals & Biotechnology Companies
- Others
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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