Lateral Flow Assay Market Size, Share, Trends, Growth 2032

The global lateral flow assay market size was worth around USD 10.75 billion in 2023 and is predicted to grow to around USD 20.60 billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.50% between 2024 and 2032.

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The report covers a forecast and an analysis of the lateral flow assay market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes the drivers and restraints of the lateral flow assay market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the lateral flow assay market on a global and regional level.

Lateral Flow Assay Market: Growth Drivers

There are many technological devices used in food, environment, agriculture, and biomedicine sectors. The lateral flow assay (LFA), which is a detection device, is simple to use and easily portable. It provides an instant diagnosis directly to the patients and is used to detect the presence of analytes in sample mixtures where samples are placed for a specific period of time. Cost of development is low and it can be applied to various fields. It is also used to detect the presence of diseases, chemicals, pathogens, and pollutants. Samples of urine, sweat, saliva, plasma, blood, and serum are tested. They are widely used in industries, such as veterinary sciences, food safety, environmental science, and quality checks. There can also be multiple lines testing multiple samples for presence of analytes. This can be performed by chemical analysts via easy processes.

The increased penetration of the lateral flow assay market is largely due to the increase in geriatric population, the spread of infectious diseases, increase in disposable income, rise in the demand for lateral flow assay kits for testing at home, and growth in the point-of-care testing demand. It helps to detect cancer and is easy to manage due to its long-shelf-life and convenient storage. However, there are various issues that restrain this market from growing, such as inconsistency in results of the tests and stringent regulations.

There are techniques developed to deal with inconsistencies and improve customer convenience, which will drive this market in the future.

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In order to give the users of this report a comprehensive view of the lateral flow assay market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis to give a broader overview of the key players in the lateral flow assay market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the lateral flow assay market on a global and regional basis.

Lateral Flow Assay Market: Report Scope

Lateral Flow Assay Market: Segmentation

The lateral flow assay market is divided into based on product, application, technique, and end-user.

Based on product, the market includes digital/mobile readers, kits and reagents, benchtop readers, and lateral flow readers. According to technique, the market comprises multiplex detection assay, sandwich assay, and competitive assay. By application, the market includes clinical testing, quality control, veterinary science, and drug development. Clinical testing is further segmented into cholesterol and lipid testing, drugs-of-abuse testing, infectious disease testing, pregnancy testing, and others. The end-user segment is fragmented into hospitals, diagnostic laboratories, pharmaceutical companies, and others.

Lateral Flow Assay Market: Regional Analysis

The study provides a decisive view of the lateral flow assay market by segmenting it based on product, application, technique, end-user, and region. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America is likely to be a significant contributor to the lateral flow assay market globally, owing to the increasing number of hospitals, strong insurance sector, and favorable government regulations. The European lateral flow assay market will grow due to its ease of operability, efficient resources planning, and government funding. It is feasible for quick and easy sourcing of LFA’s and presence of a large number of LFA kit manufacturing companies. The Asia Pacific region will register noticeable CAGR in the lateral flow assay market in the future, owing to the rapidly growing demand in India and Singapore due to an enhancement in healthcare infrastructure and rising number of healthcare facilities and hospitals.

Lateral Flow Assay Market Key Players

• Siemens
• Thermo Fisher Scientific
• PerkinElmer
• Danaher Corporation
• QIAGEN
• Abbott Laboratories
• Becton
• Dickinson and Company
• Bio-Rad Laboratories
• Chembio Diagnostic Systems
• F. Hoffmann-La Roche

This report segments the lateral flow assay market into:

Lateral Flow Assay Market: By Product

• Digital/Mobile Readers
• Kits and Reagents
• Benchtop Readers
• Lateral Flow Readers

Lateral Flow Assay Market: By End-User

• Hospitals and Clinics
• Diagnostic Laboratories
• Pharmaceutical Companies
• Others

Lateral Flow Assay Market: By Application

• Clinical Testing
  • Cholesterol and Lipid Testing
  • Drugs-of-abuse Testing
  • Infectious Disease Testing
  • Pregnancy Testing
• Quality Control
• Veterinary Science
• Drug Development

Lateral Flow Assay Market: By Technique

• Multiplex Detection Assay
• Sandwich Assay
• Competitive Assay

Lateral Flow Assay Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa