Lateral Flow Assay Market Size Worth $16.89 Billion By 2032 | CAGR: 3.1%

Lateral Flow Assay Market Size Worth $16.89 Billion By 2032 | CAGR: 3.1%

The global lateral flow assay market size is expected to reach USD 16.89 billion by 2032, according to a new study by Polaris Market Research. The report “Lateral Flow Assay Market Share, Size, Trends, Industry Analysis Report, By Product (Kits & Reagents, Lateral Flow Readers); By Application; By Techniques; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising prevalence of infectious diseases is expected to cause the lateral flow assay industry to grow more quickly over the predicted time period. Furthermore, new product approvals and rising sales of COVID-19 rapid tests are driving the growth of the industry.

Point-of-care (POC) testing is the most popular type of diagnostic in clinical analysis, food safety, and the environment. POC provides quick results in a shorter amount of time than central laboratories. One of the solutions for qualitative and quantitative analysis that is growing significantly is POC devices based on lateral flow assays (LFA). On a plastic background, LFA is applied to a strip that has been constructed out of various parts.

With an emphasis on infectious diseases, chronic diseases should be accurately and affordably detected. It makes it simpler to immediately monitor and contain infectious disease outbreaks and decreases the need for frequent patient visits. The WHO encourages prompt parasite-based diagnosis in all patients who are suspected of having malaria before the appropriate delivery of therapy.

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The COVID-19 pandemic has sped up the adoption of lateral flow tests due to a significant rise in the demand for speedy, point-of-care testing of the deadly illness. Lateral flow assays provide a straightforward, cost-effective diagnostic strategy to manage the COVID-19 outbreak.

Lateral Flow Assays Market Report Highlights

  • Sandwich assays are expected to have the biggest revenue share due to their accuracy, availability, and simplicity. The test can also be used in resource-constrained healthcare settings without the need for trained personnel. Larger analytes with two or more binding sites or epitopes are typically detected using sandwich assays.
  • North America dominated the market in 2022. The COVID-19 pandemic, which has enhanced accessibility to a range of diagnostic tests and public awareness, is expected to stimulate significant expansion. For example, as of December 2021, there were around 300 million at-home, rapid COVID-19 tests accessible in the U.S., which is 10 times higher than the 24 million tests that were available in August 2021.
  • Abbott Laboratories, BD, Hologic, Inc., Siemens Healthineers, Merck KGaA, Danaher Corporation, Perkin Elmer, and others are some of the prominent competitors in the global industry.

Polaris Market Research has segmented the Lateral Flow Assay Market report based on product, application, techniques, and region:

Lateral Flow Assay, Product (Revenue - USD Billion, 2019 - 2032)

  • Kits & Reagents
  • Lateral Flow Readers

Lateral Flow Assay, Application (Revenue - USD Billion, 2019 - 2032)

  • Clinical Testing
    • Cardiac Marker Testing
    • Pregnancy & Fertility Testing
    • Others
  • Veterinary Diagnostics
  • Food Safety & Environment Testing
  • Drug Development & Quality Testing

Lateral Flow Assay, Techniques (Revenue - USD Billion, 2019 - 2032)

  • Sandwich Technique
  • Competitive Technique
  • Multiplex Detection

Lateral Flow Assay, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa