Lateral flow assay kits screen for infectious diseases, cardiac indicators, pregnancy and fertility, cholesterol testing/lipid profile, and drug addiction on time. They are also professional in the testing of foods and drinks. The spread of various chronic and infectious diseases, the increasing use of home-based lateral flow assay kits, the expansion of government initiatives to promote health awareness, the rising demand for point-of-care testing, the rising adoption of LFA due to innovations, and the advantages of LFA rapid tests over laboratory tests are the main factors driving the growth of the lateral flow assays market. The lateral flow assay market worth in 2021 was $8.76 billion and will reach $12.85 billion by 2030, growing at a 4.34% CAGR during 2021-2030.
Key Industry Drivers
Several industries have embraced lateral flow assay techniques, including healthcare, animal health, food, feed, environmental, and plant disease testing. The cross applications of lateral flow assays include food testing and drug misuse testing in addition to infectious illness testing and pregnancy testing. Most significantly, LFA tests are frequently use because they are simple to use, which reduces the need for frequent hospital visits. As a result, LFA technologies have a significant market share for assessing seasonal and outbreak indications like dengue, malaria, etc. The veterinary industry has also quickly accepted lateral flow assay testing, boosting the market’s overall growth.
Because of the low cost, convenient availability, and higher sensitivity of LFA tests in infectious disease testing, lower-middle-income nations are expect to see substantial growth in use.
Similarly, increased R&D efforts to support market growth and a growing emphasis on R&D of medications and therapies for rare diseases such as salmonella, malaria, and others will generate enormous potential for lateral flow assay product producers.
Although less expensive and easier to administer. Than laboratory testing, lateral flow assay tests are less accurate, limiting market growth throughout the forecast period.
The kits category accounted for more than 77% of the market in 2021 due to a growing preference for. Lateral flow testing kits to detect any antibody, including the COVID-19 virus. As a result, key players’ availability and launch of new kits will drive the lateral flow assay market.
The market is segmented into infectious illness, cholesterol testing, pregnancy & fertility testing, cardiac marker testing, drug abuse testing, and others. Infectious illness testing generate USD 2.4 billion in revenue in 2021 and. Predict to expand significantly from 2022 to 2028 as the prevalence and disease burden of infectious diseases increases.
According to World Health Organization (WHO) data. Pneumonia was one of the leading infectious diseases causing substantial death among children worldwide in 2019. Pneumonia caused 740,180 deaths, accounting for nearly 14% of all deaths in children aged five and under.
The lateral flow assay market is classified into competitive assays, sandwich assays, and multiplex detection assays based on technology. The sandwich assays segment held a considerable market share in 2021 and will grow at a 5.7% CAGR through 2027 due to rising demand and increased awareness of the extensive benefits provided by the sandwich assay method in the diagnosis of pregnancy & fertility testing, drug of abuse testing, and so on.
The market is segment into hospitals, clinics, diagnostic laboratories, homecare settings, and others. By 2028, the hospital and clinic segment will generate more than USD 4 billion in market revenue. The increasing usage of innovative lateral flow tests in. Hospital and clinic settings that provide speedy and reliable results is expect to increase patient choice for these healthcare facilities. Furthermore, the availability of technologically improved technology in hospital settings will contribute to its rise.
In 2021, North America accounted for 45.7% of the global lateral flow assay market. The increasing rate. Of infectious diseases and the increased use of point-of-care testing for safe and early diagnosis will maintain the region’s supremacy. High R&D expenditure by government and commercial funding organizations in the innovation of point-of-care testing, including lateral flow tests, is expected to accelerate the industry size throughout the projected period.