According to a recent lateral flow assays market ****report by Future Market Insights (FMI), the lateral flow assays market was valued at US$ 11 Bn in 2021, is projected to reach US$ 12.5 Bn by 2026, and is anticipated to grow at a CAGR of around 2% over the projected period of 2022-2032.

The high rate of infectious diseases around the world, explosive growth in the geriatric population, escalating demand for point-of-care testing, and increased use of home-based rapid lateral flow devices are all boosting lateral flow assays market forward. The significant restraints are doctors’ and patients’ reluctance to change existing diagnostic techniques and the low accuracy of lateral flow assays.

The affordable cost of lateral flow assays devices and the fact that no trained personnel is required to run the tests are two factors driving up demand for lateral flow assays-based devices for COVID-19 testing. The growing adoption of kits & reagents due to innovations and benefits of lateral flow assays rapid tests over laboratory tests the high number of lateral flow assay rapid detection kits launched by healthcare companies, predominantly for lateral flow assay COVID-19 testing, are all factors contributing to the large share of the kits & reagents segment. Sandwich assays have a considerable part of the lateral flow assays market due to the growing use of sandwich assays in medical testing and the benefits of sandwich assays.

Despite the fact that lateral flow assay tests are simple to implement and less affordable than laboratory testing, they are less reliable. Due to the apparently limited accuracy of the lateral flow assay kit, most doctors and patients prefer molecular studies to fast tests for more accurate COVID-19 diagnosis. As a result, major diagnostic lateral flow assays market participants are concentrating their efforts on developing more laboratory-based infectious disease testing solutions.

Infectious disease lateral flow assays diagnostics, cardiac disease diagnosis, and veterinary applications are typical applications for lateral flow tests. However, the use of lateral flow technology has grown in various new applications in recent years. Potential applications for lateral flow tests include saliva diagnostics, behavioural health, agriculture (crop quality testing), biowarfare (anthrax detection), environmental testing, and food microbiology. Lateral flow assay (immunochromatography tests/lateral flow immunoassays) technologies continue to dominate the point of care diagnostic market through 2024. The acquisition and validation of vital reagents are one of the most challenging elements of producing lateral flow assay tests. Antibodies used in assays must be evaluated for accuracy, specificity, stability, and reproducibility, as any reagent flaws can cause the lateral flow assay to fail. Another obstacle is lateral flow assays diagnostics after an antibody or antibody pair has been found.

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 US$917 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 US$917 million by 2027.
• The Asia Pacific region is expected to increase at a CAGR of 4.2% during the forecast period.

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.

Information Source:

https://www.futuremarketinsights.com/reports/lateral-flow-assays-market