Lateral Flow Assay Market products are expected to account for a market value of US$ 13.7 Bn by 2032 – Persistence Market Research
Market Study on Lateral Flow Assays: North America Leads With Over Two-fifths Market Share
New York, July 07, 2022 (GLOBE NEWSWIRE) — Owing to the high adoption of lateral flow assay (LFA) test kits and advancements in point-of-care diagnostics in the healthcare sector, the global lateral flow assay market recorded a value of around US$ 7.9 Bn in 2021. It is expected that the market will expand at a CAGR of 5% over the forecast period (2022-2032).
Rising prevalence of infectious diseases is a key factor driving the growth of the market. Emergence of infectious diseases has resulted in increased procurement of point-of-care testing devices and kits by international authorities, such as UNICEF. These authorities are purchasing LFA kits under long-term agreements.
Most notably, LFA tests are widely used due to their ease of application, which helps avoid multiple visits to the hospital. This has resulted in the strong market penetration of LFA technologies in seasonal and outbreak indications such as malaria, dengue, etc. There has also been a rapid increase in the adoption of lateral flow assay tests in various sectors such as the food industry, veterinary diagnostics, and healthcare,. Lower-middle-income countries are anticipated to witness significant growth in terms of adoption due to economical pricing, easy availability, and higher sensitivity of LFA tests in infectious disease testing.
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Technological advances are resulting in functional developments in lateral flow assay tests in terms of selectivity, sensitivity, and progress in quantification. Lateral flow assay readers are commonly used to measure the intensity of the test line of the sample. Growing reduction and compactness have boosted the adoption of handheld lateral flow assay readers. Technological advancements in LFA test kits are also driving market expansion.
Key Takeaways from Market Study
- LFA kits held around 76.5% market share by product type in 2021.
- The infectious diseases segment accounted for 37.6% revenue share among the applications in 2021.
- By distribution channel, hospital pharmacies are preferred by most patients and the segment held a market share of around 40.8% in 2021.
- Around 42.4% of the global market share, by region, was accounted for by North America in 2021.
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“High prevalence of infectious diseases and increased adoption of self-testing devices are expected to drive lateral flow assay demand growth over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Key players in the lateral flow assay market are aggressively marketing and promoting their products online. This ensures the improved visibility of products to the population. Additionally, market players are conducting awareness programs to increase their consumer base.
Companies such as Quest Diagnostics Inc., Express Diagnostics International Inc., and many others are providing training on the identification and handling of test drugs.
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- In 2021, Abbott Laboratories launched its Panbio COVID-19 antigen self-test in India so that it can ease the detection of COVID-19 infections in the country. The results can be easily reported to the Indian Council of Medical Research through Abbott’s NAVICA reporting app, which, in turn, widens the reach of Abbott Laboratories.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the lateral flow assay market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.
The research study is based on the product type (readers (benchtop readers and handheld readers) and LFA kits (test strips, dipsticks, cassette and lancets), application (sexually transmitted diseases (human deficiency virus (HIV) infection, gonorrhoea, syphilis and others), infectious diseases (mosquito-borne diseases, streptococcus infections, hepatitis infection, gastrointestinal infections, respiratory tract infections and others), diabetes, pregnancy and fertility testing and drug of abuse testing), and distribution channel (hospital pharmacies, retail pharmacies, supermarkets/hypermarkets, and e-Commerce), across seven key regions of the world.
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