Research Nester’s recent market research analysis on “Lateral Flow Assays Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global lateral flow assays market in terms of market segmentation by product, end-user, and by region.
Increasing Incidence of Infectious Diseases to Promote Global Market Share of Lateral Flow Assays
Tuberculosis (TB) is a bacterial infection that primarily affects the lungs. According to the WHO, there were an estimated 10 million cases of tuberculosis worldwide in 2020, with 1.5 million deaths. The COVID-19 pandemic has had a significant impact on the world: according to the World Health Organization (WHO), as of November 2021, there were more than 466 million confirmed cases and more than 6.1 million deaths worldwide. Human Immunodeficiency Virus (HIV) is a virus that attacks the immune system, and Acquired Immune Deficiency Syndrome (AIDS) is the most advanced stage of HIV infection.
The growth of the global market during the forecast period is also attributed to increased investments in research and development activities to continually find more viable biological safety cabinet solutions.
Some of the major growth factors and challenges that are associated with the growth of the global lateral flow assays market are:
Growth Drivers:
• Spiking Healthcare Spending
• Growing Demand for Point-of-Care Testing
Challenges:
It is known that lateral flow assays have limitations in terms of sensitivity and specificity compared to other diagnostic methods such as PCR or ELISA. This can lead to false positives or false negatives, which can be a significant challenge in certain applications.
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By application, the global lateral flow assays market is segmented into five segments. The hospitals segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the segment is due to the large number of patients admitted to hospitals for treatment. The number of hospitals is also increasing significantly. For example, by the year 2022, it was found that there were approximately 6,100 hospitals in the United States. Hospitals offer a wide range of medical care. The doctors, so-called hospital doctors, usually specialize in internal medicine, pediatrics, or general medicine. They know to solve common problems and have the resources to solve more complex medical problems. Hospitals may also offer specialty care such as neurology, obstetrics, gynecology, and oncology.
By region, in the Asia-Pacific region, the infectious disease burden is high, driving the demand for lateral flow assays for rapid and accurate diagnosis. For example, according to a report by the World Health Organization (WHO), tuberculosis (TB) incidence rates in the Asia-Pacific region are among the highest in the world, accounting for about 60% of global cases in 2019. The increasing prevalence of tuberculosis as well as other infectious diseases such as dengue fever and malaria are expected to boost demand for lateral flow assays in the region.
This report also provides the existing competitive scenario of some of the key players of the global lateral flow assays market which includes company profiling of QIAGEN N.V., Siemens Healthineers AG, Thermo Fisher Scientific, Inc., Merck KGaA, PerkinElmer, Inc., and others.
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