The report "Lateral Flow Assays Market by Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquito, Influenza, STI, Hepatitis, TB) Cardiac Marker Lipid Test) Veterinary, Food Safety) Product (Readers, Kits) Technique, End User - Global Forecast to 2026", is projected to reach USD 12.6 billion by 2026 from USD 11.4 billion in 2021, at a CAGR of 2.0% during the forecast period. The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.

Growing demand for point-of-care testing;

Currently, most diagnostic tests performed across the globe are laboratory-based. However, lateral flow assay-based point-of-care (POC) tests are increasingly adopted to replace lengthy, conventional laboratory procedures. POC diagnostic tests require less complex infrastructure and training, owing to which the cost of these tests is lower than conventional laboratory diagnostic procedures. POC testing is anticipated to hold the greatest share in the lateral flow assay market because of its importance against a growing disease burden. For example, as per WHO, Global Tuberculosis Report 2020, ~1.4 million people died from tuberculosis-related illnesses in 2019; nearly 10 million individuals developed tuberculosis in 2019.

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“Clinical Testing segment is expected to witness the fastest growth in the forecast period.”

The lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing based on the application. The clinical testing segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the rising prevalence of chronic diseases and the increasing demand for patient-centric care.

“Sandwich assays technique accounted for the largest share of lateral flow assays market in 2020”

The lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assays technique dominated the lateral flow assays market with a share in 2020. The large share of this segment can be attributed to its better assay sensitivity and specificity.

“The hospitals & Clinics segment accounted for the largest share of lateral flow assays market in 2020”

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest market share in 2020. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment.

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“North America accounted for the largest share of the lateral flow assays market in 2020”

The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population reasons for high growth rate in the market in this region.

Key Market Players:

The prominent players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).

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