The paper-based lateral flow assay (LFA) platform finds and measures analytes in complicated mixtures. It aids in analyzing biological samples of blood, serum, plasma, urine, sweat, and other fluids. In hospitals and clinical laboratories, it is frequently used for the quantitative & qualitative detection of certain drugs, antibodies, and gene amplification.
The market worth of lateral flow assays in 2021 was USD 8.76 billion, and by 2030 it will be worth USD 12.85 billion, growing at a 4.34% CAGR during the forecast period.
The growing rate of senior population, the rising need for point-of-care testing, and the greater use of rapid testing in-home care settings are all accelerating market expansion. Additionally, the market for lateral flow assays is expanding rapidly due to the rise in contagious and infectious diseases.
Market Dynamics
Drivers
The global rise in infectious illness incidence is one of the factors driving product demand in the lateral flow assay market. Another factor propelling the expansion of the lateral flow assay market is the start of the COVID-19 pandemic, and the urgency felt for the need for diagnostic tests to stop the infection’s spread.
Additionally, technological developments led to the creation of various rapid antigen tests to address the demand for trustworthy, innovative diagnostic kits to address the urgency of the pandemic, favorably impacting the growth of the lateral flow assay market.
Restraints
Although lateral flow assay tests are simpler and less expensive than laboratory testing, they are less accurate, which restrains the market’s growth throughout the forecast period.
The Coronavirus pandemic has impelled the reception of horizontal stream measures because of a sharp ascent in the interest for fast, reason behind care testing of the dangerous sickness. As sidelong stream examines address a financially savvy, and simple to-involve testing answer for the relief of the Coronavirus flare-up, these measures are supposed to observe huge interest for sickness reconnaissance during the pandemic time frame.
Moreover, global associations, like WHO and the European Commission, as well as states all over the planet have zeroed in on mass populace testing, trailed by contact following, for controling the spread of Coronavirus. Parallel stream examines have empowered successive testing and decentralization of medical care for supporting huge scope testing endeavors without the requirement for perplexing and broad framework.
Opportunity
The lateral flow assay has significantly changed over the past 20 years. It is currently frequently used in diagnostic and point-of-care applications. The production of lateral flow assays can use capillary flow and nitrocellulose membrane. Point-of-care (POC), pregnancy testing, and the detection of infectious diseases all use the lateral flow assay. There are lateral flow assay instruments for antibodies, membrane, medicinal, veterinary, food, and agricultural use on the market. The analysis of the flow cytometry sector has made these devices vital.
Market Segmentation
Product Insights
With a revenue share of over 57% in 2022, the kits & reagents category ruled the market. Its affordability and convenience primarily drive the segment’s appeal in the worldwide lateral flow assay market. Customers can benefit from the expanding number of pharmacies that sell these items as OTC medical devices. The kits & reagents enable the delicate nature of some tests, the results consumers choose to keep to themselves, thereby increasing their use globally.
Uses of horizontal stream measures are altogether expanding internationally. Public mindfulness crusades pointed toward recognizing the side effects of irresistible illnesses and ways of forestalling them assume a significant part in controlling sickness scourges. In this way, expanded patient mindfulness has prompted appeal for horizontal stream examines. Besides, new item endorsements and expanding income because of the deals of Coronavirus quick tests are driving the sidelong stream measure market development.
Technique Insights
The sandwich assays segment led the industry with a market share of over 46% in 2022. Sandwich assays are very sensitive, which means they can find the targeted analyte even in minute amounts in the sample. Unknown antibodies can be found using sandwich assays or testing. They can also be used to test sophisticated samples. They provide adaptability. Sandwich assays are simple to perform, inexpensive, and provide prompt, precise results.
For example, Abbott had transported more than 1 billion Coronavirus tests starting from the start of the pandemic up to the furthest limit of the second from last quarter of 2021, and its deals for the quarter expanded by 23.4% to USD 10.9 billion, including USD 1.9 billion income from deals of the tests. Additionally, in 2021, Coronavirus tests represented USD 510 million of Quidel’s final quarter income of around USD 635 million.
Application Insights
In 2022, the clinical testing market category held a commanding market share of around 54%. Clinical testing includes lipid profiling, drug misuse testing, pregnancy and fertility testing, cardiac market testing, infectious disease testing, and other tests. Given the rising prevalence of infectious diseases and an increase in cardiovascular diseases, the broad usage of clinical testing is boosting market expansion.
Distribution Channel Insights
In 2022, the hospitals and clinics segment ruled the market with the largest share of 48%. For most communities, hospitals and clinics are the preferred healthcare facilities for any disease, ailment, or condition. With the influx of patients and the speedy resurgence of infectious diseases, it is essential to identify and prioritize the most serious cases.
Fast discovery of constant illnesses, particularly irresistible sicknesses, is vital and ought to be precise and reasonable. It limits the requirement for various patient visits and works with ideal treatment and control of irresistible sickness episodes. The WHO has suggested brief parasite-based conclusion in all jungle fever associated patients before legitimate organization with treatment.
Regional Insights
In 2022, North America contributed for the biggest market with a share of nearly 40.93%. The populace has access to reasonably priced lateral flow test items due to the region’s well-established healthcare and pharmaceutical industries. Due to the region’s developed economies and high per capita incomes, customers can now afford lateral flow assays thanks to increased disposable income. The COVID-19 epidemic accelerated technological development and lateral flow test product invention, making them quicker, less expensive, and simpler to use, which drives the market’s expansion.
Key Players
- Merck KGaA
- QIAGEN N.V.
- Hologic Inc.
- Perkin Elmer Inc.
- Thermo Fisher Scientific, Inc.
- Bio-Rad Laboratories
- bioMerieux SA
- Becton, Dickinson, and Company
- Siemens AG
- Danaher Corporation
- Hoffman-La Roche AG
- Quidel Corporation
- Abbott Laboratories
The market worth of lateral flow assays in 2021 was USD 8.76 billion, and by 2030 it will be worth USD 12.85 billion, growing at a 4.34% CAGR during the forecast period. The market for lateral flow assays is expanding due to speedy technological developments in the field of immunodiagnostic products, a growing aging population, increasing demand for point-of-care testing, and increased consumer awareness of quick diagnoses.
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