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COVID-19 Impacts Analysis O n Lateral Flow Assays Market and Industry Outlook

The global lateral flow assays market size is expected to reach USD 9.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers and acquisitions.

Continuous strategic initiatives undertaken by leading and emerging players to develop and launch advanced products are anticipated to significantly support the market growth. For instance, in January 2021, U.K.-based Sensyne Health launched MagnifEye, a novel smartphone app that utilizes deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests. Additionally, in March 2021, IUL SA, a Spain-based lateral flow products manufacturer, introduced its new lateral flow reader, iPeak+. In addition, a rise in mergers and collaborations by market players is anticipated to facilitate access to novel lateral flow technologies.

A rise in the prevalence of infectious diseases, including the outbreak of COVID-19, and an increase in government initiatives to curb COVID-19, HIV, and other communicable diseases are anticipated to create significant demand for lateral flow devices. According to the U.S. Department of Health & Human Services, the U.S. government has formed the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) that works towards preventing, early detection, and responding to new as well as existing risks related to AIDS and HIV.

Lateral Flow Assays Market Share By Geographical Regions:

North America dominated the market for lateral flow assays and accounted for the largest revenue share of 36.3%. In addition, the high incidence of respiratory infections, such as COVID-19, influenza, and RSV, is boosting the demand for detection and treatment in the region. Asia Pacific is anticipated to witness the fastest CAGR over the forecast period. Rising demand due to the high prevalence of infectious and chronic diseases coupled with the emergence of new players in Asian countries are major driving factors for the regional market growth. 

Lateral Flow Assays Market Insights By Major Players:

Some of the prominent players in the lateral flow assays market include Abbott; Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche AG; Bio-rad Laboratories, Inc.; Biomérieux SA; Quidel Corporation; Hologic, Inc.; Perkinelmer, Inc. and Merck KGAA. The market for lateral flow assays is highly competitive with the presence of a large number of key players as well as emerging players in it. The advent of new strategic plans to maintain competitiveness stimulates market growth. The COVID-19 pandemic has resulted in an increasing number of new market entrants, in turn intensifying the market competition. 

Gain deeper insights on the market and receive your free copy with TOC now @: https://www.grandviewresearch.com/industry-analysis/lateral-flow-assay-market/request/rs15

Lateral Flow Assays Market Report Highlights

·         The outbreak of COVID-19 has created significant demand for lateral flow assays for conducting mass testing in the U.S. and European countries

·         However, increasing vaccinations leading to reduced COVID-19 cases in the coming years may hamper the segment growth

·         By product, kits and reagents held the largest share in 2020 as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases

·         Easy availability of kits and reagents coupled with the launch of new kits by major players are key factors propelling the segment growth

·         A smartphone-based lateral flow reader is more convenient due to its ease of use and portability. Thus, it is anticipated to witness significant growth in the near future

·         The clinical testing application segment held the largest market share in 2020 owing to an increase in the incidence of infectious diseases, a rise in the pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used in any healthcare setting

·         Technological advancements in the healthcare sector, innovation in technology and devices, and an increase in the adoption of POC testing by patients and healthcare professionals are anticipated to fuel the market growth during the forecast period

·         The drug development and quality testing segment is anticipated to witness the fastest CAGR throughout the forecast period

·         An increase in the use of lateral flow assays for therapeutic drug monitoring has majorly driven the segment growth

·         An increase in the availability of antibiotic tests is one of the factors influencing the market growth during the forecast period

·         Sandwich assay technique accounted for significant revenue share in 2020 owing to their accuracy, affordability, and ease of use

·         Hospitals and clinics are the major end-users of lateral flow assays, thus, accounted for a major share in 2020

·         An increase in healthcare expenditure globally has significantly contributed to the growth of the market.

·         North America dominated the market in 2020 with the presence of prominent players in the region and high adoption of advanced products by end-users

·         Asia Pacific is projected to witness the fastest CAGR throughout the forecast period

COVID-19 is an incomparable global public health emergency that has affected almost every industry. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, technique, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K, France, Italy, Spain, Russia, China; India; Japan, South Korea, Australia, Singapore, Brazil; Mexico, Argentina, South Africa, Saudi Arabia, UAE

Key companies profiled

Abbott Laboratories; Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche AG; Bio-rad Laboratories, Inc.; Biomérieux SA; Quidel Corporation; Hologic, Inc.; Perkinelmer, Inc.; Merck KGAA; Becton, Dickinson and Company; Siemens Healthineers; Danaher Corporation; Qiagen N.V.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

 

For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/inquiry/6769/ibb

Lateral Flow Assays Market Segmentation

Grand View Research has segmented the global lateral flow assays market report on the basis of product, application, technique, end use, and region:

Lateral Flow Assays Product Outlook (Revenue, USD Million, 2017 - 2028)

·         Kits & Reagents

·         Lateral Flow Readers

o    Digital/Mobile Readers

o    Benchtop Readers

Lateral Flow Assays Application Outlook (Revenue, USD Million, 2017 - 2028)

·         Clinical Testing

o    Infectious Diseases Testing

o  COVID-19 Testing

oMosquito Borne Disease Testing

oInfluenza Testing

oSexually Transmitted Infection Testing

o    HIV Testing

o    HPV Testing

o    Chlamydia Testing

o    Gonorrhea Testing

o    Syphilis Testing

o    Others

oHepatitis

oTuberculosis

oOthers

o   Cardiac Marker Testing

oTroponin I and T Testing

oCK-MB Testing

oBNP and NT-proBNP Testing

oMyoglobin Testing

oD-Dimer Testing

oOthers

o  Pregnancy & Fertility Testing

oPregnancy Testing

oFertility Testing

o  Cholesterol Testing/Lipid Profile Testing

o  Drugs of Abuse Testing

o  Others

o    Veterinary Diagnostics

o    Food safety & Environment Testing

o    Drug Development & Quality Testing

Lateral Flow Assays Technique Outlook (Rev

on March 7 at 2:12


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