DUBLIN--(BUSINESS WIRE)--The "Global Lateral Flow Assays Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global lateral flow assays market is growing at a considerable CAGR of around 8.8% during the forecast period. The lateral flow devices are used to confirm the presence or absence of a target disease without the need for lab equipment.
The lateral flow assay devices are generally used in the hospital are clinical laboratories quantitative, and qualitative detection of particular antigens and antibodies. It is simple and less expensive technology use in the quantitative, and qualitative detection of pathogens in humans, animals, or pollutants or toxic elements in animal feeds, water supplies, and foodstuffs.
The major factors that are driving the growth of the market include the increasing prevalence of infectious disease owning to this acceptance of smart devices are also increasing. For instance, according to the National Institute of Allergy and Infectious Diseases, around 15 million people across the globe are diagnosed with infectious diseases.
According to the World Health Organization, Global Tuberculosis Report 2020, In 2019 around 1.4 million people mortality from Tuberculosis, and around 10 million people were diagnosed with tuberculosis. Also, the benefits of LFA-based rapid tests as compared with laboratory testing are driving the market growth, and growing use of home-based lateral flow assay kits due to this the demand for the home-based lateral flow assay kits is increasing.
Moreover, increasing applications of lateral flow assays and growing demand for lateral flow assays in the food & beverage industry offer substantial growth opportunities for the companies operating in the lateral flow assays market.
The lateral flow assays are also used in diagnosed COVID-19 disease. These simple-to-use tests provide the prospect of rapid case detection. According to WHO, around 150,989,419 people are diagnosed with COVID-19, and 3,173,576 mortality in May 2021. Due to this, the major key players are adopting different market strategies such as the US FDA approval.
For instance, In September 2020, F. Hoffman-La Roche Ltd. received CE Mark from the US Food and Drug Administration (FDA) for its SARS-CoV-2 Rapid Antigen test. The SARS-CoV-2 Rapid Antigen Test is for use in point-of-care (POC) settings for people with both symptomatic and asymptomatic.
Segmental Outlook
The market is segmented based on product, technique, application, and end-user. Based on, product the market is segmented into kits & reagents, lateral flow readers, and mobile readers. By technique, the market is segmented into sandwich assays, competitive assays, and multiplex detection assay. By application, the market is segmented into clinical testing, veterinary diagnostics. By end-user, the market is segmented into hospitals and diagnostic centers, home care, pharmaceuticals, and biotechnology companies.
Regional Outlooks
The global lateral flow assays market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global lateral flow assays market.
Some factors that are boosting the market growth in North America include the increasing incidence of various infectious diseases such as tuberculosis, HIV/AIDS, Lyme disease, increased patient pool, and high affordability with increasing disposable income. Increasing the generic population in the region are the factors that drive the growth of the market, rising investment in Lateral Flow Assays due to the current COVID-19 pandemic are other factors that are promoting the growth of the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Determinants
5. Market Segmentation
5. Regional Analysis
6. Company Profiles
Companies Mentioned
- Abbott Laboratories
- Abcam plc
- Abingdon Health
- Access Bio, Inc.
- Becton Dickinson and Co.
- BioMerieux SA
- BioPorto Diagnostics A/S
For more information about this report visit https://www.researchandmarkets.com/r/2th6lk
