The global sales of Lateral Flow Assay in 2021 was held at US$ 7.2 Bn. With 4.7%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Benchtop Readers is expected to be the highest revenue generating product, while Clinical Testing is considered to be the highest revenue generating application with a CAGR of 4.6% and 5% respectively during 2022 – 2032.
Given the multiple advantages that lateral flow technology provides, it is becoming the approach of choice for infectious disease diagnostics. The market’s growth can be due to the rising prevalence of infectious diseases, growing elderly population and the growing popularity of point-of-care testing.
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The leading players in the Lateral Flow Assay market have been implementing various tactics to increase growth potential over the next years. Furthermore, the presence of many rising and well-established firms has defined the market for Lateral Flow Assay. Well-known market players are pursuing a variety of tactics, including acquisitions, mergers, and new product releases. Some of the recent developments of key Lateral Flow Assay providers are as follows:
- In October 2021, Bio-Plex Pro human immunoglobulin A (IgA) and immunoglobulin M (IgM) SARS-CoV-2 antigen panels were launched by Bio-Rad Laboratories, a life science research and clinical diagnostic products firm, to detect IgA and IgM antibodies against four SARS-CoV-2 antigens.
- In September 2021, The FDA granted ANP Technologies Inc. authorization to use its NIDS COVID-19 Antigen Rapid Test Kit as a treatment for the act of NANs in children as well as adults with suspected COVID-19. Following analyses in the United States, this test utilizes a technology by ANP.
- In October 2020, Siemens Healthineers launched a rapid antigen test for the detection of SARS-CoV-2.
- In September 2020, Roche announced the launch of the SARS-CoV-2 fast antigen test for markets that accept the CE Mark. Roche also plans to apply to the US Food and Drug Administration for an Emergency Use Authorization (EUA) (FDA).
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
Key Segments Covered :
- By Product Type
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
- Kits & Reagents
- By Application
- Drug Development & Quality Testing
- Clinical Testing
- Veterinary Diagnostics
- Food safety & Environment Testing
- By Technique
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
- By Region
- North America
- Latin America
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?
What makes Fact.MR report stand out from others?
- Fact.MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Lateral Flow Assays industry. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the industry stakeholders.
- Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Lateral Flow Assays industry, thus, making it different and special from other reports.
- Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of industry get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
- Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Lateral Flow Assays industry and assists to create strategies to overcome the obstacles that may hinder the growth of the Lateral Flow Assays industry.
- Leverage: The Lateral Flow Assays industry can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
- Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
- Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Lateral Flow Assays industry.