According to the new market research 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, Technique, End User – Global Forecast to 2025″, published by MarketsandMarkets™, the Lateral Flow Assays Market is projected to reach USD 10.2billion by 2025 from 8.2 billion in 2020, at a CAGR of 4.5% during the forecast period.
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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. However, other reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key factors restraining the growth of the market.
By product, the kits & reagents segment is expected to account for the largest share of the Lateral Flow Assays market
Based on product, the market is segmented into kits & reagents and lateral flow readers. The lateral flow readers segment is further segmented into digital/handheld readers, bench top readers, and mobile/smartphone readers. The kits & reagents segment is estimated to account for the largest market share in 2019. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, the growing burden of chronic diseases, and their convenience and ease of use.
On the basis of application, the food safety &environment testing segment is expected to grow at the highest CAGR in the forecast period
On the basis of application, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety and environment testing & drug development and quality testing. The food safety and environment testing segment is expected to grow at the fastest rate in the forecast period. The high growth rate of this segment is due to increasing food safety issues and concerns in many sections of the food production industry and wide applications of environment testing due to their ability to handle a wide variety of samples and perform many sample-handling tasks, such as filtration, concentration, and removal of the cross-reactive element.
In case of lateral flow assays kits & reagents, by technique, the sandwich assays segment is expected to hold the highest share in the market during the forecast period
On the basis of technique, the Lateral Flow Assays kits & reagents market is segmented into sandwich assays, competitive assays, and multiplex detection assays. The sandwich assays segment is expected to hold the highest share in the market during the forecast period. The large share of this segment can be attributed to its better assay sensitivity and specificity as well as its extensive application in the measurement of critical analytes (such as cardiac and hepatitis markers).
By Sample Type, Other Samples is projected to grow at the highest rate during the forecast period.
By Type, Lateral Flow Assays is segment in to Blood Samples, Urine Samples, Saliva Samples and Other Samples. The Other Samples segment is projected to grow at the higher CAGR during the forecast period. The high growth of the Other Samples segment can be attributed to increase in R&D and the need for more specific and accurate disease testing.
By End User, hospitals and clinics to dominate the Lateral Flow Assays market during the forecast period
By End User, Lateral Flow Assay market is segmented into Hospitals & Clinics, Home Care Settings, Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies and Other End Users. The Hospitals and Clinics segment is expected to dominate the market in the forecast period. Technological advancements, increasing adoption of point-of-care testing, and the growing inclination toward fast and early diagnosis, especially in relation to the current COVID-19 scenario, are some of the key factors responsible for the highest share of this segment.
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North America to dominate the Lateral Flow Assays market during the forecast period
North America is expected to account for the largest share of the Lateral Flow Assay market in 2019, followed by Europe. The dominance of the North American region can be attributed to, increasing R&D investment in the region and presence of a large number of market players.
Prominent players in the Lateral Flow Assays Market include Abbott Laboratories (US), F.Hoffman La-Roche Ltd. (Switzerland), Danaher Corporation(US), Becton, Dickinson, and Company (US), Siemens AG (Germany) &Thermofisher Scientific (US)