The Global Lateral Flow Assays Market size accounted for USD 8,256 Million in 2021 and is expected to reach USD 13,317 Million by 2030, growing at a CAGR of 5.5% during the forecast period from 2022 to 2030.

Lateral flow assays (LFAs) are convenient paper-based equipment that detects the presence or absence of an objective analyte in a fluid sample matrix. It has sparked interest due to its short analyte times, user-friendly formats, low external interference, cheap costs, and simplicity of handling by non-specialized personnel. LFA-based assessments are widely used in clinical, hospital, and diagnostic settings for the descriptive and analytical identification of antibodies and antigens, as well as genomic amplification product offerings. However, the high prevalence of communicable diseases worldwide, rising demand for point-of-care diagnostics, rapid population aging, and increased use of home-based rapid diagnostic equipment are the primary factors driving lateral flow assay market revenue.

Lateral Flow Assays Market Dynamics

Drivers

• Growing incidence of infectious disease
• Continually growing geriatric population
• Continuing to increase the use of pregnancy testing
• Growing demand for point-of-care testing

Restraints

• Low accuracy results
• Substitute product availability
• Strict legal framework

Opportunity

• Rising demand for lateral flow assays in the food and beverage industry
• Evolving use of lateral flow assays in home medicine equipment

Report Coverage

The lateral flow assay is an early detection method based on the biological interaction of a monoclonal antibody with DNA. This procedure ensures that the test is carried out in a highly simplified, low-cost, and interference-free manner. It can also be performed by untrained individuals since it is based on a very consumer type of assessment.

As the prevalence of coronavirus disease has increased, so has the need for a potential substitute for collecting samples and transmitting data from patients to laboratories. The complete lack of comprehensive clinical laboratories or qualified health care workers to conveniently perform polymerase chain reaction (PCR) tests is one of the key factors driving the lateral flow assay market trend. LFA kits and reagents are more efficient, smaller, and more compact, with only minor training required. They are a one-step assay with no need for rinsing, cooling systems, or sample preparation. They also have faster testing procedures that provide subjective or moderately accurate results are relatively quick to develop and allow for batch preparation ahead of time. Aside from that, the incidence of highly contagious diseases is increasing, necessitating the development of new screening techniques for effective treatment. This, together with substantially increased awareness campaigns to reduce infection spread, diagnostic tests, and preventative measures will contribute to market growth.

Lateral Flow Assays Market Segmentation

The global lateral flow assays market segmentation is based on the product, application, technique, end-use and geography.

Market by Product

• Kits
• Readers

Based on the product, the kit segment will hold the majority of market shares in the forecasting years due to the large extended functionality for lateral flow testing kits to recognize any immunoglobulin such as the COVID-19 viral infection. Furthermore, the worldwide spread of numerous chronic and infectious diseases, as well as the substantial majority of lateral flow assay rapid diagnostic kits introduced by industry leaders, primarily for COVID-19 testing, are the primary factors driving the segment in the market over the coming years.

Market by Application

• Infectious Disease Testing
  • Influenza
  • STDs
  • Hepatitis
  • Tuberculosis
  • Others
• Cardiac Marker Testing
  • Myoglobin
  • CK-MB Testing
  • D-dimer
  • Troponin I
  • Others
• Pregnancy & Fertility Testing
  • Pregnancy Testing
  • Fertility Testing
• Cholesterol Testing
• Drug of Abuse Testing
• Others

Based on the application, infection disease testing is expected to grow at the fastest rate in the coming years, owing to the rising prevalence of chronic diseases and the increased demand for patient-centered care. Furthermore, an increase in government initiatives to promote health awareness, an increase in public knowledge and understanding of preclinical development, and an increase in the global occurrence and prevalence of chronic diseases will drive the segment in the coming years. Furthermore, continuous advancements and innovations in lateral flow assays for leading chronic health conditions are expected to drive segment growth.

Market by Technique

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

Based on the technique, the sandwich assays segment accounted the largest lateral flow assay market share in 2021, owing to rising demand and increased awareness of the comprehensive benefits provided by the sandwich assay system in diagnostic tests such as drug abuse testing, pregnancy & fertility testing, and many more. In this technique, a positive test is mostly represented by a different colored line at the test line position. The sandwich assays test is also applicable in any low-resource care coordination or specialist setting, and no, proper training is not required. The expanding range of research operations carried out by various research organizations is expected to drive the market

Market by End-use

• Hospital & Clinics
• Homecare Settings
• Diagnostic Laboratories
• Others

In terms of end-use, the hospital and clinics segment is anticipated to lead the global market in 2021. Advancements in technology, increased use of point-of-care testing, and a growing patient preference for faster and more accurate diagnostic tests are driving the growth of the hospitals and clinics segment. The majority of the population is dependent on these long-term amenities for diagnostics, medical approaches, and governance. The healthcare industry's constant changes have increased the demand for health facilities that provide advanced diagnostic services. An increase in global health expenditures has contributed significantly to the growth of the hospital and clinics segment.

Lateral Flow Assays Market Regional Overview