Lateral Flow Assays Market Development, Reagents, Market Revenue Trends, Growth Drivers And Forecast 2023-2032|Abbott Laboratories, Quidel Corporation, Roche Holding AG, Danaher Corporation, Siemens AG

The Lateral Flow Assays Global Market Report 2023 by The Business Research Company, provides lateral flow assays market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Lateral Flow Assays Global Market Report 2023, the global lateral flow assays market size grew from $10.46 billion in 2022 to $11.12 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global lateral flow assays is expected to grow to $13.83 billion in 2027 at a CAGR of 5.6%.

The high prevalence of infectious diseases across the globe significantly contributes to the growth of the lateral flow assay market. In developing countries, the high frequency of infectious diseases such as HIV and malaria, combined with the inadequate healthcare system and raising public awareness, is projected to accelerate the adoption of lateral flow assay testing. The recent COVID-19 pandemic has highlighted the need for early illness detection capabilities, projected to fuel market expansion.

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The lateral flow assays market is segmented:

1) By Type: Kits And Reagents, Lateral Flow Readers

2) By Technique: Sandwich Assays, Competitive Assays, Multiplex Detection Assays

3) By Application: Veterinary Diagnostics, Clinical/Point-Of-Care Testing, Drug Development And Quality Testing, Other Applications

4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Home Care Settings, Pharmaceutical And Biotechnology Companies, Other End Users

Technological advancements are the key trends gaining popularity in the lateral flow assays market. Key players operating in the lateral flow assays market are focusing on developing innovative technological testing products to strengthen their position in the market. For instance, in November 2021, IUL SA, a Spain-based laboratory equipment manufacturer, introduced iPeak Europium, a new lateral flow reader equipped with iPeak technology based on machine vision illumination principles to scan fluorescence-labeled lateral flow tests. The fluorescence lateral flow tests provide high sensitivity and specificity as well as an affordable alternative to other PCR tests.

The lateral flow assays market report table of contents includes: