Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Analysis (2024-2033)- Growth Rate, Regional Outlook, Future Insights, International Expansion And Key Trends | Top Players Are Abbott Laboratories, F. Hoffmann-La Roche, Quidel Corporation, Becton, Dickinson and Company,.

The Lateral Flow Immunoassay (LFIA) Based Rapid Test by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In accordance with The Business Research Company’s comprehensive analysis of the Lateral Flow Immunoassay (LFIA) Based Rapid Test sector, there has been a significant contraction in market size in recent years. The market, which stood at $9.19 billion in 2024, is anticipated to experience a pronounced decline, plummeting to $8.33 billion in the same year, registering a noteworthy compound annual growth rate (CAGR) of -9.4%. This downturn in the historical period can be ascribed to various factors, including limited sensitivity and specificity, complexities associated with multiplexing, cross-reactivity concerns, challenges related to storage and shelf-life, and restricted quantitative capability.

Projections for the near future suggest a marginal downturn, with the LFIA-based rapid test market anticipated to contract to $7.79 billion by 2028, reflecting a CAGR of -1.6%. This decline in the forecast period is attributed to global supply chain disruptions, regulatory hurdles, heightened competition, the advent of alternative technologies, and the integration of these tests with digital health platforms. Notable trends in the forecast period include the development of advanced technologies for multiple or repetitive LFIA-based rapid tests, enhanced storage and communication of results, a strategic focus on partnerships and collaborations, the creation of at-home test kits, investments in artificial intelligence-based tests for disease screening and detection, and the imperative to develop cost-effective test kits for broader patient accessibility.

The demand for point-of-care testing under home care settings is expected to drive the lateral flow immunoassay (LFIA) based rapid test market. Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays (LFIA) are widely used as POCTs due to their speed and precision, simplicity, and low cost. For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19. These antibodies may be detected in whole blood, serum, or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the lateral flow immunoassay (LFIA) based rapid test market.

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The lateral flow immunoassay (lfia) based rapid test market covered in this report is segmented –
1) By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay
2) By Application: Infectious Disease, Pregnancy And Fertility, Toxicology, Cardiac Marker And Cholesterol Testing, Other Applications
3) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Other End Users

Top 5 Major Players:

• Abbott Laboratories
• F. Hoffmann-La Roche
• Quidel Corporation
• Becton
• Dickinson and Company

Prominent industry players operating in the LFIA-based rapid test market are strategically emphasizing innovative products such as the Panbio COVID-19 antigen self-test to bolster their market revenues. The Panbio COVID-19 antigen self-test, a diagnostic tool engineered for individual use, enables the detection of the SARS-CoV-2 virus responsible for COVID-19. An illustrative case is Abbott Laboratories, a US-based company specializing in LFIA-based rapid tests, which unveiled the Panbio COVID-19 antigen self-test in July 2021. Leveraging Abbott’s lateral flow technology, this self-test employs a minimally invasive nose swab and delivers results within a mere 15 minutes without the need for additional instruments. Notably, the test is complemented by Abbott’s NAVICA mobile app, streamlining the self-registration process, facilitating automatic result readings, and ensuring straightforward reporting in compliance with ICMR requirements.

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32. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Competitive Benchmarking
33. Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
35. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Future Outlook and Potential Analysis
36. Appendix

List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Segmentation By Technique, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: Abbott Laboratories Financial Performance
Table 75: F. Hoffmann-La Roche Financial Performance
Table 76: Quidel Corporation Financial Performance
Table 77: Becton, Dickinson and Company Financial Performance
Table 78: Danaher Corporation Financial Performance

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