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Lateral flow assays are one of the commonly used point-of-care diagnostic techniques for detecting the presence or absence of targeted analytes in samples. They are easiest to use, with simple procedures that do not require trained healthcare professionals to interpret the results. Lateral flow assays can be used for testing infectious diseases, cardiac markers, pregnancy and fertility testing, and drug abuse testing. They provide quick results within 30 minutes, thereby enabling timely diagnosis and treatment. The demand for rapid diagnostic testing has increased tremendously during the ongoing COVID-19 pandemic. Lateral flow assays have helped in mass-scale home-testing and epidemiological understanding. Their ease of use, convenience and immediacy have made them suitable for use outside laboratories as well.
The global Lateral Flow Assay Market is estimated to be valued at US$ 5.6 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trends in the lateral flow assay market include development of multiplex assays, integration with digital platforms, and focus on quantitative results. Multiplex assays allow detection of multiple analytes in a single test. This reduces testing time and sample volume requirements. Players are developing lateral flow assays integrated with smartphone-based readers for automated interpretation of results. This enhances accuracy and traceability. There is also a shift from traditional qualitative lateral flow assays towards quantitative ones that provide actual concentration values. Quantitative results enable disease monitoring and therapeutic decision making. Development of advanced lateral flow immunoassays with multiplexing and digital capabilities will drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The lateral flow assay market requires high R&D investments and regulatory approvals which act as entry barriers for new players.
Bargaining power of buyers: The presence of large hospitals and diagnostic centers allows buyers to negotiate low prices from suppliers.
Bargaining power of suppliers: Major players dominate the supply side due to their large product portfolios and market shares.
Threat of new substitutes: There exists a low threat from substitutes as lateral flow assays have advantages over traditional diagnostic methods.
Competitive rivalry: The market is highly competitive with major players differentiating based on technology, applications and geography.
Key Takeaways
The global lateral flow assay market is expected to witness high growth. The global Lateral Flow Assay Market is estimated to be valued at US$ 5.6 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
The market in North America is expected to dominate due to presence of major players and advanced healthcare infrastructure. Growing elderly population and rising prevalence of chronic and infectious diseases will drive regional growth. Europe is also considered a high growth region owing to increased funding for research on infectious disease diagnosis. Supportive regulatory guidelines and reimbursement schemes further boost market adoption.
Key players operating in the lateral flow assay market are Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG. Major players are focused on new product launches, partnerships and geographic expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
