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Global Lateral Flow Immunoassay Based Rapid Test Market to Reach USD 8.49 Billion by 2026

By LabMedica International staff writers
Posted on 24 Dec 2019
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Image: Global Lateral Flow Immunoassay based Rapid Test Market is expected to reach $8,494 million by 2026 (Photo courtesy of Allied Market Research)
Image: Global Lateral Flow Immunoassay based Rapid Test Market is expected to reach $8,494 million by 2026 (Photo courtesy of Allied Market Research)
The global lateral flow immunoassay (LFIA) based rapid test market was estimated to be worth USD 4.72 billion in 2018 and is expected to grow at a CAGR of 7.6% from 2019 to 2026 to reach USD 8.49 billion by 2026. The market growth will be driven by the benefits of LFIA-based rapid tests over laboratory testing, increasing initiatives by government and non-profit organizations for improving health awareness, and rising healthcare expenditure globally. On the other hand, the market growth will be hampered to some extent by inadequate reimbursement policies for LFIA-based rapid test diagnostics. Nevertheless, the growth prospects in the emerging markets and a surge in various chronic and infectious diseases across the world are expected to create significant opportunities for the key players in the industry.

These are the latest findings of Allied Market Research (Portland, OR, USA), a full-service market research and business-consulting firm.

Based on application, the infectious disease segment held more than four-fifths share of the global LFIA-based rapid test market in 2018 and is expected to maintain its dominance by recording the fastest CAGR of 7.8% during the forecast period. Increasing initiatives by the Centers for Disease Control and Prevention (CDC), Department of Health and Human Services, Food and Drug Administration, and National Institutes of Health (NIH) for the diagnosis of infectious diseases will also contribute to the overall market growth.

Based on technique type, the competitive assay segment held nearly three-fifths share of the global LFIA-based rapid test market in 2018. Competitive immunoassays are widely used in the market, as they require only a small amount of antibody, higher flexibility, and sensitivity. The multiplex detection assay segment, on the other hand, is projected to grow at the fastest CAGR of 9.0% during the forecast period, driven by their ability to save both time and precious samples by combining the detection of multiple analytes into a single reaction that reduces workflow and sample volume problems.

Geographically, North America held more than two-fifths share of the LFIA-based rapid test market in 2018 and is expected to maintain its dominance until 2026. The growth of the North American LFIA-based rapid test market will be driven by a rise in the prevalence of various diseases such as influenza, HIV, and cancer; increase in number of drug screening procedures; and presence of leading players in the region. On the other hand, the Asia-Pacific LFIA-based rapid test market is projected to register the fastest CAGR of 9.2% during the forecast period, led mainly by the high population base, increase in disposable income, and growing awareness about LFIA-based rapid tests in the region.

Related Links:
Allied Market Research

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