We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies. Cookie Policy.

Features Partner Sites Information LinkXpress
Sign In
Advertise with Us
INTEGRA BIOSCIENCES AG

Download Mobile App




Events

09 Apr 2024 - 12 Apr 2024
15 Apr 2024 - 17 Apr 2024
23 Apr 2024 - 26 Apr 2024

Global Lateral Flow Assays Market to Reach USD 13.85 Billion by 2027 Due to Benefits of Rapid Tests and Growing Demand for POC Testing

By LabMedica International staff writers
Posted on 20 May 2021
Print article
Illustration
Illustration
The global lateral flow assays market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach USD 13.85 billion by 2027, driven mainly by the benefits of LFA-based rapid tests over laboratory testing and growing demand for point-of-care testing.

These are the latest findings of Meticulous Research (Redding, CA, USA), a market intelligence provider.

Lateral flow assays are devices used to confirm the presence or absence of a target analyte without the need for lab equipment. These devices are widely used in hospitals and clinical laboratories for the qualitative and quantitative detection of specific antigens and antibodies. It is a simple and low-cost technology used in qualitative and quantitative detection of pathogens or biomarkers in humans or animals, or contaminants or toxic elements in water supplies, foodstuffs, or animal feeds.

The growth of the overall lateral flow assays market is mainly attributed to the benefits of LFA-based rapid tests over laboratory testing, increasing usage of home-based lateral flow assay kits, growing demand for point-of-care testing, increasing prevalence of chronic & infectious diseases, and growing acceptance of smart devices. In addition, evolving applications of lateral flow assays and rising demand for lateral flow assays in the food & beverage industry offer significant growth opportunities for players operating in the lateral flow assays market. On the other hand, the reluctance towards changing existing diagnostic practices and the development of multiplexing assays are some of the factors challenging the growth of this market to a certain extent. Also, variance in lateral flow assay test results and stringent regulations are expected to hinder the growth of this market.

Based on product, the kits & reagents segment accounted for the largest share of the overall lateral flow assays market in 2020, led by the higher adoption rate of kits & reagents, increasing use of home-based lateral flow assay devices, and growing demand for point-of-care testing. On the basis of technique, the sandwich assays segment accounted for the largest share of the overall lateral flow assays market in 2020, due to the wide application of sandwich assays in various medical testing settings and their advantages, such as higher sensitivity and specificity for larger analytes.

Based on application, the clinical testing segment accounted for the largest share of the overall lateral flow assays market in 2020, on the back of increasing healthcare expenditure, rising initiatives towards health awareness, growing awareness about clinical testing, and increasing spread of various chronic and infectious diseases. Based on end user, diagnostic laboratories accounted for the largest share of the overall lateral flow assays market in 2020, on account of increasing adoption of lateral flow assays due to their benefits over conventional laboratory tests, increasing use of PoC tests, growing hospital admissions, and rapid growth in demand for lateral flow tests during COVID-19. Geographically, North America accounted for the largest share of the global lateral flow assays market in 2020, followed by Europe and Asia-Pacific. The increasing prevalence of chronic and infectious diseases, rising geriatric population, growing demand for point-of-care testing facilities, and presence of key players in the region are driving the growth of the North American lateral flow assays market.

Related Links:
Meticulous Research

Platinum Member
COVID-19 Rapid Test
OSOM COVID-19 Antigen Rapid Test
One Step HbA1c Measuring System
GREENCARE A1c
Complement 3 (C3) Test
GPP-100 C3 Kit
New
Gold Member
Magnetic Bead Separation Modules
MAG and HEATMAG

Print article

Channels

Clinical Chemistry

view channel
Image: Reaching speeds up to 6,000 RPM, this centrifuge forms the basis for a new type of inexpensive, POC biomedical test (Photo courtesy of Duke University)

POC Biomedical Test Spins Water Droplet Using Sound Waves for Cancer Detection

Exosomes, tiny cellular bioparticles carrying a specific set of proteins, lipids, and genetic materials, play a crucial role in cell communication and hold promise for non-invasive diagnostics.... Read more

Molecular Diagnostics

view channel
Image: MOF materials efficiently enrich cfDNA and cfRNA in blood through simple operational process (Photo courtesy of Science China Press)

Blood Circulating Nucleic Acid Enrichment Technique Enables Non-Invasive Liver Cancer Diagnosis

The ability to diagnose diseases early can significantly enhance the effectiveness of clinical treatments and improve survival rates. One promising approach for non-invasive early diagnosis is the use... Read more

Hematology

view channel
Image: The low-cost portable device rapidly identifies chemotherapy patients at risk of sepsis (Photo courtesy of 52North Health)

POC Finger-Prick Blood Test Determines Risk of Neutropenic Sepsis in Patients Undergoing Chemotherapy

Neutropenia, a decrease in neutrophils (a type of white blood cell crucial for fighting infections), is a frequent side effect of certain cancer treatments. This condition elevates the risk of infections,... Read more

Pathology

view channel
Image: The OvaCis Rapid Test discriminates benign from malignant epithelial ovarian cysts (Photo courtesy of INEX)

Intra-Operative POC Device Distinguishes Between Benign and Malignant Ovarian Cysts within 15 Minutes

Ovarian cysts represent a significant health issue for women globally, with up to 10% experiencing this condition at some point in their lives. These cysts form when fluid collects within a thin membrane... Read more
Copyright © 2000-2024 Globetech Media. All rights reserved.