Lateral Flow Assays Market to Surpass 24.5 Billion by 2030 Drives Due to the Rising Prevalence of Infectious Diseases
SkyQuest projects that the lateral flow assays market will attain a value of USD 24.5 billion by 2030, with a CAGR of 2% over the forecast period (2023-2030). The high prevalence of infectious diseases and the increasing adoption rate of home-based point-of-care (POC) testing solutions are expected to drive the market’s growth. Lateral flow POC testing has favoured traditional laboratory testing methods due to its cost efficiency and accuracy.
Westford, USA, June 23, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, there is a growing need for rapid diagnostic test kits that enable prompt and accurate diagnosis, leading to timely treatment. The World Health Organization (WHO) recognizes the significance of rapid diagnostic tests in improving the quality of disease diagnosis and management, particularly in regions with limited access to advanced laboratory technologies.
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Browse in-depth TOC on “Lateral Flow Assays Market.”
- Pages – 242
- Tables – 147
- Figures – 78
Lateral flow assays are crucial in detecting target components in liquid samples, offering a cost-effective and convenient solution without requiring expensive or specialized equipment. The market for lateral flow assays is poised for significant growth during the forecast period, driven by the rising prevalence of infectious diseases worldwide.
Prominent Players in Lateral Flow Assays Market
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation
- Abbott Laboratories
- Becton, Dickinson and Company
- Siemens Healthineers
- bioMérieux SA
- Thermo Fisher Scientific Inc.
- QIAGEN N.V.
- Merck KGaA
- PerkinElmer, Inc.
- Creative Diagnostics
- Abcam plc
- Quidel Corporation
- Lumos Diagnostics
- Acon Laboratories Inc.
- MP Biomedicals, LLC
- UCP Biosciences, Inc.
- DCN Dx
- Expedeon AG
- OJ-Bio Ltd.
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Kits and Reagents Segment is Expected to Grow the Market Due to the Increasing Demand for Lateral Flow Assay Kits
The kits and reagents segment dominated the global lateral flow assays market, accounting for approximately 76% of the market share. This segment experienced significant growth due to the increasing demand for lateral flow assay kits, primarily driven by the trend of self-testing. The general population’s preference for self-diagnosis and its convenience has led to a surge in the utilization of lateral flow assays performed at home.
The markets in North America is projected to maintain their dominance in the overall market. This can be attributed to several factors driving the market’s growth in the region. One significant factor is the increasing incidence of infectious and chronic diseases, such as Lyme disease, tuberculosis, and HIV/AIDS.
Lateral Flow Reader Segment is Expected to Dominate the Market Due to Increasing Demand for Precise and Accurate Interpretation of Findings
The lateral flow reader segment is projected to experience the fastest growth in the global market during the forecast period. This growth can be attributed to the increasing demand for precise and accurate interpretation of findings in various applications such as research and development and sample testing.
Regional markets in the Asia Pacific are poised to exhibit rapid diagnostic test growth, driven by several key factors. One of the primary drivers is the increased collaborations among market entrants in the region. Partnerships between local and international companies have facilitated the development and distribution of advanced diagnostic tests, expanding the market’s reach and driving growth.
A comprehensive analysis of the major players in the lateral flow assays market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Lateral Flow Assays Market
- Randox, a diagnostics company, recently extended its collaboration with Paypoint to enhance the accessibility of day 2 lateral flow tests for customers. This partnership aimed to make it easier for individuals to obtain and utilize lateral flow tests for COVID-19 and other purposes.
- Argonaut manufacturing services, a contract manufacturing organization (CMO) serving the biopharma, life sciences, and molecular diagnostics sectors, introduced the BioFuseTM sample prep device in 2022. This innovative solution is a disposable cartridge that facilitates the seamless integration of lyophilized reagents and sample filtration and eliminates the need for multiple pipetting steps in complex assay workflows.
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Key Questions Answered in Lateral Flow Assays Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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