Market Outlook of Lateral Flow Assays
The global sales of Lateral Flow Assay in 2021 was held at US$ 7.2 Bn. With 4.7%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Benchtop Readers is expected to be the highest revenue generating product, while Clinical Testing is considered to be the highest revenue generating application with a CAGR of 4.6% and 5% respectively during 2022 – 2032.
Given the multiple advantages that lateral flow technology provides, it is becoming the approach of choice for infectious disease diagnostics. The market’s growth can be due to the rising prevalence of infectious diseases, growing elderly population and the growing popularity of point-of-care testing.
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Market Segments Covered in Lateral Flow Assay Industry Analysis
By Product Type
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
- Kits & Reagents
- Drug Development & Quality Testing
- Clinical Testing
- Veterinary Diagnostics
- Food safety & Environment Testing
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
- North America
- Latin America
Product approvals, new product releases, acquisitions, collaborations, and innovations are all important methods used by leading market players to maintain their market position.
According to the market research analysis, partnerships and expansion have been the prominent development in Lateral Flow Assay market in recent year. Abbott Laboratories; Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche AG; Bio-rad Laboratories, Inc.; Biomérieux SA; Quidel Corporation; Hologic, Inc.; Perkinelmer, Inc.; Merck KGAA; Becton, Dickinson and Company; Siemens Healthineers; Danaher Corporation; Qiagen N.V. are the prominent providers of Lateral Flow Assay services.
The leading players in the Lateral Flow Assay market have been implementing various tactics to increase growth potential over the next years. Furthermore, the presence of many rising and well-established firms has defined the market for Lateral Flow Assay. Well-known market players are pursuing a variety of tactics, including acquisitions, mergers, and new product releases. Some of the recent developments of key Lateral Flow Assay providers are as follows:
- In October 2021, Bio-Plex Pro human immunoglobulin A (IgA) and immunoglobulin M (IgM) SARS-CoV-2 antigen panels were launched by Bio-Rad Laboratories, a life science research and clinical diagnostic products firm, to detect IgA and IgM antibodies against four SARS-CoV-2 antigens.
- In September 2021, The FDA granted ANP Technologies Inc. authorization to use its NIDS COVID-19 Antigen Rapid Test Kit as a treatment for the act of NANs in children as well as adults with suspected COVID-19. Following analyses in the United States, this test utilizes a technology by ANP.
- In October 2020, Siemens Healthineers launched a rapid antigen test for the detection of SARS-CoV-2.
- In September 2020, Roche announced the launch of the SARS-CoV-2 fast antigen test for markets that accept the CE Mark. Roche also plans to apply to the US Food and Drug Administration for an Emergency Use Authorization (EUA) (FDA).