Our comprehensive research on the Global Lateral Flow Assay Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global lateral flow assay market size was US$ 8,488 million in 2021. The global lateral flow assay market is forecast to grow to US$ 13,411 million by 2030 by growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The growing prevalence of infectious diseases and increasing technological advancements will propel the lateral flow assay market forward.
Growing initiatives from governments are forecast to surge the growth of the global lateral flow assay market.
Point-of-care diagnostics is gaining widespread acceptance among patients throughout the world. This has made the testing procedure go excellent and with relative ease and the findings being delivered in a reasonable amount of time. In addition, the shortage of qualified professionals has prompted the demand to implement point-of-care diagnostic testing. As a result, it will surge the growth of the global lateral flow assay market.
The growing geriatric population and technological advancements will boost the growth of the global lateral flow assay market. Abbott Laboratories unveiled PanBio COVID-19 immunochromatographic test in September 2020. The technology helped detect of Sars-CoV-2 virus.
Regional Analysis
North America is estimated to lead to a global lateral flow assay market with the highest market share. It is due to the high healthcare expenditure and rising prevalence of infectious diseases. In addition, Asia-Pacific is forecast to grow at the fastest pace. China is home to one of the most important healthcare sectors. Furthermore, technological developments, rising infectious disorders, and growing R&D spending will contribute to the growth of the market. Tuberculosis is the main cause of infectious illness death among people in China. World Health Organization estimates that around 8,33,000 patients were diagnosed with tuberculosis in 2019. All of these factors will contribute to the growth of the market.
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Competitors in the Market
- Abbott Laboratories
- F. Hoffman-La Roche Ltd
- Danaher Corporation
- Siemens AG
- bioMérieux SA
- Bio-Rad Laboratories
- Thermo Fisher Scientific, Inc.
- PerkinElmer Inc.
- QIAGEN N.V.
- Quidel Corporation
- Merck KGaA
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Lateral Flow Assay industry experienced notable growth in its workforce. Starting in January, employment within the Lateral Flow Assay sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Lateral Flow Assay output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Lateral Flow Assay output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Lateral Flow Assay market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Lateral Flow Assay market.
Market Segmentation
The global lateral flow assay market segmentation focuses on Product, Technique, Application, End-User, and Region.
By Product
- Lateral Flow Readers
- Kits and Reagents
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By Technique
- Sandwich Assay
- Competitive Assay
- Multiplex Assay
By Application
- Clinical Testing
- Pregnancy Testing
- Influenza Testing
- Tuberculosis
- D-Dimer Testing
- Other Clinical Testing
- Drug Abuse Testing
- Other Application
By End-User
- Home Care
- Hospitals and Clinics
- Other End Users
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Lateral Flow Assay Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Lateral Flow Assay Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Lateral Flow Assay Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Lateral Flow Assay Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Lateral Flow Assay market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Lateral Flow Assay market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Lateral Flow Assay business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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