Future Outlook of the Lateral Flow Assay Market: Analyzing Size, Segmentation, and Competitive Landscape By Report Ocean
Introduction
The “ Lateral Flow Assay “ market’s future trajectory is a topic of paramount importance, necessitating a comprehensive analysis encompassing market size, segmentation, competitive landscape, present conditions, and anticipated trends. Moreover, the ongoing challenges posed by the COVID-19 pandemic also warrant strategic insights for businesses to navigate these circumstances successfully.
Market Size and Segmentation
The Lateral Flow Assay market’s evolution hinges on understanding its size and segmentation dynamics. This entails delving into aspects like product types, applications, and geographical distribution. By dissecting these facets, a clearer perspective on future growth prospects can be gained.
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The global lateral flow assay market was valued at USD 9,166.7 Million in 2021 and is forecasted to reach USD 14,128.7 Million by the year 2030. The market is anticipated to register a CAGR of 5.0% over the projected period.
Lateral flow assay is a paper-based platform which is used for detecting and quantifying analytes in complex mixtures. A sample is placed on the test device and results are displayed withing 5 to 30 minutes. Need for rapid diagnostic testing for COVID-19 coupled with the high prevalence of infectious diseases are expected to boost the market growth. Furthermore, evolving applications of lateral flow assays is also expected to fuel the market growth.
Despite the driving factors, inconsistent results of lateral flow assay tests along with the government stringent regulations are expected to hinder the market growth during the forecast period.
Growth Influencers:
Evolving applications of lateral flow assays
Lateral flow assays are commonly used for point of care testing owing to its great efficiency and convenience. These application areas include COVID-19 antibody rapid test, neutralizing antibody test for COVID-19 vaccine development, pregnancy (HCG hormone) test, the HIV test, and hepatitis B virus test. Furthermore, these tests have also found applications in helping cystic fibrosis patients to breathe more easily, to detect toxins in food, and identifying plant pathogens. Hence, evolving applications of lateral flow assays are expected to fuel the market growth.
Segments Overview:
The global Lateral flow assay market is segmented the product & services, indication, technique, end user, and distribution channel.
By Product & Services,
? Readers
o Bench-Top Readers
o Hand-Held Readers
? LFA Kits
o Test Strips
o Dipsticks
o Cassettes
o Lancets
The LFA kits segment is anticipated to witness the fastest growth rate of around 5.3% over the forecast period owing to the rising demand for kits for point of care testing purposes. Within this segment, the test strips segment is expected to hold a market opportunity of over USD 1,500 million during 2022 to 2030 owing to their ease of use.
By Indication,
? Infectious Diseases
o Mosquito-borne Diseases
o Streptococcus Infections
o Sexually Transmitted Diseases
o Hepatitis
o Tuberculosis
o Asthma
o Pneumonia
o Sepsis
o Gastrointestinal Infections
o Others
? Pregnancy Test
? Drug of Abuse Testing
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The infectious diseases segment is expected to account for the largest market share of more than 70% in 2021 owing to the rising prevalence of infectious diseases and the high use of LFAs for quick diagnosis of these diseases. Within this segment, the sexually transmitted diseases segment is estimated to surpass a market of USD 2,000 million by 2026 owing to the rising incidence rate of STDs, such as HIV AIDS.
By Technique,
? Sandwich Assays
? Competitive Assays
? Multiplex Detection Assays
The sandwich assays segment is estimated to account for the highest market share of more than 2/5th of the market in 2021 owing to their better assay sensitivity as well as specificity. The competitive assays and multiplex detection assays segment are also expected to witness lucrative growth rates.
By End User,
? Hospitals & Clinics
? Diagnostics Laboratories
? Home Care Settings
? Pharmaceuticals & Biotechnology Companies
? Others
The diagnostics laboratories segment is estimated to surpass a mark of USD 4,000 million by 2029 owing to the high usage of lateral flow assays in diagnostic laboratories. The hospitals and clinics segment is estimated to hold an opportunity of more than USD 1,700 million during 2022 to 2030.
By Distribution Channel,
? Hospital Pharmacies
? Retail Pharmacies
? Supermarkets/ Hypermarkets
? e-Commerce
The hospital pharmacies segment is estimated to surpass a mark of USD 6,000 million by 2027 owing to high demand for lateral flow assays through the hospital pharmacies. The e-commerce segment is anticipated to witness significant growth owing to the rising penetration of e-commerce sites.
Regional Overview
Based on region, the global Lateral flow assay market is divided into Europe, North America, Asia Pacific, South America, and Middle East & Africa.
The North America region is expected to surpass a market value of USD 4,000 million by 2027 owing to the presence of major market players in the region. Europe region also witnessed significant growth owing to growing adoption of technologically advanced products in the region. Asia Pacific region witnessed the fastest growth rate of 5.8% during the forecast period owing to the presence of fast developing nations such as India and China.
Competitive Landscape
Key players operating in the global lateral flow assay market include Abbott Laboratories, bioMerieux S.A, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Hologic Inc., Merck KGaA, PerkinElmer Inc., Qiagen N.V., Quidel Corporation, Siemens Healthineers, and Thermo Fisher Scientific, Inc., among others. The cumulative market share of the four major players is close to 50%.
These market players are engaged in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence. For instance, in March 2022, F.Hoffmann-La Roche and its subsidiary TIB Molbiol announced the availability of tests for identification of the SARS-CoV-2 B.1.1.529 variant.
The global Lateral flow assay market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Lateral flow assay market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Lateral flow assay market report answers questions such as:
? What is the market size and forecast of the Global Lateral flow assay Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Lateral flow assay Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Lateral flow assay Market?
? What is the competitive strategic window for opportunities in the Global Lateral flow assay Market?
? What are the technology trends and regulatory frameworks in the Global Lateral flow assay Market?
? What is the market share of the leading players in the Global Lateral flow assay Market?
? What modes and strategic moves are considered favorable for entering the Global Lateral flow assay Market?
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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