The latest report published by Report Ocean, titled “Lateral Flow Immunoassay (LFIA) Based Rapid Test Market ”: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023 to 2031,” offers a comprehensive assessment of the industry, including valuable insights into market trends. The report encompasses competitor and regional analysis, as well as the latest developments in the market. It serves as an excellent resource for investors, researchers, consultants, marketing strategists, and anyone planning to enter the market in any capacity.
The global LFIA based rapid test market was valued at $4,725 million in 2018, and is projected to reach $8,494 million by 2026, registering a CAGR of 7.6% from 2019 to 2026. The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market report’s main goal is to impart industry knowledge and assist our clients in achieving organic growth in their specialized industries. For businesses and people interested in a certain industry or field, this research should be seen as a valuable source of information and guidance as it provides critical statistics on the global market status of the Market manufacturers. The primary accomplishment of this research is to provide strategic insight to businesses in this sector.
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“Russia-Ukraine Impact in 2022: The market faced adverse consequences as a result of economic sanctions imposed on the Russian Federation by the United States and its allied nations.
The Russia-Ukraine War, initiated on February 24, marked a pivotal moment in contemporary history, triggering a cascade of consequential policy decisions and seismic shifts within global markets. Notably, since February 25, the Russian equity market has remained shuttered, while the Russian currency has seen a continuous decline, plunging to historic lows. Concurrently, the price of oil surged beyond the $130 per barrel (bbl) mark, a threshold not witnessed since 2008, while gas prices also skyrocketed to unprecedented levels. The invasion of Ukraine by Russia is poised to cast a long shadow over global economic progress, inevitably fueling inflationary pressures.
The economic sanctions levied on the Russian Federation by the US and its partners are foreseen to exert a significant influence on the industry’s growth. Furthermore, the global business landscape experienced disruptions in import and export activities due to the conflict. The dominance of Russia and Roscommon, a semi-private space agency, within the commercial space sector had detrimental effects on alternative launch service providers in regions such as India, Japan, Europe, and the United States. These factors collectively had an adverse impact on the market during the period of conflict.”
Who is the largest key players of Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Worldwide ?
Abbott Laboratories (Alere Inc.) – Becton, Dickinson and Company – Bio-rad Laboratories, Inc. – Danaher Corporation (Cepheid, Inc.) – Hologic, Inc. – Quidel Corporation – F. Hoffmann-La Roche AG (Roche Diagnostics) – BIOMERIEUX SA – QIAGEN N.V. – Thermo Fisher Scientific LIST OF OTHER PLAYERS IN THE VALUE CHAIN (These players are not profiled in the report. The same will be included on request.) – Abingdon Health – ARKRAY, Inc. – Biocom Diagnostics
Lateral flow tests, or lateral flow immunochromatographic assays, are simple cellulose-based medical devices used to detect the presence of a target analyte in sample without use of specialized equipment where preliminary screening tests need to be conducted. These tests are incorporated in diagnosis of different diseases and health conditions such as HIV, influenza, malaria, pregnancy & fertility, drug screening, and others.
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It is estimated that LFIA based rapid test market is expected to experience significant market growth during the forecast period as these tests are easy to perform, quick, and provide specific results; hence, are used in settings with limited resources. In addition, increased promotional activities by manufacturers encourage the usage these tests, which further facilitate the growth of the market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results are expected to impede the market growth. Moreover, increase in awareness regarding early diagnosis of disease, surge in initiatives by the government agencies, increase in incidence of infectious diseases, and need for low cost as well as accurate diagnostic testing are further supports the market growth. The global rapid tests market is segmented into application, technique, end user, and region.
The applications covered in the study include, infectious disease, pregnancy & fertility, toxicology, and others. Depending on techniques, the market is classified into competitive assay, sandwich assay, and multiplex detection assay. The infectious disease segment is further influenza, mosquito-borne diseases, HIV, hepatitis, and others. In addition, Dengue, chikungunya, malaria, and others are covered under mosquito-borne diseases. According to end user, the market is segmented as hospital & clinic, diagnostic laboratory, home care, and others. By region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, Philippines, Vietnam, Malaysia, Thailand, Singapore, Indonesia, Myanmar, Sri Lanka, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
KEY BENEFITS FOR STAKEHOLDERS
– The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets. – It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on the prevailing market opportunities. – A comprehensive analysis of all the geographical regions is provided to determine the existing opportunities. – The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global market.
Key Market Segments
By Application – Infectious disease o Influenza o Mosquito-borne diseases ? Dengue ? Chikungunya ? Malaria ? Others o HIV o Hepatitis o Others – Pregnancy & fertility – Toxicology – Others
By Technique type – Competitive assay – Sandwich assay – Multiplex detection assay By End User – Hospital & clinic – Diagnostic laboratory – Home care – Others
By Region – North America o U.S. o Canada o Mexico – Europe o Germany o France o UK o Italy o Spain o Rest of Europe – Asia-Pacific o Japan o China o India o Australia o Philippines o Vietnam o Malaysia o Thailand o Singapore o Indonesia o Myanmar o Sri Lanka o Rest of Asia-Pacific – LAMEA o Brazil o Saudi Arabia o South Africa o Rest of LAMEA
Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
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Report Include:
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
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Objectives of the Study:
• To provide with an exhaustive analysis on the global market by region, by treatment type, by end user, by therapy, by market players
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
Frequently Asked Questions
What Does the Market Research Report Cover for the Period 2020-2023 and Project for 2023-2031?
Answer: This comprehensive market research report delves into the market, offering an in-depth analysis of its historical performance from 2020 to 2023 It provides valuable insights into past trends, growth drivers, and challenges. Furthermore, it presents a detailed forecast for the market’s prospects from 2023 to 2031, shedding light on potential developments and opportunities.
How Is the Market Segmented by Types and Applications?
Answer: Within this report, the market is meticulously categorized based on various types and applications, providing readers with a clear understanding of the distinct subsectors within the market. These segments encompass Cementitious Latex-Based Agents, Epoxy-Based Agents, and Applications spanning Building and Construction, Road and Infrastructure, Utility Industries, and more.
Which Geographic Regions Are Explored in the Report?
Answer: The report conducts a thorough geographical analysis, offering insights into market trends and performance across diverse regions. It encompasses critical global regions, enabling readers to assess regional dynamics within the market and pinpoint potential growth opportunities in specific areas.
What Key Historical Data Points Are Covered from 2020 to 2023?
Answer: In the report, historical data pertinent to the 2020-2023 period is presented, encompassing vital information such as market size, growth rates, market share, and influential factors that shaped the market’s evolution during this timeframe. Additionally, it highlights significant events, trends, and challenges that played a role in shaping the market landscape.
What Methodologies Were Employed for Forecasting Market Trends from 2023 to 2031?
Answer: The market forecast spanning from 2023 to 2031 is built upon a fusion of quantitative and qualitative research methodologies. These approaches encompass an analysis of historical data, an assessment of market dynamics, expert opinions, and statistical modeling. This combination ensures a robust and reliable outlook for the market’s future performance.
How Can Stakeholders and Decision-Makers Benefit from this Market Research Report?
Answer: This report serves as an invaluable resource for stakeholders and decision-makers operating in the market. It furnishes a comprehensive grasp of market trends, the competitive landscape, and growth prospects. Armed with this knowledge, stakeholders can make informed decisions, craft effective strategies, and maintain a competitive edge within the market.
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