Lateral Flow Assays Market size is projected to cross USD 180 billion by the end of 2035, growing at a CAGR of 7% during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of lateral flow assays was USD 11 billion. The growth of the market is mainly due to the increasing prevalence of infectious diseases. According to the World Health Organization (WHO), infectious diseases are the leading cause of death worldwide, accounting for about 25% of all deaths worldwide.
Increasing demand for diagnostic test products that use lateral flow technology for the detection of diseases, is further predicted to drive the lateral flow assays market. In 2020, an estimated 38 million people were living with HIV/AIDS worldwide, with 1.5 million new infections and 690,000 deaths. Tuberculosis (TB) remains one of the top 13th causes of death globally with about 10.6 million new cases and 1.6 million deaths in 2021.
Base Year |
2022 |
Forecast Year |
2023 – 2035 |
CAGR |
~7% |
Base Year Market Size (2022) |
~USD 11 billion |
Forecast Year Market Size (2035) |
~USD 180 billion |
Regional Scope |
|
Growth Drivers
Challenges
End Users (Hospitals, Diagnostic Laboratories, Pharmaceutical Companies)
The diagnostic laboratory segment is estimated to hold the largest share of the lateral flow assays market during the time period between 2023 - 2035. The growth of the segment is driven by increased demand for flow analysis testing. Moreover, for any viral spread of infections, lateral flow tests are used by various institutions and governments to confirm symptomatic and asymptomatic infections.
Product (Kits & Reagents, Lateral Flow Readers)
Lateral flow assays (LFA) market from the kits and reagents segment is set to occupy a noteworthy gain of 60% by the end of 2035. The growth of this segment is driven by the growing demand for rapid anti-care tests. These products are widely used in different environments, such as clinics, hospitals, and home testing, due to their simplicity, ease of use, and anti-fast turnaround times. The growth of new innovative anti-horizontal scanning technologies, such as smartphone-based anti-flow digital scanning, is also driving demand for kits and reagents.
Our in-depth analysis of the global lateral flow assays (LFA) market includes the following segments:
Product |
|
End Users |
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APAC Market Forecasts
The Asia-Pacific lateral flow analysis market is predicted to hold the largest share of 34% during the assessment period. The Asia-Pacific region has a high burden of infectious diseases, which is driving the need for lateral flow testing for rapid and accurate diagnosis. Several countries in the Asia-Pacific region such as China and India are investing heavily in health infrastructure.
North American Market Statistics
The North America lateral flow analysis market is assumed to hold a notable share of 26 % during the forecast period. North America is at the heart of technological advancements, driving the development of new and innovative transverse flow analysis technologies, and is anticipated to drive the growth of the market in the region.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The growing prevalence of infectious diseases and spiking healthcare spending are some of the major factors anticipated to drive the growth of the lateral flow assays market.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.
Ans: The major players in the market are Becton, Dickinson, and Company, Bio-Rad Laboratories, Inc., Danaher Corporation, F.Hoffmann-La Roche AG, QIAGEN N.V., Seimens Healthineers AG, Thermo Fisher Scientific, Inc., Merck kGaA, PerkinElmer Inc., and others.
Ans: The kits & reagent segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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