According to our new research study on "Lateral Flow Assay Market Forecast to 2030 - Global Analysis - by Product Type, Technique, Test Type, Application, End User, and Geography," the lateral flow assay market is expected to grow from US$ 8,505.89 million in 2022 to US$ 16,106.13 million by 2030; it is estimated to record a CAGR of 8.4% from 2022-2030. Key factors driving the lateral flow assay market growth are the increasing use of home-based assay kits and the rising popularity of point-of-care testing.
The lateral flow assay market, by product type, is bifurcated into kits & reagents and lateral flow readers. The kits & reagents segment held a larger share of the market in 2022 and is expected to register a higher CAGR in the market during 2022-2030. The lateral flow assay market is anticipated to grow at a faster growth rate as the demand for kits & reagents is increasing significantly. The regions have been experiencing a substantial rise in zoonotic and other animal diseases. Asia and Africa are among the hotspots for zoonoses-diseases transmitted from animals to humans. According to the World Health Organization (WHO), Africa has witnessed Marburg virus disease outbreaks and several zoonotic diseases between 2012 and 2022. The Region experienced a rise of 63% in 2012-2022, much higher than the previous decade. In addition, zoonotic disease represents nearly 32% of Africa's infectious disease outbreaks reported in 2001-2022.
According to Development Asia, animal-borne diseases result in ~2.5 billion cases and nearly 2.7 million deaths. The rising concern has increased the diagnosis of diseases, increasing the demand for developing and commercializing kits & reagents. Also, organizations such as the International Atomic Energy Agency (IAEA), the Food and Agriculture Organization of the United Nations (FAO), and several researchers in sub-Saharan Africa and Asia have increased their efforts to diagnose such diseases.
Thus, to meet the rising demand for diagnosing animal diseases, companies, including Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., and F. Hoffmann-La Roche AG, among others, offer various reagents and kits for sample collection, viral nucleic acid isolation, qualification and quantification for reliable and accurate SARS-CoV-2 testing, antimicrobial susceptibility testing, rabies diagnosis testing, qPCRs, FDA emergency use authorized RT-PCR detection kits in the market.
Abbott Laboratories; F. Hoffmann-La Roche Ltd.; Thermo Fisher Scientific Inc.; Bio-Rad Laboratories, Inc.; bioMerieux SA; Quidel Corporation; PerkinElmer Inc.; Hologic Inc; Merck KGaA; Becton, Dickinson and Co; Siemens Healthineers AG; and QIAGEN are among the leading companies operating in the lateral flow assay market.
Lateral Flow Assay Market, by Region, 2022(%)
Source: The Insight Partners Analysis
Based on product type, the lateral flow assay market is bifurcated into kits & reagents and lateral flow readers. In terms of technique, the lateral flow assay market is classified into sandwich assay, competitive assay, and multiplex detection assay. Based on test type, the lateral flow assay market is bifurcated into lateral flow immunoassay and nucleic acid lateral flow assay. The lateral flow assay market, by application, is classified into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The lateral flow assay market, by end user, is categorized into hospitals and clinics, diagnostics laboratories, homecare, veterinary clinics, pharmaceutical & biotechnology companies, and others. By geography, the lateral flow assay market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, Benelux, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, Kuwait, Oman, Qatar, Egypt, and Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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