The global Lateral Flow Assays market size is expected to be worth around US$ 10.51 billion by 2030, according to a new report by Vision Research Reports.
The global Lateral Flow Assays market size was valued at US$ 8.40 billion in 2020 and is anticipated to grow at a CAGR of X% during forecast period 2021 to 2030.
Growth Factors
Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers & acquisitions among others.
Continuous strategic initiatives by leading and emerging players to develop and launch advanced products are anticipated to significantly support the market growth. For instance, in January 2021, U.K.-based Sensyne Health launched MagnifEye, a novel smartphone app that utilizes deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests.
Report Highlights
The kits and reagents segment accounted for the largest share of over 75.0% in 2020. The launch of new kits by major players is anticipated to boost the market growth during the forecast period. For instance, in February 2020, Shenzen Bioeasy Biotechnology announced that the company received CE marking for its COVID-19 LFA immunoassay kits.
the clinical testing segment accounted for the largest share of over 65.0% owing to the increased incidence of infectious diseases, including the outbreak of COVID-19. Lateral flow-based tests are widely used in physicians’ offices, hospitals, and clinical laboratories for the quantitative and qualitative detection of specific antibodies, products of gene amplification, and antigens. Lateral flow assay testing facilitates disease testing due to the ease of use and portability.
The drug development and quality testing segment is anticipated to register the fastest CAGR during the forecast period owing to the increase in the use of lateral flow assays for therapeutic drug monitoring. Complementary and companion lateral flow immunoassays are used across various less-regulated and regulated industries for the rapid production of fully and semi-quantitative results.
Sandwich assays held the largest share of over 55.0% in 2020 owing to their accuracy, affordability, and ease of use. In this technique, a positive test is mostly represented by a colored line at the test line position. The test can also be used in any low-resource healthcare or field setting and does not require training. The growing number of research activities undertaken by various research institutes is expected to boost market growth.
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The hospitals and clinics segment held the largest share of over 45.0% in 2020. Hospitals and clinics are primary care settings for the diagnosis and treatment of medical conditions. The majority of the population relies on these long-term facilities for the diagnosis, treatment, and management of diseases. Constant changes in the healthcare industry have led to an increase in the need for hospitals with enhanced diagnostic services.
Europe accounted for the second-largest market share in 2020. A rise in the prevalence of respiratory diseases and the growing investments for the development of advanced diagnostics solutions are expected to drive the market in this region.
Key Players
Market Segmentation
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The Lateral Flow Assays market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
In terms of production side, this report researches the Lateral Flow Assays capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Lateral Flow Assays by regions (countries) and application.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Lateral Flow Assays market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Lateral Flow Assays market. These factors have benefited the growth of the global market for Lateral Flow Assays. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Lateral Flow Assays. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Lateral Flow Assays are as follows:
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– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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