The Worldwide Lateral Flow Assays Industry is Expected to Reach $10.2 billion by 2025 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Lateral Flow Assays Market by Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquito, Influenza, STI, Hepatitis, TB) Cardiac Marker Lipid Test) Veterinary, Food Safety), Product, Technique, End User – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.

The global lateral flow assays market is projected to reach USD 10,230.3 million by 2025 from USD 8,205.3 million in 2020, at a CAGR of 4.5% during the forecast period.

The growing prevalence of infectious diseases globally, increasing aging population, growing demand for point-of-care and home-based lateral flow assay devices, and increasing demand in food and environment safety and veterinary diagnostics industry are the major factors driving the growth of this market. On the other hand, the reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key factors restraining the growth of the market in the forecast period.

Wide applications of lateral flow assays in food safety and environment testing promote the growth of this segment in the forecast period.

Based on applications, the lateral flow assays market is broadly segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The food safety & environment testing segment is projected to register the highest growth rate in the lateral flow assays market, by an application during the forecast period. This can be attributed to lateral flow assays emerging as simple and rapid alternatives to traditional methods for the detection of foodborne pathogens and contaminants. In case of environment testing, lateral flow assays finding wide applications due to their ability to handle a wide variety of samples and perform many sample-handling tasks, such as filtration, concentration, and removal of cross-reactive elements.

In the lateral flow assay kits & reagents by technique segment, sandwich assays holds the highest market share

On the basis of technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. Sandwich assays hold the highest share in the lateral flow assays market. The large share of this segment can be attributed to the better assay sensitivity and specificity associated with sandwich assays as well as its extensive application in the measurement of critical analytes (such as cardiac and hepatitis markers).

By sample type, the Other Samples segment is growing at the fastest rate in the forecast period

Based on sample type, the lateral flow assays market for clinical testing applications is segmented into blood, urine, saliva, and other samples. In this segment, Other Samples is projected to register the highest growth rate in the lateral flow assays market for clinical testing applications segment during the forecast period. The high growth rate of this segment can be attributed toan increase in R&D for lateral flow diagnostic testing and the need for more specific disease testing.

North American region holds the highest market share in the lateral flow assays market

North America is expected to account for the largest share of the global lateral flow assays market in 2019. The large share of the North American region is due to the lucrative growth opportunities the region offers due to the presence of several large hospitals and health systems, changing regulations, and the rising geriatric population in the country. A vast majority of global players are also based in the US, owing to which the country is a center for innovation in the lateral flow assays market.

Market Dynamics

• High Prevalence of Infectious Diseases Across the Globe
• Rapidly Increasing Geriatric Population
• Growing Usage of Home-Based Lateral Flow Assay Devices
• Growing Demand for Point-Of-Care Testing
• Need for Rapid Diagnostic Testing for COVID-19

• Reluctance Towards Changing Existing Diagnostic Practices
• Lower Accuracy of Lateral Flow Assay Tests

• Evolving Applications of Lateral Flow Assays
• Rising Demand for Lateral Flow Assays in the Food & Beverage Industry

• Limited Reimbursements for Lateral Flow Assay Products
• Difficulties in Procuring Quality Raw Materials for the Development of Lateral Flow Assay Tests

Companies Mentioned

• Abbott Laboratories
• ABCAM plc
• Abingdon Health
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc.
• Biomerieux Sa
• Chembio Diagnostic Systems, Inc.
• Danaher Corporation
• DCN Diagnostics
• F. Hoffmann-La Roche Ag
• Hologic Inc.
• Merck KGaA
• Orasure Technologies
• Perkinelmer Inc.
• Polysciences, Inc.
• Qiagen N.V.
• Quidel Corporation
• Siemens Ag
• Surmodics IVD
• Thermo Fisher Scientific Inc.

For more information about this report visit https://www.researchandmarkets.com/r/94hjk2

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