The global lateral flow assays market is anticipated to grow at a considerable CAGR of around 8.8% during the forecast period (2024-2031). One of the major factors that drive the growth of the market is the increasing prevalence of infectious diseases and the growing geriatric population due to this the demand for point-of-care, and home-based lateral flow assay devices are increasing. The increasing rate of infectious diseases across the globe such as HIV, cancer, COVID-19, involves new diagnostic procedures of actual cure to end the growing mortality rate. For instance, according to the Joint United Nations Program on HIV and AIDS (UNAIDS), in 2019, around 24.5 million persons living with HIV are receiving antiretroviral treatment across the globe.
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As the rate of infectious diseases is growing rapidly across the globe the key market players adopt different strategies. For instance, In 2020, Abbott Laboratories launched the PanBio COVID-19 immunochromatographic test for the quick qualitative detection of the Sars-CoV-2 virus in Europe. In January 2021, The company received a CE mark for its two new uses of the Panbio COVID-19 Ag Rapid Test device for the detection of the SARS-CoV-2 virus. The two uses of the device are asymptomatic testing and self-swabbing. The company had provided around 200 million Panbio rapid antigen tests to 120 countries across America, Europe, Asia, and Africa. The company also stays to make Panbio rapid antigen tests accessible to low- and middle-income countries. Panbio COVID-19 Ag is not available in the US, where the company manufacturing and selling the BinaxNOW COVID-19 Ag Card. BinaxNOW received emergency use authorization (EUA) from the US Food and Drug Administration (FDA). Both Panbio and BinaxNOW rapid antigen tests use are highly portable, and similar biologics, consistent and reasonable.
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Market Coverage
- Segment Covered-
o By Product
o By technique
o ByApplication
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape – Abbott Laboratories, Becton Dickinson and Co., F. Hoffman-La Roche Ltd., Thermo Fisher Scientific, Inc., Siemens AG
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Lateral Flow Assays Market
By Product
- Kits & Reagents
- Lateral Flow Readers
- Mobile Readers
By Technique
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assay
By Application
- Clinical testing
- Veterinary Diagnostics
By End-User
- Hospitals and Diagnostic Centres
- Home Care
- Pharmaceuticals and Biotechnology Companies
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