Lateral flow assays are tools that can identify the absence or presence of a particular substance without the need for laboratory equipment. It is a simple, low-cost method for finding contaminants and harmful compounds in water, food, and animal feed, as well as diseases or biomarkers in people and animals.
In 2021, the market for lateral flow assays was USD 8.76 billion, and by 2030, it will be worth USD 12.85 billion, growing at a 4.34% CAGR during the forecast period.
The major element driving the growth of this market include:
- The high prevalence of infectious diseases worldwide.
- The rapid increase in the geriatric population.
- The rising need for point-of-care testing.
Market Dynamics
Drivers
The lateral flow assay industry is expanding due to the increased occurrence of infectious diseases. Additionally, the industry is expanding due to new product approvals and increased COVID-19 quick test sales.
Point-of-care (POC) testing is the most common diagnostic test used in clinical analysis, food safety, and environmental analysis is called point-of-care (POC) testing. POC offers rapid results in less time than centralized laboratories. POC devices based on lateral flow assays (LFA) are one of the solutions for qualitative and quantitative analysis that are expanding significantly.
Additionally, the market for lateral flow assays is expanding rapidly due to the rise in contagious and communicable diseases. Additionally, expanding applications of lateral flow point-of-need assays and rising demand for lateral flow assays in the food and beverage industry are significant growth prospects for the lateral flow assays market.
Restraints
Lack of trained personnel for the effective operation of patient handling equipment and less reimbursement rules for lateral flow assay products are the main impediments to the global market for lateral flow assays. Variations in test results, strict regulation, and inconsistent test results constrain the global market for lateral flow assays.
Opportunity
Over the past 20 years, the lateral flow test has undergone rapid modification. It is now routinely utilized at the point of care and for diagnostics. Capillary flow and nitrocellulose film can be used to create lateral flow assays. The lateral flow assay is used in point-of-care (POC), prenatal testing, and the detection of infectious illnesses.
These tools are now necessary due to a study of the flow cytometry industry. The market for lateral flow assays is seeing rapid expansion due to the expanding uses of these tests in fields including cancer diagnosis, veterinary medicine, and drug testing. Additionally, other developing applications will create significant growth potentials, such as plant disease diagnostics and environmental monitoring.
Market Segmentation
By Product
The lateral flow kits and reagents segment led the market with a share of 67.81% in 2022. It is due to its increased versatility to capture and detect any analyte without spraying the collected antibodies on the test strip. Because of their adaptability, these kits are utilized in medicines, animal health, environmental testing, feed & food testing, and crop & plant testing. Major players’ introduction of new kits will spur market expansion during the projection period.
By Application
Due to a rising rate of infectious diseases, the clinical testing segment retained the greatest share, with 76.87% in 2022. The rising danger of pathogen infections and their exposure drives the demand for quick diagnostic kits like lateral flow tests.
By End-Use
Hospitals & clinics held the greatest market share of 35.69% in 2022. The majority of the population depends on hospitals and clinics as their primary source of medical care for diagnosing and treating health problems. The necessity for hospitals with improved diagnostic services has increased due to the healthcare industry’s ongoing changes. Global healthcare spending rise has been a major factor in the market’s expansion.
Regional Analysis
North America emerged as the biggest regional market in 2022, with a revenue share of nearly 40.93%. The population has access to reasonably priced lateral flow test products because the healthcare and pharmaceutical industries in the region are well established. Due to the region’s developed economies and high per capita incomes, customers can now afford lateral flow assays thanks to increased disposable income. The COVID-19 epidemic accelerated technological development and lateral flow test product invention, making them quicker, less expensive, and simpler to use, which fueled the market’s expansion. The need for lateral flow tests would increase due to the rising rate of infectious disorders, promoting market growth. The extensive network of retail and hospital pharmacies improves accessibility for customers. Additionally, the expanding availability of lateral flow tests on online pharmacy platforms will expand the market’s reach.
