Global Lateral Flow Assay Market, By Product (Kits & Reagents and Lateral Flow Readers), Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), Application (Clinical/Point-of-Care Testing, Veterinary Diagnostics, Food Safety & Environment Testing, Drug Development & Quality Testing), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)– Industry Trends and Forecast to 2025
Market Analysis: Global Lateral Flow Assay Market
The Global Lateral Flow Assay Market is expected to reach USD 10.67 billion by 2025, from USD 5.72 billion in 2017 growing at a CAGR of 8.1% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Lateral Flow Assay Market
Lateral flow assay is a technology used for the detection and quantification of analyses in complex mixtures. In lateral flow assay, sample is placed on the device and result is displayed after 30 minutes. Due to its low development price and easy production, this technology results in the increasing number of its demand and in a test. LFA test are widely used in hospitals, physician's offices and clinical laboratories for qualitative and quantitative detection of specific antigens, antibodies and products based on gene amplification. On the basis of recognition used LFA can be categorise into LFIA (Lateral Flow Immunoassay) and NALFA (Nucleic acid lateral flow assay). LFIA is used for specifically for assays detecting antibodies and NALFA is used for assays detecting other targets like protein, hormones, etc. LFA’s main components are antibody, label, membrane, sample pad, conjugate pad, and absorbent pad. The advantage of LFA technology is that they are easy point of care testing cheap, rapid and easy tests. Through LFA various molecules like haptens, nucleic acids and amplicons can also be detected. As per WHO, it is estimated that 13.3 million people are living with chronic hepatitis B and 15 million people with hepatitis C in Europe. As per of Centres for disease and Control and Prevention it is estimated that one fourth of population is suffering from tuberculosis. In 2016, 10.4 million people in the world became sick with TB. LFA technology is highly used in the detection of antigens and antibodies in the diseases like tuberculosis and hepatitis because of which the demand of LFA technology is also rising.
Major Market Drivers and Restraints:
- High prevalence of infectious diseases
- Rapidly increasing geriatric population
- Growing usage of home-based lateral flow assay devices
- Growing demand for point-of-care testing
- Lack of trained care takers for efficient operation of patient handling equipment
- Less reimbursements policies for lateral flow assay products
- Rising demand for lateral flow assays in the food & beverage industry
- Increasing applications of lateral flow point-of-need assays.
Market Segmentation: Global Lateral Flow Assay Market
- The global lateral flow assay market is segmented based on product, technique, application, end user and geography.
- Based on product the global lateral flow assay market is segmented into Kits & Reagents, Lateral Flow Readers. Lateral flow readers are further sub segmented into digital/mobile readers and benchtop readers.
- Based on technique the global lateral flow assay market is segmented into sandwich assays, competitive assays and multiplex detection assays.
- Based on application the global lateral flow assay market is segmented into clinical/point-of-care testing, veterinary diagnostics, food safety & environment testing, drug development & quality testing. Clinical/Point-of-Care testing is further sub-segmented into cardiac marker testing, pregnancy & fertility testing, cholesterol/lipid testing, drugs-of-abuse testing infectious disease testing and others.
- Based on End User the global lateral flow assay market is segmented into hospitals and clinics, home care, pharmaceutical and biotechnology companies and diagnostic laboratories, and others.
- Based on geography, the market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, South Africa, Saudi Arabia and Brazil among others.
Key Developments in the Market:
- In July 2018, Abingdon Health (U.K.) launched ADxLR5 Developer. This product is eveloped for lateral flow assay. Through this product launch the company had expanded its product portfolio.
- In November 2017, Sygnis AG (U.K.) have launched lateral-flow assay products and services commercialized under the brand name Innova Biosciences. Through this product launch the company had expanded its lateral flow assays product portfolio.
Competitive Analysis: Global Lateral Flow Assay Market
The global lateral flow assay market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of lateral flow assay market for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors/Players: Global Lateral Flow Assay Market
Some of the major players operating in the global lateral flow assay market are F. Hoffmann-La Roche, Danaher, Siemens Ltd, Johnson & Johnson, Becton, Dickinson, Biomerieux, Bio-Rad Laboratories, Inc, , Thermo Fisher Scientific, Qiagen, Perkinelmer, Abbott Laboratories, Hologic, Quidel, Abingdon Health, Alere, Inc, Trinity Biotech plc, Lumos Diagnostics GmbH and among others.
Research Methodology: Global Lateral Flow Assay Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters, and Investors among others.
Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Reasons to Purchase this Report:
- Current and future of global lateral flow assay market, outlook in the developed and emerging markets.
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
- Regions/countries that are expected to witness the fastest growth rates during the forecast period.
- The latest developments, market shares, and strategies that are employed by the major market players.
Customization of the Report:
- All segmentation provided above in this report is represented at country level.
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization).