Global Lateral Flow Assays Market Report and Forecast 2024-2032

Global Lateral Flow Assays Market Outlook

The global lateral flow assays market size was valued at USD 12.63 billion in 2023, driven by the increasing demand of medical diagnostic tests across the globe. The market is expected to grow at a CAGR of 3.5% during the forecast period of 2024-2032, with the values likely to rise from USD 13.07 billion in 2024 to USD 17.21 billion by 2032.

Lateral Flow Assay: Introduction

Lateral flow assay is a diagnostic device used to detect and quantify analyte (pathogen, antibody, or biomarker) in a human or animal. It is commonly used in COVID-19 antibody rapid tests, Pregnancy (HCG hormone) tests, HIV tests, and Hepatitis B virus (HBV) tests. Hospitals and clinical labs widely rely on lateral flow assays as they are easy to use, portable, available at affordable process and provide immediate results. It shows qualitative test results via visual inspection under 30 minutes.

There are two types of lateral flow assays, categorised on the types of molecules to be identified. First is the non-competitive or sandwich test, used for macromolecular analytes (substance to analysed in a sample). It has two antigen binding sites and is commonly used in pregnancy tests. Second type is a competitive test, which is mostly used for drug tests and has less than two antigen binding sites.

Global Lateral Flow Assays Market Analysis

With the Covid 19 outbreak, the concept of rapid tests has gained acceptance with the common people. With the aim to inhibit further contamination, governments have also worked to spread awareness and promote using rapid tests at home itself. Hence, the market for lateral flow assays has increased exponentially in a very short span of time. With a high demand, healthcare companies have also brought significant changes to the pre-existing models to make it more user-friendly and accurate.

The world human population reached 8 billion in November 2023. It is estimated to increase by another 2 billion in the next 30 years and hit approximately 9.7 billion in 2050s . As the population keeps growing at a steady pace, pregnancy cases are also rising. With this the global market for lateral flow assays is observing a surge with the escalated demand of pregnancy detection kits.

Apart from clinical and drug testing, lateral flow assays are also relevant in food safety and environment testing. It is used to detect various food pathogens, drug residues, food additives and other illegal additives, etc. With a greater emphasis on consuming unadulterated and contamination-free food, the lateral flow assay market development can be expected in the food industry as well.

Global Lateral Flow Assays Market Segmentation

Market Breakup by Product

• Kits and Reagents

• Lateral Flow Readers

Market Breakup by Technique

• Sandwich Assays

• Competitive Assays

• Multiplex Detection Assays

Market Breakup by Application

• Clinical Testing

• Veterinary Diagnostics

• Food Safety and Environment Testing

• Drug Development and Quality Testing

Market Breakup by End User

• Hospitals and Clinics

• Diagnostic Laboratories

• Home Care

• Pharmaceutical and Biotechnology Companies

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Lateral Flow Assays Market Overview

Conventional lateral flow assay mechanism has shown remarkable performance in pregnancy tests and for COVID 19 tests, owing to its simplicity, promptness, and visual representation in the results. Yet, researchers and scientists are on the look out to bring an improved version of the detection kits. The results are measured by the colour changes and are easily readable by the naked eyes. However, they lack the qualitative analysis and sensitivity, which might hinder its use in other applications. To combat this, there has been further development of new nanomaterials to enhance LFA sensitivity. With ongoing advancements, the global lateral flow assays market share will expand further in the coming years.

In the historical period, most of the market share has been dominated by the North American territory, credits to their impressive investments in the healthcare industry. But a market shift can be anticipated towards the Asian region. This is because the Asian region is likely to experience the greatest increase in the number of pregnancies in the following years. As a result, demand for pregnancy kits will be higher.

Global Lateral Flow Assays Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Thermo Fisher Scientific, Inc.

• Abbott

• Bio-Rad Laboratories, Inc.

• F. Hoffmann-La Roche AG

• Quidel Corporation

• bioMérieux SA

• PerkinElmer, Inc.

• Hologic, Inc.

• Merck KGaA

• Siemens Healthineers

• Danaher Corporation

• QIAGEN N.V.

• BD

Key Highlights of the Report