Lateral Flow Assays Market Estimated At USD 8.51 Billion By 2028


 San Francisco, 21 Sep 2021: The Report Lateral Flow Assays Market Size, Share & Trends Analysis Report By Product (Kits & Reagents, Lateral Flow Readers), By Application, By Technique, By End-use, By Region, And Segment Forecasts, 2021 - 2028

The global lateral flow assays market size is expected to reach USD 8.51 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2021 to 2028. Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers & acquisitions among others.

Continuous strategic initiatives by leading and emerging players to develop and launch advanced products are anticipated to significantly support the market growth. For instance, in January 2021, U.K.-based Sensyne Health launched MagnifEye, a novel smartphone app that utilizes deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests. Additionally, in March 2021, IUL SA, a Spain-based lateral flow products manufacturer, introduced its new lateral flow reader, iPeak+. In addition, a rise in mergers and collaborations by market players is anticipated to facilitate access to novel lateral flow technologies. In April 2021, DiaSorin, an Italian biotechnology company, entered into a strategic collaboration with Lumos Diagnostics to launch its new immunoassay PoC platform, LIAISON IQ. This platform will be Diasorin’s newest generation CLIA-waived immunoassay PoC platform for the lateral flow readers market. Moreover, in August 2019, Qiagen signed a strategic distribution agreement with ViroGates A/S - a Denmark-based healthcare company - to increase access of its lateral flow reader to other geographies.

A rise in the prevalence of infectious diseases, including the outbreak of COVID-19, and an increase in government initiatives to curb COVID-19, HIV, and other communicable diseases are anticipated to create significant demand for lateral flow devices. According to the U.S. Department of Health & Human Services, the U.S. government has formed the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) that works towards preventing, early detection, and responding to new as well as existing risks related to AIDS and HIV. Additionally, the National Institute of Health (NIH) has several programs aimed to increase research-related activities pertaining to HIV/AIDS treatment and management globally. NIH engages in research related to prevention, diagnosis, treatment, and precaution measures to curb HIV infection.

Access Research Report of Lateral Flow Assays Market @ https://www.grandviewresearch.com/industry-analysis/lateral-flow-assay-market

Lateral Flow Assays Market Report Highlights

  • The outbreak of COVID-19 has created significant demand for lateral flow assays for conducting mass testing in the U.S. and European countries. However, increasing vaccinations leading to reduced COVID-19 cases in the coming years may hamper the segment growth
  • By product, kits and reagents held the largest share in 2020 as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases
  • The clinical testing application segment held the largest market share in 2020 owing to an increase in the incidence of infectious diseases, a rise in the pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used in any healthcare setting
  • Technological advancements in the healthcare sector, innovation in technology and devices, and an increase in the adoption of POC testing by patients and healthcare professionals are anticipated to fuel the market growth during the forecast period

List of Key Players of Lateral Flow Assays Market

  • Abbott Laboratories
  • Thermo Fisher Scientific, Inc.
  • Hoffmann-La Roche AG
  • Bio-rad Laboratories, Inc.
  • Biomérieux SA
  • Quidel Corporation
  • Hologic, Inc.
  • Perkinelmer, Inc.
  • Merck KGAA
  • Becton, Dickinson and Company
  • Siemens Healthineers
  • Danaher Corporation
  • Qiagen N.V.

Access Press Release of Lateral Flow Assays Market @ https://www.grandviewresearch.com/press-release/global-lateral-flow-assay-market

 

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