Lateral Flow Assay Market worth USD 12,489.0 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Lateral Flow Assay Market by Product (Lateral Flow Readers, Kits and Reagents), by Technique (Sandwich Assay, Competitive Assay, Multiplex Assay), by Application, by End User, and Region - Global Trends, Market Share, and Forecast to 2027". The global lateral flow assay market is expected to grow from USD 8,232.8 million in 2020 to USD 12,489.0 million by 2027, at a CAGR of 4.8% from 2021 to 2027. The key factors propelling the market studied include growing infectious diseases, increasing technological advancements, and government initiatives. Lateral flow tests have changed rapidly and are frequently used in POC and diagnostic programs. Although lateral flow tests are widely used in diagnosing infectious diseases, cardiovascular diagnoses have also been picked up in the past few years. This increase in lateral flow applications brings an opportunity for market growth in the forecast period.

The market size was evaluated by collating the revenues generated from various segments and the usage of the products across various end-user industries, along with the costs associated with products and services.

Global Lateral Flow Assay Market Segmentation

The overall lateral flow assay market has been segmented into the product, technique, application, end user, and region.

• By Product (Lateral Flow Readers, Kits, and Reagents)
• By Technique (Sandwich Assay, Competitive Assay, Multiplex Assay)
• By Application (Clinical Testing (Pregnancy Testing, Influenza Testing, Tuberculosis, D-Dimer Testing, Others), Drug Abuse Testing, Other Application)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Sandwich Assay, by technique, is estimated to hold the largest market share during the forecast period

Based on technique, the global lateral flow assay market is segmented into the sandwich assay, competitive assay, and multiplex assay. The sandwich assay segment generated the highest revenue of USD 4,262.9 million in 2020, and it is expected to register a significant CAGR of 5.59% from 2020 to 2027. In the sandwich assay technique, the analyte is captured between two complementary antibodies, out of which one is conjugated to the detection reagent and is held at the conjugate release pad. In contrast, the other antibody is immobilized at the test line on the membrane. The sandwich assay format is typically used for detecting relatively large analytes. The sandwich format results in a signal intensity proportional to the amount of analyte present in the sample.

Furthermore, the companies are focusing on launching new products in the market, which may further fuel the growth of the studied market. For instance, in 2017, SYGNIS AG launched its Universal Lateral Flow Assay (LFA) kit to its expanding range of lateral flow assay products and services commercialized under the Innova Biosciences brand name. The novel product provides a tool for the easy, quick development of customized sandwich lateral flow assays. Hence, a rising product launch is expected to drive market growth over the forecast period due to the aforementioned factors.

Don't miss out on business opportunities in Lateral Flow Assay Market. Please speak to our research analyst and gain crucial market insights that will benefit your business growth.

North America accounts for the largest market share during the forecast period in the Lateral Flow Assay market.

Based on the regions, the global Lateral Flow Assay market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 42% in the global lateral flow assay market, with market size of USD 3,209.6 million in 2020. The United States holds the largest share of the lateral flow assay market. The market's growth is due to the increasing prevalence of infectious diseases and the presence of a huge patient pool. Also, the introduction of new products in the market is expected to boost market growth. According to the Centers for Disease Control and Prevention (CDC), in 2017, 54,285 new cases of salmonella disease, 42,743 new cases of Lyme disease, and about 353 new cases of meningococcal disease were found in the United States. In 2020, Abbott Laboratories ramped up its production of coronavirus test kits, including a new tool that could enable mass Covid-19 screening. The company has thus announced that it’s developing the fourth diagnostic test for the coronavirus: A lateral flow blood test that could provide mass testing to the general population. Thus, the market is expected to propel in the United States during the forecast period with the above-mentioned factors.

This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the lateral flow assay market. It also consists of the profiles of leading companies such as Abbott Laboratories, F. Hoffman-La Roche Ltd, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Thermo Fisher Scientific, Inc., PerkinElmer Inc., QIAGEN N.V., Quidel Corporation, and Merck KGaA, among others. These market players have focused on acquisitions and expansion to gain a larger market share in the lateral flow assay market.

Browse complete report: https://www.marketstatsville.com/lateral-flow-assay-market

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in various industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.

Contact Us:

Market Statsville Group

416, East Standsberry Street, Perkins, Oklahoma 74059, USA

USA: +1-580-205-2707 | +91 702 496 8807

Email: sales@marketstatsville.com

Web: www.marketstatsville.com