Northbrook, IL 60062 -- (SBWire) -- 09/02/2022 --The global lateral flow assays market is projected to reach USD 12.6 billion by 2026, at a CAGR of 2.0% during the forecast period.
High prevalence of infectious disease across the globe;
Despite significant improvements in sanitation and medicine, the global prevalence of infectious diseases is still high. Although non-communicable diseases are the leading cause of morbidity and mortality, infectious diseases remain a major public health concern across the globe. The high prevalence of infectious diseases, such as HIV and malaria, coupled with the underdeveloped healthcare infrastructural facilities and increasing public awareness in developing countries, is expected to drive the adoption of lateral flow assay tests in these countries.
The high prevalence of infectious diseases, such as HIV and malaria, coupled with the underdeveloped healthcare infrastructural facilities and increasing public awareness in developing countries, is expected to drive the adoption of lateral flow assay tests in these countries. In addition, recent outbreaks of infectious diseases from the spread of viruses (such as Ebola, H1N1, and Zika) have highlighted the need for early disease detection capabilities, which is also expected to drive market growth. The current COVID-19 pandemic has resulted in high demand for rapid diagnostic testing through lateral flow technology, supporting the growth of this market in the coming year.
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Difficulties in procuring quality raw materials for the development of lateral flow assays tests.
One of the challenging aspects of developing lateral flow assay tests is the procurement and qualification of antigens and antibodies, known as critical reagents. Antibodies to be used in assays must be tested for accuracy, specificity, stability, and reproducibility, as any defects in the reagent can result in failure of the assay. The qualification of a single lot of reagents requires more than 1,000 data points to be checked and verified. Another challenge is related to the stability testing of assays once an antibody or antibody pair is identified. For an assay to qualify as a commercial product, it should have a stable shelf life of 6 months, preferably extending to 18-24 months. Additional time, resources, and costs are involved in the correction of assays that fail stability testing. Consequently, this would result in creating a delayed time-to-market. These factors pose a challenge to the growth of the lateral flow assays market in the forecast period.
"Kits & Reagents segment accounted for the largest share in the lateral flow assays market."
The lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, kits & reagents accounted for the larger share of the global market. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, during the forecast period.
"Clinical Testing segment is expected to witness the fastest growth in the forecast period."
The lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing based on the application. The clinical testing segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the rising prevalence of chronic diseases and the increasing demand for patient-centric care.
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"North America accounted for the largest share of the lateral flow assays market in 2020"
The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population reasons for high growth rate in the market in this region.
Key Market Players :
The prominent players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).
Lateral Flow Assays Market by 2026 - Global Trends, Share Analysis, Leading Players, Business Opportunities
- In July 2020, Merck KGaA (Germany) announced its expansion of a new manufacturing facility worth USD 21 million in Buchs (Switzerland).