Northbrook, IL -- (SBWIRE) -- 01/13/2022 -- According to the new market research report "Lateral Flow Assays Market by Application (Clinical Testing (Pregnancy, Infectious Diseases (Mosquito, Influenza, STI, Hepatitis, TB) Cardiac Marker Lipid Test) Veterinary, Food Safety) Product (Readers, Kits) Technique, End User - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 11.4 billion by 2026 from USD 9.6 billion in 2021, at a CAGR of 3.4% during the forecast period.

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360 – Tables
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The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.

In this report, the lateral flow assays market is segmented on the basis of product type, application type, technique type, sample type, end user, and region.

"Kits & Reagents segment accounted for the largest share in the lateral flow assays market."

Based on product type, the market is segmented into kits & reagents and lateral flow readers. In 2020, kits & reagents accounted for the larger share of 87.5% 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, the growing burden of chronic diseases, the increasing use of lateral flow kits in home care, and their convenience and ease of use. The lateral flow readers segment is bifurcated into digital/handheld readers and benchtop readers. This segment is expected to grow at a higher CAGR of 7.1% during the forecast period.

"Clinical Testing segment is expected to witness the fastest growth in the forecast period."

Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest share of 89.3% of the market in 2020. The large share of this segment can be attributed to the rising prevalence of chronic diseases, growing pressure to reduce healthcare costs, and the increasing demand for patient-centric care.

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"Sandwich assays technique accounted for the largest share of lateral flow assays market in 2020"

Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assays technique dominated the market with a share of 70.9% in 2020. The large share of this segment can be attributed to its better assay sensitivity and specificity and its extensive applications in the measurement of critical analytes (such as cardiac and hepatitis markers).

"Blood samples accounted for the largest share of lateral flow assays market in 2020"

Based on sample type, the clinical testing lateral flow assay market is segmented into blood, urine, saliva, and other samples. Blood samples accounted for the largest market share of 55.9% in 2020. The use of blood samples in lateral flow tests for infectious diseases such as malaria, HIV, and syphilis; the rising awareness of rapid testing solutions; and easy detection of disease antibodies from blood samples are key factors driving the growth of this segment.

"The hospitals & Clinics segment accounted for the largest share of lateral flow assays market in 2020"

Based on end users, the market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest market share of 37.6% in 2020. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, further driving the growth of this market in the forecast period.

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The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 38.8% of the 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 of 5.8% during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, the presence of a favorable regulatory environment, and growing demand for home and POC testing are supporting market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific (especially India) have also resulted in a high growth rate in the lateral flow assay market in this region.

Key Market Players:

The prominent players in the global lateral flow assays market include Abbott Laboratories (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), Quidel Corporation (US), and Merck KGaA (Germany).