Rise in usage of home based lateral flow assay kit, and growing demand for point-of-care testing drive the growth of the global market.

PORTLAND, OREGON, UNITED STATES, October 6, 2021 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global Lateral Flow Assays Market by Technique (Sandwich Assays, Competitive Assays, and Multiplex Detection Assays), Product (Kits & Reagents and Lateral Flow Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environment Testing and Drug Development & Quality Testing), and End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.

Global market was valued at $8,351.30 million in 2020 and is projected to reach $13,352.90 million by 2030 registering a CAGR of 4.70% from 2021 to 2030. growth of the lateral flow assay market is driven by increase in rate of infectious diseases, COVID-19, HIV, and cancer, which require new diagnostic methods of effective treatment to end the growing mortality rate.

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Lateral flow assays, also referred to as lateral flow immunechromatographic assays, are cellulose-based technique used to detect presence of a target analyte in a sample without the need for specialized and costly equipment and highly skilled healthcare professionals for their operation, which has gained significant traction in homecare settings, therefore, propels the market growth.

COVID-19 scenario-

Lateral flow assay-based tests are being used worldwide for diagnosing COVID-19 infections as LFA test kits have demonstrated the potential to detect both symptomatic and asymptomatic COVID-19 infections. This factor has boosted the market growth in more than one way.

Many healthcare companies are focused on developing lateral flow assay devices that can detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in blood samples using a finger prick, saliva samples, or nasal fluid swabs.

Key Findings Of The Study

On the basis of technique, the sandwich assays segment held the largest share in the global lateral flow assay market in 2020.

On the basis of product, the lateral flow readers segment held the largest market share in 2020, and is expected to remain dominant during the forecast period.

Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 3.80 % during the forecast period.

North America is expected to dominate the overall market throughout the forecast period, owing to rise in the incidences of various infectious diseases such as Lyme disease, COVID-19, tuberculosis, and increased mortality rate associated with HIV/AIDS in the region. In North America, the U.S holds the largest market share, owing to increased patient pool and high affordability with increasing disposable income.

Comprehensive competitive analysis and profiles of major market players, such as

Abbott Laboratories
F. Hoffmann-La Roche AG
Siemens Healthineers AG
Becton
Dickinson and Company
bioMérieux SA
PerkinElmer Inc.
Bio-Rad Laboratories, Inc.
Danaher Corporation,
Thermo Fisher Scientific Inc.,
QIAGEN N.V.

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Key Benefits For Stakeholders

The study provides an in-depth analysis of the Lateral Flow Assays Market along with the current trends and future estimations to elucidate the imminent investment pockets.

It offers Lateral Flow Assays Market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.

A comprehensive analysis of four regions is provided to determine the prevailing opportunities.

The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global Lateral Flow Assays Market growth.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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