The growth in the lateral flow assays market is majorly propelled by aspects such as the spread of different chronic and infectious diseases, growing utilization of home-based lateral flow assay kits, growth in the government initiatives toward encouraging health awareness, increasing demand for point-of-care testing, the growing implementation of LFS owing to innovations, and benefits of LFA speedy tests over laboratory tests.
The growing prevalence of infectious diseases is predicted to foster the growth of the lateral flow assay industry throughout the forecast period. For instance, according to WHO, nearly 10 million people around the globe suffered from tuberculosis during 2020.
According to SPER market research, ‘Lateral Flow Assays Market by Product (Kits & Reagents, Instruments), Application (Clinical Testing, Veterinary, Food Safety), Technique (Sandwich, Multiplex), End User (Hospital, Diagnostic Labs) - Global Forecast to 2027’ state that the global lateral flow assays market is expected to rise at a CAGR of 9% from 2020 to reach 14 billion by 2027. The growth is commonly accredited to the prevalence of infectious diseases, the increasing geriatric population, the growing requirement for POC testing, and home-based lateral flow assay devices.
Applications of lateral flow assays are progressively growing around the globe. Public awareness campaigns focused on recognizing the symptoms of infectious diseases and manners to safeguard them play an imperative role in controlling disease epidemics. Hence, the augmented patient awareness has led to a high requirement for lateral flow assays. In addition, new product approvals and growing revenue owing to the sales of COVID-19 rapid tests are propelling the lateral flow assay market growth.
Additionally, according to WHO, speedy diagnostics tests are utilized in diagnosis by healthcare professionals distant from microscopy services, distant diagnosis by experts in malaria-endemic regions, and outbreak investigation & survey of parasite prevalence. Therefore, different benefits proposed by lateral flow devices are among the foremost aspects accountable for growing the adoption of lateral flow devices around the globe.
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The effective growth in the prevalence of infectious diseases, involving tuberculosis, malaria, HIV/AIDS, pneumonia, hepatitis, and influenza, is one of the foremost aspects fostering the growth of the lateral flow assay industry. According to the World Malaria Report 2020, nearly 241 million malaria cases were reported during 2021, leading to over 627 thousand malaria-connected deaths around the globe.
As per the data from the IDF Diabetes Atlas, there were nearly 537 million adults living with diabetes during 2021, and this number is predicted to augment to 643 million by 2030. The disease is predicted to have caused 6.7 million deaths during 2021. Hence, with the growing incidence of chronic diseases, the requirement for lateral flow assays is probably to augment during the coming years.
North America is predicted to dominate the lateral flow assay market by region. The large share is commonly attributed to the pervasiveness of infectious illnesses such as tuberculosis, Lyme disease, HIV/AIDS, rising disposable income, and the augmenting geriatric population in the North America region. The pandemic has further fostered the market by rising investments in R&D. APAC is estimated to register the greatest CAGR. The growth can be accredited to the prevalence of chronic diseases, government initiatives, and growing healthcare expenditure in these countries.
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Lateral Flow Assays Market Size
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The global lateral flow assays market size is expected to reach USD 11.66 billion by 2028 at a CAGR of 4.6%, according to the latest report by Reports and Data.
Rising consumption rate for home-based lateral flow testing solutions and products, and growing requirement of better point-of-care testing products are a few major factors driving the revenue growth of the lateral flow assays market.
Moreover, the test can also be easily conducted by non-trained individuals due to its highly user-friendly form of testing.Increasing geriatric population leads to rising prevalence of different types of infectious diseases across the globe, which is one of the most crucial factors expected to propel the revenue growth of the lateral flow assays market during the forecasted period.However, lack of preference from consumers to shift from conventional diagnostic testing methods and adopting advanced methods is one of the significant factors predicted to restrain the market revenue growth to a certain extent between 2021 & 2028.Top Companies Profiled in the Report Include:Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (U.S.), Abbott Laboratories (U.S.), Siemens AG (Germany), Becton, Dickinson and Company (U.S.), Rad Laboratories (U.S.), bioMérieux SA (France), Bio Thermo Fisher Scientific, Inc. (U.S.), PerkinElmer Inc. (U.S.), QIAGEN N.V. (Netherlands), Quidel Corporation (U.S.), Hologic Inc. (U.S.), Merck KGaA (Germany), Abcam plc (UK).Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/4086Market Overview: The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness.
Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past.
In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities.
Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/4086The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R activities, and government and corporate deals, among others through extensive primary and secondary research.
