The lateral flow assay is a simple bio-analytical device that tests biological samples for the presence of specific components like nucleic acids, antibodies etc in an affordable manner with minimal user intervention. These assays provide rapid testing solutions for diseases and help detect various analytes like proteins, biomarkers, antibodies, toxins etc.
The global Lateral Flow Assay Market is estimated to be valued at US$ 5.6 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption rate of lateral flow assay technology for point-of-care (POC) testing is expected to continue driving market growth over the forecast period. Point-of-care testing provides easy, instant and on-site diagnostic testing facilities for diseases like COVID-19, diabetes, heart diseases etc directly at homes, physician’s office or hospitals bedside without sending samples to laboratories. This reduces waiting time for test results and allows quick clinical decisions and treatment. The wider availability and acceptance of POC testing due to lateral flow assays has significantly increased access to healthcare globally.
SWOT Analysis
Strength: The lateral flow assay market has applications across various industries such as food & beverage testing, health care and, environmental testing. It has fast turnaround time compared to traditional tests and no requirement of specialized equipment.
Weakness: Specificity and precision of lateral flow assays are lower than laboratory based centralized testing methods. Challenges remain in terms of standardization and reproducibility across different manufacturers and prototypes.
Opportunity: Growth opportunities exist in point of care testing applications and in emerging markets. The trend towards decentralized diagnostics post covid-19 pandemic will further drive the market growth.
Threats: Presence of local players especially in developing nations offering low cost alternatives. Stringent regulatory norms especially for clinical diagnostic applications.
Key Takeaways
The global lateral flow assay market is expected to witness high growth at a CAGR of 7.5% during the forecast period of 2023 to 2030 supported by rising point of care testing needs.
Regional analysis North America currently dominates the global lateral flow assay market owing to technological advancements and supportive reimbursement policies for point of care testing. The Asia Pacific region is expected to be the fastest growing market due to rising health awareness, increasing diagnostic needs of large population and improving healthcare infrastructure in emerging countries.
Key players operating in the lateral flow assay market are Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG.