Global Lateral Flow Assay Market By Product (Kits & Reagents, Lateral Flow Readers {Digital/Mobile Readers, Benchtop Readers}), By Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing, Drug Development & Quality Testing), By Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By End-users (Hospitals, Diagnostic Centers, Home Care, Pharmaceutical & Biotechnology Companies), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Global Forecast 2017 to 2027

The healthcare industry is witnessing a gradual shift in preference from traditional diagnosis to point-of-care diagnostics. The development of point-of-care (POC) devices that are portable, robust, easy to operate, battery powered, and able to monitor and detect infectious diseases is crucial. This will lead to minimize the diagnosis turnaround time and improve patient outcomes. The migration to using rapid diagnostics, in general, is on the increase with the estimated 93,000 healthcare professionals in the U.S leading the uptake in utilizing rapid diagnostic methods. For instance, Abingdon Health offers PCRD nucleic acid lateral flow immunoassays (NALFIA) for point of care testing in infectious disease applications, such as COVID-19. PCRD NALFIA assays detect specific labelled amplicons following an amplification sequence and provides high sensitivity with simple qualitative results. These assays are used in wide application areas such as infectious diseases, animal health, food and beverage, and environmental testing. Thus, development of advanced diagnostic solutions, such as immune & molecular diagnostics, and nanotechnology, which are quick & efficient will offer immense growth opportunities in the future.  

The global lateral flow assay market has been segmented based on product, application, technique, end-users, and region. Based on product, the global lateral flow assay market is categorized into kits & reagents and lateral flow readers. Lateral flow readers segment is further sub-categorized into digital/mobile readers, and benchtop readers. Lateral flow readers have gained increased interest in diagnostic applications due to their various advantages in meeting the guidelines of the World Health Organization (WHO) for diagnostic tests in developing countries: inexpensive, sensitive, precise, user-friendly, rapid, durable, free of equipment and deliverable. Thus, a rise in the use of lateral flow readers to interpret precise results is expected to fuel market growth.

Application-wise, the global lateral flow assay is segmented into clinical testing, veterinary diagnostics, drug development & quality testing, food safety & environmental testing. In 2019, clinical testing segment grabbed majority of the share of the global market owing to rise in incidence of infectious diseases across the globe. On the basis of technique, the global lateral flow assay market is segregated into sandwich assays, competitive assays, and multiplex detection assays. Multiple detection assays segment is anticipated to grow at a rapid pace owing to detect multiple targets in a single test rather than using many individual tests.

On the basis of end-users, the global lateral flow assay market is segmented into hospitals, diagnostic centers, pharmaceutical & biotechnology companies, and home care. Hospitals held majority of the market share in 2019. Hospitals are well-equipped with technologically advanced equipment and devices to improve patient care and have availability of specialists. Moreover, increasing adoption of point-of-care testing in these facilities for rapid diagnosis and treatment will boost segment growth over the forecast period.

The global lateral flow assay market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global lateral flow assay market in 2019, however Asia Pacific is expected to grow at a highest pace through 2028.

Rapid adoption of point-of-care tests, increase in incidences of infectious diseases, large geriatric population pool in the U.S. and Canada are factors anticipated to drive the lateral flow assay market in the region. According to Center for Disease Control and Prevention (CDC), 22.7 million individuals visited healthcare physicians for the diagnosis of influenza in the U.S. in 2017. Furthermore, presence of well-established industry players offering lateral flow immunoassays is other major factors likely to boost the growth of the market in North America.

However, Asia Pacific is expected to grow at a rapid pace over the next few years. There is a strong growth potential in the emerging economies such as India, and China. Increased cases of infectious diseases such as HIV/AIDS, Hepatitis, malaria and tuberculosis in low- and middle-income countries is expected to create huge growth opportunities for market players to tap these regions which will eventually foster the demand for lateral flow assay in the future.