Several industries, including healthcare, animal health, food and feed testing, environmental testing, and plant disease testing, have embraced lateral flow assay techniques. The cross applications of lateral flow assays include food testing and drug misuse testing in addition to infectious illness testing and pregnancy testing. Most significantly, LFA tests are frequently used because they are simple to use, which reduces the need for frequent hospital visits. As a result, LFA technologies have a significant market share for assessing seasonal and outbreak indications like dengue, malaria, etc. The veterinary industry has also quickly accepted lateral flow assay testing, which is boosting the market's overall growth.
Due to the low cost, easy accessibility, and higher sensitivity of LFA tests for infectious disease testing, lower-middle income nations are expected to have substantial expansion in terms of adoption.
The development of medications and therapies for rare diseases including malaria, salmonella, and others will receive more attention in research and development, which will further expand the market for lateral flow test products.
The availability of reimbursement rules, funding initiatives, and significant cooperative efforts among top pharmaceutical producers will all support market expansion.
- To speed up the marketing and distribution of its AffiDX COVID-19 antigen lateral flow test in the United Kingdom and the European Economic Area, for instance, Avacta Group and Calibre Scientific struck a non-exclusive distribution agreement in 2021. (EEA).
Key Takeaways from the Market Study
- Global Lateral Flow Assays market is estimated to reach a market size of US$ 7.4 Bn by 2022
- Top Product Type being Benchtop Readers expected to grow at a CAGR of 4.6%.
- Top Application being Clinical testing expected to grow at a CAGR of 5.0%.
- With over 5.8% projected growth rate, Lateral Flow Assays revenue is expected to grow at fastest pace in U.S in North America, during 2022 – 2032.
- The Lateral Flow Assays market reached a valuation of US$ 7.4 Bn in 2022 as the worldwide revenues was up by 2% year-over-year.
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