We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies. Cookie Policy.

Features Partner Sites Information LinkXpress
Sign In
Advertise with Us
LGC Clinical Diagnostics

Download Mobile App




Events

09 Apr 2024 - 12 Apr 2024
15 Apr 2024 - 17 Apr 2024
23 Apr 2024 - 26 Apr 2024

Global Lateral Flow Assays Market to Surpass USD 11.5 Billion by 2032 Due to Evolving Applications

By LabMedica International staff writers
Posted on 12 May 2022
Print article
Image: Sales of lateral flow assays in clinical testing are expected to register a CAGR of 5% through 2032 (Photo courtesy of Pexels)
Image: Sales of lateral flow assays in clinical testing are expected to register a CAGR of 5% through 2032 (Photo courtesy of Pexels)

The global lateral flow assays market was valued at USD 7.2 billion in 2021 and is projected to register a CAGR of 4.7% during 2022-2032 to surpass USD 11.7 billion by the end of 2032, driven by the growing prevalence of influenza, STDs, and tuberculosis worldwide and rising awareness among people about the availability of point-of-care testing (POCT) kits. Further, increasing utilization of lateral flow assays in pregnancy testing, drugs of abuse screening, and rapid cardiac markers diagnostics is likely to drive the market due to their cost-effective nature and ability to deliver analytical information.

These are the latest findings of Fact.MR (Dublin, Ireland), a market research and consulting agency.

As per the World Health Organization (WHO), in 2020, nearly 1.5 million people died from tuberculosis. It is considered to be the second leading infectious killer after COVID-19 and the 13th leading cause of death across the world. These numbers are expected to surge at a rapid pace, thereby boosting the global lateral flow assays market. Additionally, since lateral flow tests are capable of operating in low-resource settings, including home care settings, their usage is expected to grow at a steady pace for testing stigmatized conditions, such as HIV. As lateral flow tests enable patients to perform self-tests in their homes, their demand is likely to grow in the coming years. Moreover, evolving applications of lateral flow assays are expected to fuel the market growth. The increasing usage of these assays in saliva diagnostics, biowarfare, and behavioral health testing is expected to accelerate the growth of the global lateral flow assays market.

Thus, the urgent need for rapid diagnosis of various infectious diseases across the globe is set to propel the growth of the global lateral flow assays market. Moreover, the increasing demand for home-based lateral flow assay devices to manage cardiovascular diseases also bodes well for market growth. However, factors such as lower accuracy of results than laboratory tests and the absence of information about drug resistance during lateral flow urine lipoarabinomannan assay to detect TB could hamper market growth.

Based on product type, the kits & reagents segment is expected to hold a share of more than 70% of the global lateral flow assays market and register a CAGR of 5% by 2032. Sales of the benchtop readers segment are projected to increase at a CAGR of 4.6% until 2032. In terms of application, the clinical testing segment is estimated to grow at a CAGR of 5% during the forecast period. Geographically, North America is projected to exhibit a growth of 5.5% Y-o-Y in 2022 to reach USD 2 billion during 2022-2032 with the U.S. expected to account for the lion's share of the region due to the presence of cutting-edge point-of-care testing facilities across the country.

Related Links:
Fact.MR 

Platinum Member
COVID-19 Rapid Test
OSOM COVID-19 Antigen Rapid Test
One Step HbA1c Measuring System
GREENCARE A1c
Anti-Cyclic Citrullinated Peptide Test
GPP-100 Anti-CCP Kit
New
Gold Member
Fully Automated Cell Density/Viability Analyzer
BioProfile FAST CDV

Print article

Channels

Clinical Chemistry

view channel
Image: Reaching speeds up to 6,000 RPM, this centrifuge forms the basis for a new type of inexpensive, POC biomedical test (Photo courtesy of Duke University)

POC Biomedical Test Spins Water Droplet Using Sound Waves for Cancer Detection

Exosomes, tiny cellular bioparticles carrying a specific set of proteins, lipids, and genetic materials, play a crucial role in cell communication and hold promise for non-invasive diagnostics.... Read more

Molecular Diagnostics

view channel
Image: MOF materials efficiently enrich cfDNA and cfRNA in blood through simple operational process (Photo courtesy of Science China Press)

Blood Circulating Nucleic Acid Enrichment Technique Enables Non-Invasive Liver Cancer Diagnosis

The ability to diagnose diseases early can significantly enhance the effectiveness of clinical treatments and improve survival rates. One promising approach for non-invasive early diagnosis is the use... Read more

Hematology

view channel
Image: The low-cost portable device rapidly identifies chemotherapy patients at risk of sepsis (Photo courtesy of 52North Health)

POC Finger-Prick Blood Test Determines Risk of Neutropenic Sepsis in Patients Undergoing Chemotherapy

Neutropenia, a decrease in neutrophils (a type of white blood cell crucial for fighting infections), is a frequent side effect of certain cancer treatments. This condition elevates the risk of infections,... Read more

Pathology

view channel
Image: The OvaCis Rapid Test discriminates benign from malignant epithelial ovarian cysts (Photo courtesy of INEX)

Intra-Operative POC Device Distinguishes Between Benign and Malignant Ovarian Cysts within 15 Minutes

Ovarian cysts represent a significant health issue for women globally, with up to 10% experiencing this condition at some point in their lives. These cysts form when fluid collects within a thin membrane... Read more
Copyright © 2000-2024 Globetech Media. All rights reserved.