IMARC Group, a leading market research company, has recently released a report titled "Lateral Flow Assay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027". The study provides a detailed analysis of the industry, including the global lateral flow assay market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Lateral Flow Assay Industry?
According to the report, The global lateral flow assay market size reached US$ 9.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.
What is Lateral Flow Assay?
Lateral flow assay (LFA) refers to a paper-based platform that detects and quantifies analytes in complex mixtures. It helps test biological samples such as saliva, urine, sweat, serum, plasma, blood, and other fluids. It facilitates the production of low-cost, simple, rapid, and portable detection devices in various fields, including biomedicine, agriculture, food, and environmental sciences. It also aids in the qualitative and quantitative detection of specific agents, antibodies, and gene amplification. As a result, LFA finds extensive applications in hospitals and clinical laboratories across the globe.
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What are the growth prospects and trends in the Lateral Flow Assay industry?
The global lateral flow assay market is primarily driven by the rising need for an alternative method of sending patient samples to the laboratory amid the sudden coronavirus disease (COVID-19) outbreak. Moreover, the increasing shortage of extensive laboratory facilities and trained health workers to efficiently conduct polymerase chain reaction (PCR) tests is positively influencing the market growth. Additionally, the rising prevalence of infectious diseases requiring new diagnostic methods for effective treatment has catalyzed market growth. Furthermore, the introduction of novel signal enhancement techniques by key players that improve quantification systems and simultaneous detection is contributing to the market growth. Other factors, including rising awareness programs aimed at enhancing the spread of infection diagnosis and prevention, escalating demand for point-of-care (POC) testing, and increasing patient awareness, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technique:
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
Breakup by Product:
- Kits and Reagents
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
Breakup by Application:
- Clinical Testing
- Infectious Disease Testing
- Cardiac Marker Testing
- Pregnancy and Fertility Testing
- Cholesterol Testing/Lipid Profile
- Drug Abuse Testing
- Veterinary Diagnostics
- Food Safety and Environment Testing
- Drug Development and Quality Testing
Breakup by End User:
- Hospitals and Clinics
- Diagnostic Laboratories
- Home Care
- Pharmaceutical and Biotechnology Companies
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Abbott Laboratories
- Becton Dickinson and Company
- Biomrieux SA
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- F. Hoffmann-La Roche AG
- Hologic Inc.
- Merck KGAA
- Perkinelmer Inc
- Qiagen N.V.
- Quidel Corporation
- Siemens Healthineers AG (Siemens AG)
- Thermo Fisher Scientific Inc.
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