Increasing need for POCT drives the Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Growth

Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2021 -COVID-19 Growth And Change

The Business Research Company's Lateral Flow Immunoassay Based Rapid Test Global Market Report 2021 – COVID-19 Growth And Change

LONDON, GREATER LONDON, UK, February 2, 2022 /EINPresswire.com / -- The demand for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market. Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays are widely used as POCTs due to their speed and precision, simplicity and low cost.

For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19. These antibodies may be detected in whole blood, serum or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the LFIA Based Rapid Test market.

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The global lateral flow immunoassay (LFIA) based rapid test market size is expected to grow from $5.77 billion in 2020 to $6.14 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The LFIA test market is expected to reach $9.14 billion in 2025 at a CAGR of 10%.

Major players covered in the global lateral flow immunoassay based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, Hologic Inc., PerkinElmer, Inc., Quidel Corporation.

TBRC's global LFIA based rapid test market report is segmented by technique into competitive assay, sandwich assay, multiplex detection assay, by end user into hospital & clinic, diagnostic laboratory, home care, others, by application into infectious disease, pregnancy & fertility, toxicology, others.

Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2021 - By Technique (Competitive Assay, Sandwich Assay, Multiplex Detection Assay), By End User (Hospital & Clinic, Diagnostic Laboratory, Home Care), By Application (Infectious Disease, Pregnancy & Fertility, Toxicology), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides a lateral flow immunoassay (LFIA) based rapid test market overview, forecast lateral flow immunoassay (LFIA) based rapid test market size and lateral flow immunoassay (LFIA) based rapid test market growth for the whole market, lateral flow immunoassay (LFIA) based rapid test market segments, lateral flow immunoassay (LFIA) based rapid test market geographies, lateral flow immunoassay (LFIA) based rapid test market trends, lateral flow immunoassay (LFIA) based rapid test market drivers, lateral flow immunoassay (LFIA) based rapid test market restraints, lateral flow immunoassay (LFIA) based rapid test market leading competitors' revenues, lateral flow immunoassay (LFIA) based rapid test market profiles, and lateral flow immunoassay (LFIA) based rapid test market market shares.

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