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Lateral Flow Assay market size, share, demand, growth
PORTLAND, OR, UNITED STATES, October 8, 2024 /EINPresswire / -- Get a Sample Copy of this Report:
The lateral flow assay market has been experiencing significant growth due to advancements in diagnostic technologies and rising demand for point-of-care testing solutions. Here's a snapshot of key insights:
Market Overview:
.2020 Market Value: $8,351.30 million
.2030 Projected Value: $13,352.90 million
.CAGR: 4.70% (2021-2030)
Key Drivers:
.Rise of Infectious Diseases: Increased spread of chronic and infectious diseases is fueling demand for LFA kits.
.Home-Based Testing: Growing preference for home-based LFA tests for conditions like pregnancy, drug abuse, and cholesterol.
.Point-of-Care Testing: Rapid diagnostics at the point of care are becoming more common in clinical settings.
.COVID-19 Impact: LFA tests have played a vital role in detecting symptomatic and asymptomatic COVID-19 cases, boosting market growth.
Market Restraints:
.Regulatory Challenges: Stringent, time-consuming policies governing diagnostic assays are slowing adoption.
.Resistance to Change: Some regions show hesitance in shifting from traditional to LFA-based diagnostic methods.
Opportunities:
.Technological Advancements: Ongoing innovation in LFA technologies, increasing test accuracy and scope, provides strong growth potential.
.Broader Applications: New uses in clinical diagnostics, veterinary care, and food safety testing are expanding the market.
COVID-19 Pandemic Influence:
.LFA as a Key Testing Tool: LFA devices have proven effective for COVID-19 detection through non-invasive samples like saliva or blood.
.Advantage Over RT-PCR: LFA tests can identify both active infections and asymptomatic cases, making them highly versatile for public health monitoring.
Market Segmentation:
1.By Technique:
.Competitive Assay
.Sandwich Assay – Largest share, due to high sensitivity and specificity.
.Multiplex Detection Assay
2.By Product:
.Lateral Flow Readers – Expected to see the highest growth, offering precise, quantitative results.
.Kits & Reagents
3.By Application:
.Veterinary diagnostics
.Clinical testing (including infectious diseases, cardiac markers, and drug testing)
.Food safety
.Drug development
4.By End User:
.Home care
.Diagnostic labs
.Hospitals & clinics
.Pharmaceutical companies
Regional Insights:
.North America: Dominates the global market due to rising infectious disease cases and strong healthcare infrastructure.
.U.S. holds the largest market share in this region.
Key Market Players:
.Abbott Laboratories
.Danaher Corporation
.Siemens Healthineers AG
.Thermo Fisher Scientific Inc.
.F. Hoffmann-La Roche AG
.PerkinElmer Inc., among others.
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Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.