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Global Lateral Flow Assays Market to Reach $11.2 Billion by 2026

Lateral flow assays are assays designed to effectively identify compounds of interest present in complex mixtures within 5-30 minutes. Lateral flow technology is fast emerging as a technique of choice for testing of infectious diseases given the numerous benefits the technology offers. The market expansion is attributed to high incidence of infectious conditions coupled with growing geriatric population, and increasing trend of point-of-care testing. The market is anticipated to also benefit from increasing popularity of self-diagnosis, a prominent trend that is propelling the demand for home-based lateral flow assay devices. Another factor bolstering the market growth is continuing technological advancements associated with lateral flow assays. These efforts are intended to improve these assays on the basis of selectivity, sensitivity and quantification. In addition, the integration of advanced quantification systems, new labels and simultaneous detection techniques is boosting growth. The COVID-19 pandemic has presented an ideal growth opportunity for lateral flow assays due to robust demand for lateral flow assay-based screening tests.

Amid the COVID-19 crisis, the global market for Lateral Flow Assays estimated at US$9.4 Billion in the year 2022, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 5.9% over the analysis period. Kits & Reagents, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR to reach US$9.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lateral Flow Readers segment is readjusted to a revised 4.9% CAGR for the next 7-year period. This segment currently accounts for a 17.9% share of the global Lateral Flow Assays market. The onset of COVID-19 outbreak during the end of 2019 created a pressing requirement of rapid diagnosis and identification of people with the infection. These tests gained considerable attention in various countries for screening patients and supporting efforts to curtain spread of the virus. In contrast to laboratory-based tests that are time-intensive, lateral flow test kits are portable, convenient to use, and require minimal training. These benefits provide extended use of these tests beyond healthcare facilities in low- to middle-income nations.

The U.S. Market is Estimated at $3.6 Billion in 2022, While China is Forecast to Reach $872.4 Million by 2026

The Lateral Flow Assays market in the U.S. is estimated at US$3.6 Billion in the year 2022. The country currently accounts for a 38.64% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$872.4 Million in the year 2026 trailing a CAGR of 8.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$917 Million by the end of the analysis period. The US market is at the forefront of adoption of lateral flow assays supported by rising prevalence of infectious conditions like tuberculosis and Lyme disease along with increasing mortality rate linked with AIDS. Growth is further bolstered by the mayhem created by the COVID-19 pandemic, prompting governments to make aggressive attempts toward mass screening programs. A host of factors are contributing to rapid uptake of lateral flow assays in developing regions, especially Asia-Pacific. While demand for these products is primarily being driven by growing healthcare expenditure and increased demand for diagnostics, other factors including rising healthcare awareness and subsequent increase in demand for healthcare services are also contributing to demand increase.