The lateral flow assay (LFA) is a well-known commercial tool in the field of on-site diagnostics because it may deliver accurate, quick, and inexpensive results, similar to at-home pregnancy tests. Lateral flow assay technology has advanced fast over time and is now widely used for companion diagnostic and point-of-care applications. The lateral flow assay market is rising due to technological advancements that are converting assays from simple qualitative tests to complex multi-analyte quantitative assays. The lateral flow assay market is expected to develop during the forecast period due to its increasing use in medical diagnostics, the high prevalence of infectious diseases, the growing requirement for point-of-care testing, and the widespread use of home-based lateral flow assay tests.
Over the projected period (2017–2025), the market for Lateral Flow Assays is anticipated to grow at a CAGR of 7.5%.
Major Players in the Lateral Flow Assay Industry:
1. Bio-Rad Laboratories, Inc.
Bio-Rad Laboratories, Inc. was founded in 1952 and headquartered in California, the US. It operates in US, Canada, Latin America, Europe and Asia. The PREvalence ddPCR SARS-CoV-2 wastewater quantification kit, a precise, sensitive, and affordable method for the detection of the SARS-CoV-2 infection in community wastewater, will be available starting in June 2021, according to Bio-Rad Laboratories. The assay aids a community in figuring out whether the virus has been around days or weeks before it is found in an individual.
2. Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc. is an American supplier of scientific instrumentation, reagents and consumables, and software services. It was founded in 1956 and headquartered in Massachusetts, U.S. It operates in 50 countries. Thermo Fisher Scientific concluded the acquisition deal to purchase Henogen S.A., Novasep's viral vector manufacturing firm in Belgium, for about €725 million (£877 million) in January 2021 in order to strengthen its capabilities for cell and gene vaccines and therapeutics.
3. Siemens Healthineers, Inc.
Siemens Healthineers, Inc. was founded in 2017 and headquartered in Erlangen, Germany. It operates in over 70 countries. IUL SA and Siemens Healthineers Netherlands have merged their technology to provide high-quality COVID-19 findings for extensive studies as of February 2021.With the use of IUL SA's technology and the quick antigen test Siemens Healthineers developed to identify the SARS-CoV-2 virus in 15 minutes, health care facilities that are keeping tabs on the pandemic can receive results instantly.
4. Qiagen N.V.
Qiagen N.V. is a provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research. It was founded in 1984 and headquartered in Maryland, United States. It operates in over 25 countries. Following FDA emergency use authorisation, QIAGEN stated in August 2020 that it would introduce an easy-to-use digital test for the quick identification of SARS-CoV-2 antibodies in the United States.
5. Becton, Dickinson and Company
Becton, Dickinson and Company was founded in 1897 and headquartered in New Jersey, U.S. It operates over 190 countries. The U.S. Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for the BD VeritorTM At-Home COVID-19 Test in August 2021, according to the leading global medical technology company BD (Becton, Dickinson and Company). This is the first at-home COVID-19 rapid antigen test to use smartphone computer vision technology to interpret and provide a digital display of test results. There is no need for a prescription, a lab, or a protracted wait for the test results. The BD VeritorTM At-Home COVID-19 Test is the first at-home COVID-19 quick antigen test to use computer vision technology in a smartphone to interpret and offer a digital display of test results, according to BD. The U.S. FDA has granted an emergency use authorization for the test.
6. F. Hoffmann-La Roche AG.
F. Hoffmann-La Roche AG is a Swiss multinational healthcare company that operates worldwide. It was founded in 1896 and headquartered in
Basel, Switzerland. It operates in more than 150 countries.
7. Diagnostic Consulting Network, Inc.
Diagnostic Consulting Network, Inc. was founded in 2005 and headquartered in California, United States. It operates in globally.
8. Tetracore, Inc
Tetracore, Inc was founded in 1998 and headquartered in Maryland, United States. It operates with various related industry partners.
9. Humasis Co. Ltd.
Humasis Co. Ltd. was founded in 1948 and headquartered in South Korea. It operates in 46 countries.
Definition: A lateral flow test, is an assay also known as a lateral flow device, lateral flow immunochromatographic assay, or rapid test. It is a simple device intended to detect the presence of a target substance in a liquid sample without the need for specialized and costly equipment.
