LATERAL FLOW ASSAY MARKET ANALYSIS

Lateral Flow Assay Market Size and Trends

Global lateral flow assay market is estimated to be valued at USD 10.52 Bn in 2024 and is expected to reach USD 14.65 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

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Rapid point-of-care testing and rising demand for home-based lateral flow assays can drive the market growth. Increasing incidence of infectious diseases and chronic illnesses can boost adoption of these testing kits globally.

The market is expected to witness steady growth over the forecast period due to increasing investments from leading players to develop innovative products. Technological advancements enabling multiplexing and automation has boosted lateral flow assay applications across various industries including food & beverage testing, clinical testing, and environmental monitoring. Growing need for easy-to-use testing solutions for conditions like COVID-19 can drive the market growth.

Increasing prevalence of infectious diseases

Rising prevalence of infectious diseases across the globe can drive the global lateral flow assay market growth. There has been increase in infectious diseases due to various factors like climate change, increased globalization, higher antimicrobial resistance, and evolving epidemiology of existing and new pathogens. As per the World Health Organization (WHO), infectious diseases account for around 17 million deaths globally every year, which is approximately one-third of all deaths worldwide. The occurrence of new strains of existing diseases like COVID-19, viral hemorrhagic fevers, and vector-borne illnesses due to factors like climate change, can exacerbate the situation. For example,  in 2021, according to the WHO's World Malaria Report, malaria cases had increased globally to about 241 million cases in 2020 from 232 million cases in 2019.  Growing threat posed by infectious diseases has boosted demand for rapid, cost-effective, and easy-to-use screening and diagnostic tests. Lateral flow assay tests meet all these requirements, and this leads to their increased adoption rate. Their ability to provide quick results without the need for laboratory infrastructure or specialized technicians has fueled their popularity in point-of-care testing. The lateral flow technique is highly favorable for screening large number of patients as it minimizes testing bottlenecks.

Rising awareness and funding for disease screening and surveillance programs

Rising awareness about the importance of disease screening and surveillance globally can drive the market growth. Both developing and developed countries focuses on implementation of national screening programs for priority health issues to achieve early detection and treatment. This boosts demand for point-of-care testing devices. Moreover, there has been increase in government and private sector funding for infectious disease control, maternal and child healthcare programs. All these screening initiatives rely heavily on rapid, portable assays to decentralize testing and reach remote populations. Lateral flow assays are used in large surveillance programs due to their applicability in resource-limited field conditions and ability to provide timely results. These assays have been widely used in HIV, malaria and tuberculosis prevalence studies across Africa and Asia. Their usage grows further with more funding directed at expanding testing and vaccination coverage for communicable and non-communicable diseases. The portability and ease of use of lateral flow assays makes them a preferred technology for field healthcare camps, refugee camps and other temporary testing sites.