Coherent Market Insights

Lateral Flow Assay Market to Surpass US$ 14.65 Bn by 2031

Lateral Flow Assay Market to Surpass US$ 14.65 Bn by 2031 - Coherent Market Insights

Publish In: Aug 05, 2024

Global lateral flow assay market is estimated to witness high growth, owing to rising incidences of infectious diseases and growing demand for point-of-care testing

The Global lateral flow assay is estimated to be valued at USD 10.52 Bn in 2024 and with CAGR of 4.8% over the forecast period 2024-2031. Global lateral flow assay market growth is primarily driven by rising incidences of infectious diseases worldwide. According to the data published by World Health Organization, infectious diseases accounted for approximately 26% of global deaths in 2019. Growing demand for point-of-care diagnostic testing can also drive the market growth. Lateral flow assays enable swift diagnosis without requiring specialized labs or technicians, thus, facilitating POC testing. Their ease of use and ability to provide results within 30 minutes makes them highly suitable for self-testing and home healthcare. Increasing accessibility of lateral flow assays can boost their uptake in the near future.

Increasing prevalence of infectious diseases can boost demand for lateral flow assays

Global lateral flow assay market growth is driven by rising prevalence of infectious diseases worldwide. Lateral flow assays offer a simple and cost-effective way to detect pathogens that cause diseases like influenza, HIV, hepatitis, tuberculosis, and COVID-19. With globalization and increased international travel, infectious diseases can spread rapidly across borders. This has necessitated better diagnostic screening at airports and borders. Lateral flow assays are well-suited for point-of-care testing in such scenarios due to their ease of use and ability to provide rapid results. The ongoing COVID-19 pandemic has further boosted demand for lateral flow assays as a convenient home-testing or self-testing option.

Growing geriatric population boosts the usage of home-based diagnostic kits

Global lateral flow assay market growth is driven by increasing geriatric population globally. Older adults are more vulnerable to various chronic and infectious diseases due to their weakened immune system. These people also find it difficult to visit diagnostic labs regularly. This boosts demand for home-based lateral flow assay kits that can be used by the elderly to monitor their health conditions from the comfort of their home. These kits allow for quick self-testing and monitoring of critical health parameters like blood glucose, pregnancy, cardiac markers without requiring laboratory infrastructure or trained healthcare workers.

Stringent regulations can pose challenge for new product approvals

Global lateral flow assay market growth can be hampered by stringent regulatory frameworks around the world for approval of new diagnostic products. The regulatory processes and compliance requirements for devices and kits used for clinical diagnosis are quite lengthy and expensive. This poses obstacles for small companies with limited resources to navigate regulatory complexities. Moreover, frequent changes in approval guidelines also require companies to continuously upgrade their technologies and documentation. The compliance burden affects the time-to-market for novel lateral flow-based diagnostic solutions.

Reimbursement issues limit adoption of home-use diagnostic tests

Lack of favorable reimbursement policies can hamper the growth of lateral flow assay industry. Despite their popularity as convenient self-testing options, the high costs of lateral flow test kits often make individuals opt for laboratory-based tests that are covered by medical insurance. Absence of reimbursements discourages regular self-monitoring using home-diagnostic tools. Insurance agencies also do not promote the use of lateral flow kits unless prescribed by doctors. This poses reimbursement challenges, especially for asymptomatic self-testing using lateral flow assays for health monitoring purposes.

Point-of-care testing trend can open new avenues

Rise of point-of-care testing can offer growth opportunities lateral flow assay market players. There has been rising demand for near-patient and point-of-care diagnostic tools across hospitals, clinics, emergency rooms, and community healthcare centers to provide faster treatment decisions. This helps reduce patient wait times and healthcare costs. Lateral flow assays with their benefits of minimal infrastructure requirements and rapid results are well-suited for decentralized point-of-care application versus traditional laboratory assays.

Self-monitoring and decentralized testing can witness higher adoption

Increasing preference for self-monitoring of health conditions and decentralized testing models can present lucrative opportunities for lateral flow assay manufacturers. Consumers are more willing to Proactively monitoring key biomarkers and vital signs can be achieved using cost-effective home-use products. The growing popularity of decentralized healthcare models, which include retail clinics, workplace clinics, and home healthcare, further increases the need for self-testing options.This rising interest in self-monitoring and decentralized healthcare indicates higher potential for lateral flow-based self-testing kits.

Link: https://www.coherentmarketinsights.com/market-insight/lateral-flow-assay-market-1147

Key Developments

  • In February 2024, Ascential Medical & Life Sciences (M&LS) was honored with the 2024 Advanced Lateral Flow Conference (ALFC) award for Leadership in Diagnostics. This recognition celebrates Ted Meigs, executive advisor and former CEO of Kinematic Automation, for his significant contributions.
  • In August 2022, MIT Chemists developed a wireless electronic lateral flow assay for biosensing. Created by Swager Lab, this innovative design uses electronic polymers instead of colored lines to signal a positive result, allowing for quantitative monitoring of biomarkers.
  • In December 2021, Eurofins Technologies introduced the RapidScan ST5-W lateral flow reader that is designed for field and in-process testing applications that require qualitative to semi-quantitative results
  • In January 2021, Abbott announced that its Panbio COVID-19 Ag Rapid Test Device had received CE Mark certification for two new applications: detecting the SARS-CoV-2 virus for asymptomatic screening and enabling self-administered sample collection using a nasal swab

Key Players: Abbott Laboratories, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Quidel Corporation, Hologic Inc., bioMérieux SA, PerkinElmer Inc., Merck KGaA, QIAGENNV ,Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Access Bio Inc., Siemens AG, Chembio Diagnostic Systems Inc., Abcam PLC, Standard Diagnostics Inc., Eiken Chemical Co., Ltd.

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