Lateral Flow Assay Market is Projected to Grow at 3.4% CAGR

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MarkNtel Advisors’ latest report states that the Global Lateral Flow Assay Market is estimated to grow at a CAGR of around 3.4% during the forecast period, i.e., 2024-30. The increasing consciousness regarding health and the rising guidance and advice from healthcare experts & major organizations like the CDC, WHO, etc., for consistent testing of numerous diseases is majorly responsible for the market expansion. Moreover, the Lateral Flow Assay Market has been pushed upward in the historical years owing to the prevalence of epidemics & pandemics, such as Ebola and COVID-19 globally.

The report highlights that market growth is being driven by a heightened focus on early disease diagnosis and the expansion of multiplexed & smartphone-based lateral flow assays (LFAs). Additionally, the rising incidence of infectious diseases is anticipated to boost the demand for point-of-care testing, further propelling market expansion.

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Global Lateral Flow Assay Market Segmentation Analysis

  • By Product (Kits & Reagents and Lateral Flow Readers (Benchtop Readers & Digital Readers))
  • By Application (Clinical Testing (Infectious Disease Testing, Cardiac Market Testing, Pregnancy & Fertility Testing, Cholesterol Testing/Lipid Profile, Drugs of Abuse Testing, and Other Clinical Tests), Veterinary Diagnostics, Food Safety & Environment Testing, and Drug Development & Quality Testing)
  • By Technique (Sandwich Assays, Competitive Assays, and Multiplex Detection Assays)
  • By Therapy (Lateral Flow Immunoassay and Nucleic Acid Lateral Flow Assay)
  • By End Users (Hospitals & Clinics, Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, and Others (Food Companies, Research Organizations, etc.))
  • By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)

Diagnostic Laboratories held the highest share of the Lateral Flow Assay Market owing to their demand for swift and easy-to-use diagnostic tools. The ability of lateral flow assays to provide effortlessness, portability, and flexibility, makes them suitable for routine testing and point-of-care applications in diagnostic centers. Moreover, with an extensive range of applications, cost-efficiency, and continuing technological developments, diagnostic laboratories have progressively embraced lateral flow assays to stay competitive and cater to the mounting demand for effective diagnostic testing in healthcare settings globally.

North America holds the maximum share of the Global Lateral Flow Assay Market. Regional supremacy is owed to a combination of factors such as the sturdy importance of R&D, the existence of key market players, product introductions, etc. Moreover, the liability of various infectious diseases such as hepatitis, tuberculosis, etc., has augmented, due to which the demand for lateral flow assays that enable home-based and self-testing observed an upsurge, thus positively impacting the North America Lateral Flow Assay Market growth.

Glancing at the Prominent Stake Holders in the Global Lateral Flow Assay Market

Abbott, PerkinElmer Inc., Gold Standard Diagnostics, QIAGEN N.V., Quidel Corporation, IUL, SA, Genobio, FUJIREBIO (H.U. Group company), Hologic Inc., Thermo Fisher Scientific Inc., Abcam PLC, Elabscience Bionovation Inc., P4Q Electronics, F. Hoffmann-La Roche Ltd., Siemens Healthineers, etc., are the top contenders in the Global Lateral Flow Assay Market. These companies hold a substantial market share and possess an enormous consumer base across the global scale.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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