Lateral Flow Assay Market Trends Estimates High Demand by 2026

Lateral Flow Assay Market Trends Estimates High Demand by 2026

Lateral Flow Assay Market, by Product Type (Kits and Reagents, and Lateral Flow Readers), By Technique (Competitive Assay, Multiplex Detection Assay and Sandwich Assay), By Application (Veterinary Diagnostic, Drug Development and Quality Testing, Clinical Testing and Food Safety and Environmental Testing), by End User (Hospitals, Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies and Home Care Settings), and

by Geography - Global Industry Insights, and Forecast to 2025

Lateral flow assay (LFA) offers simple, low-cost, rapid, point-of-care detection and quantification of analytes in complex mixtures, within 5-30 min. Low development costs and ease of operation of LFAs are results into expansion of its application in biomedicine, agriculture, veterinary, food safety and drug development. High prevalence of infectious disease and increasing adoption of lateral flow assay device in hospitals, physician’s clinics and clinical laboratories for the qualitative and quantitative detection of specific antigen and antibodies is expected to drive growth of lateral flow assay market over the forecast period. Click To Read More On Lateral Flow Assay Market Market Dynamics The global lateral flow assay market is projected to witness significant growth over the forecast period, owing to growing adoption of lateral flow assay in various applications including clinical diagnostics, drug development, quality testing, veterinary diagnostic, food and environmental testing, micronutrient

monitoring, diagnosing invasive pulmonary aspergillosis, qualitative and quantitative detection of specific antigens and antibodies, and gene amplification. For instance, according to the American Pharmaceutical Association (APhA) Academy of Student Pharmacists: Resolutions Committee-2015 report, 8,856 community pharmacies have a Clinical Laboratory Improvement Amendments (CLIA) Certificate of Waiver, which enables pharmacists to perform POC tests such as glucose measurement and other POC testing. Moreover, increasing adaptation of point-of-care testing in clinical diagnosis and integration of POC testing in lateral flow assay tests are expected to drive growth of the lateral flow assay market over the forecasted period. However, variance or inconsistency results by lateral flow assay would lead to lower adoption of the technology, which in turn would hinder the growth of lateral flow assay market.

Increasing adoption of home-based lateral flow assay test are driving growth of the lateral flow assay market Increasing prevalence of lifestyle and infectious diseases rising the demand for point-of-care testing under home care settings which has the ability to provide result in real-time (5-15 minutes), and ease of use. The home pregnancy test is well recognized example of lateral flow assay technology, which detects the presence of a hormone produced during pregnancy and displays a binary result. Adoption of home-based lateral flow assay devices is increasing, owing to various features such as portable device, low production cost, immediate results, and overall ease of use. Lateral flow assay based point-of-care testing improves the quality of care, owing to various advantages offered by them such as cost savings, reduced doctor, visits and laboratory overhead costs. However, variance in lateral flow assay test results may hinder growth of the lateral flow assay market.

High prevalence of infectious disease is expected to drive growth of the lateral flow assay market High prevalence and increasing incidence of infectious disease are the major factors driving growth of the lateral flow assay market. According to the study published in journal Lancet Infectious Disease, in 2017, around 54,984,661 cases of 45 infectious diseases were reported with average yearly incidence 417¡98 per 100?000 in china between January 2004 and December 2013. Furthermore, Hepatitis B and tuberculosis has shown high incidence rate of 81.57 and 80.33 per 100,000, respectively. Moreover, World Health Organization (WHO) estimated 212 million malaria cases worldwide in 2015, with highest incidence in African regions.

Key players operating in market include Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG. Ask For Sample Copy Of This Business Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1147 In the field of on-site diagnostics, lateral flow assay (LFA) are well-established commercial product due to their ability of providing precise, fast, and low-cost result such as home-based pregnancy tests.

Lateral flow assay technology are rapidly evolved over the years and routinely used for point-of-care and companion diagnostic applications. Moreover, technological advances to transform the assays from simple qualitative tests into complex multi-analyte quantitative assay are driving growth of the lateral flow assay market. Lateral flow assay market is projected to witness growth over the forecast period, owing to increasing application in medical diagnostics, high prevalence of infectious disease, increasing demand for point-of-care testing, and high adoption of home-based lateral flow assay test.

The global lateral flow assay market was valued at US$ 5.6 billion in 2017 and is expected to witness a CAGR of 7.5% over the forecast period (2017 – 2025).

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