Rising prevalence of infectious diseases globally is driving revenue growth of the market.
Rising prevalence of infectious diseases globally is driving revenue growth of the market
The global lateral flow assays market size is expected to reach USD 11.66 billion by 2028 at a CAGR of 4.6%, according to the latest report by Reports and Data. Rising consumption rate for home-based lateral flow testing solutions and products, and growing requirement of better point-of-care testing products are a few major factors driving the revenue growth of the lateral flow assays market.
Lateral flow assay involves antibodies and probe DNA biochemical interaction. This diagnostic method ensures simplified test with low costs and no requirement of any interference while the test is being conducted. Moreover, the test can also be easily conducted by non-trained individuals due to its highly user-friendly form of testing.
Increasing geriatric population leads to rising prevalence of different types of infectious diseases across the globe, which is one of the most crucial factors expected to propel the revenue growth of the lateral flow assays market during the forecasted period.
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However, lack of preference from consumers to shift from conventional diagnostic testing methods and adopting advanced methods is one of the significant factors predicted to restrain the market revenue growth to a certain extent between 2021 & 2028.
Further key findings in the report
- The clinical testing segment is expected to hold largest revenue share in the market during the forecast period due to its significance in disease detection along with a sharp rise in the incidence of different types of infectious diseases.
- The food safety & environment testing segment is predicted to register highest revenue share in the lateral flow assays market going ahead. Increasing revenue growth of this segment is attributed to growing demand for lateral flow assays as well as rapid alternatives to various traditional diagnostic methods, especially for detecting foodborne pathogens and contaminants.
- The market in North America is expected to account for the largest revenue share in the global lateral flow assays market during the forecast period. Large revenue share of this regional market is resultant of presence of several hospitals and healthcare systems and the increasing geriatric population in the region.
- Major companies operating in the market are F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (U.S.), Abbott Laboratories (U.S.), Siemens AG (Germany), Becton, Dickinson and Company (U.S.), Rad Laboratories (U.S.), bioMérieux SA (France), Bio Thermo Fisher Scientific, Inc. (U.S.), PerkinElmer Inc. (U.S.), QIAGEN N.V. (Netherlands), Quidel Corporation (U.S.), Hologic Inc. (U.S.), Merck KGaA (Germany), Abcam plc (UK).
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For the purpose of this report, Reports and Data has segmented the global lateral flow assays market on the basis of product, application, technique, sample type, end user, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2028)
- Kits & Reagents
- Lateral Flow Readers
- Digital/Handheld Readers
- Benchtop Readers
- Mobile/Smartphone Readers
Application Outlook (Revenue, USD Billion, 2018 - 2028)
- Clinical Testing
- Infectious Disease Testing
- Mosquito-borne Diseases
- Covid-19
- Influenza
- Sexually Transmitted Infections
- HIV
- HPV
- Chlamydia
- Gonorrhea
- Syphilis
- Other Sexually Transmitted Infections
- Hepatitis
- Tuberculosis
- Other Infectious Diseases
- Cardiac Marker Testing
- Troponin I and T Testing
- CK-MB Testing
- BNP or NT-proBNP Testing
- Myoglobin Testing
- D-Dimer Testing
- Other Cardiac Markers
- Pregnancy & Fertility Testing
- Pregnancy Testing
- Fertility Testing
- Cholesterol Testing/Lipid Profiles
- Drugs-of-Abuse Testing
- Infectious Disease Testing
- Veterinary Diagnostics
- Food Safety & Environment Testing
- Drug Development & Quality Testing
Technique Outlook (Revenue, USD Billion, 2018 - 2028)
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
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Sample Type Outlook (Revenue, USD Billion, 2018 – 2028)
- Blood Samples
- Urine Samples
- Saliva Samples
- Other Samples
End User Outlook (Revenue, USD Billion, 2018 - 2028)
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care Settings
- Pharmaceutical & Biotechnology Companies
- Other End Users
Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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