The global lateral flow assay market size was US$ 8,488 million in 2021. The global lateral flow assay market is forecast to grow to US$ 13,411 million by 2030 by growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The growing prevalence of infectious diseases and increasing technological advancements will propel the lateral flow assay market forward.
Growing initiatives from governments are forecast to surge the growth of the global lateral flow assay market.
Point-of-care diagnostics is gaining widespread acceptance among patients throughout the world. This has made the testing procedure go excellent and with relative ease and the findings being delivered in a reasonable amount of time. In addition, the shortage of qualified professionals has prompted the demand to implement point-of-care diagnostic testing. As a result, it will surge the growth of the global lateral flow assay market.
The growing geriatric population and technological advancements will boost the growth of the global lateral flow assay market. Abbott Laboratories unveiled PanBio COVID-19 immunochromatographic test in September 2020. The technology helped detect of Sars-CoV-2 virus.
COVID-19 Impact Analysis
The COVID-19 pandemic positively influenced the global lateral flow assay market. The demand for virus detection increased rapidly. The demand for point-of-care tests increased due to the growing prevalence of the disease. Moreover, technological advancements also grew steeply due to the pandemic. All of this has significantly contributed to the growth of the global lateral flow assay market.
Regional Analysis
North America is estimated to lead to a global lateral flow assay market with the highest market share. It is due to the high healthcare expenditure and rising prevalence of infectious diseases. In addition, Asia-Pacific is forecast to grow at the fastest pace. China is home to one of the most important healthcare sectors. Furthermore, technological developments, rising infectious disorders, and growing R&D spending will contribute to the growth of the market. Tuberculosis is the main cause of infectious illness death among people in China. World Health Organization estimates that around 8,33,000 patients were diagnosed with tuberculosis in 2019. All of these factors will contribute to the growth of the market.
Competitors in the Market
Market Segmentation
The global lateral flow assay market segmentation focuses on Product, Technique, Application, End-User, and Region.
By Product
By Technique
By Application
By End-User
By Region
