Selbyville, Delaware, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The lateral flow assays market size is anticipated to record a valuation of USD 11.7 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing need for test devices that can show results within 5-30 min in real-time is gaining prominence. LFA-based tests are easy to handle and can be performed without the use of laboratory investigation. In the past decade, the LFA market is gaining traction due to the rising demand for point-of-care multiple diagnostic assays. A large variety of biological samples can be processed using this technique such as urine, blood, saliva, plasma serum, and others. Furthermore, low development cost and ease of production have expanded its area of application.
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The kits segment accounted for USD 5.4 billion in 2020. The LFAs kits are designed in such a way that individuals with no prior training in chemical analysis should find no difficulty in performing assays. Apart from diseases diagnosis, it is used in quality control, veterinary medicine, environmental health and safety, and product safety in food production.
The pregnancy & fertility testing segment captured 17.5% of the lateral flow assays market share in 2020 owing to the rising global population and rising global birth rate. For instance, according to the Department of Statistics Malaysia, the birth rate for Malaysia in 2020 was 16.451 births per 1000 population.
The multiplex detection assays segment is expected to showcase 7.2% growth rate through 2027 led by the rise in the large numbers of samples processing, as this technique can be carried out in multiple sample volumes in a single assay. Also, the rising incidence of infectious diseases such as dengue or Chikungunya is predicted to fuel the segment growth.
The diagnostic laboratories segment is poised to reach USD 3.2 billion by 2027. Cardiac diseases are one of the leading causes of death around the world. According to World Health Organization (WHO) report, approximately 17.9 million deaths occurred due to the cardiac diseases such as stroke and myocardial infection among others.
Asia Pacific lateral flow assays market size will exceed USD 2 billion by 2027. The growing medical device industry in the region will open the channel for new and advanced products. In addition, widespread approval of new technologies and relaxed government policies will further support the growth of the medical device sector. Moreover, the rising prevalence of drug abuse in the region generates a need for technologically advanced solutions for testing, thereby enhancing the market expansion.
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Few notable companies operating in the market include Abingdon Health, Quidel Corporation, Roche, Thermo Fischer Scientific, Bio-Rad Laboratories, Abbott. The players are focused on various strategies such as mergers, acquisitions, new services, product launches among others.
Table of Contents (ToC) of the report:
Chapter 3 Lateral Flow Assays Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By technique
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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