Lateral Flow Assays Market is Expected to Reach $16.8 billion | MarketsandMarkets™

Chicago, March 15, 2024 (GLOBE NEWSWIRE) -- Lateral Flow Assays market in terms of revenue was estimated to be worth $10.8 billion in 2023 and is poised to reach $16.8 billion by 2029, growing at a CAGR of 7.6% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. In this report, the lateral flow assays market is segmented on the basis of product type, application type, technique type, sample type, end user, and region.

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Lateral Flow Assays Market Scope:

Report Coverage	Details
Market Revenue in 2023	$10.8 billion
Estimated Value by 2029	$16.8 billion
Growth Rate	Poised to grow at a CAGR of 7.6%
Market Size Available for	2021–2029
Forecast Period	2023–2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product type, Application type, Technique type, Sample type, End User and Region
Geographies Covered	North America US Canada Europe Germany France UK Italy Spain Rest of Europe Asia Pacific Japan China India Australia South Korea Rest of APAC Latin America Brazil Mexico Argentina Rest of LATAM Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Low adoption of phacoemulsification devices and premium IOLs in emerging regions
Key Market Driver	Increase in eye disorders

Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2022, The lateral flow readers is accounted for the second largest share of the global lateral flow assays market. The huge share  of this segment is as the readers allow to do the quantitative analysis of lateral flow strips in various tests such as sandwich, competitive, and reverse-competitive test formats. These readers enable to measure the intensity of the test line to determine the number of analytes in the sample and provide a fully quantitative assay result.

Based on the type of applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The veterinary diagnostics segment accounted for the second largest share of the lateral flow assays market in 2022. The large share of this segment can be attributed to as the application of synthetic as well as recombinant peptide antigens accompanied with monoclonal antibodies has given rise to advancements in sensitivity, usability and specificity. The availability in veterinary diagnostics to conduct such tests with affordability tends to be the factor which boosts the market growth.

Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The competitive assay technique holds the second largest share in the lateral flow assays market in 2022. The growth of technique is attributed due to the increase in the demand for technologies which are capable in extracting huge amount of bioinformation from limited volume of samples which are used for better diagnosis as well as these are being used  to measure the binding of a labelled ligand which are used to target the protein.

Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Urine samples accounted for the second largest market share of in 2022. The use of urine samples is commonly used in lateral flow diagnostic testing for pregnancy testing and drugs-of-abuse testing. The urine samples are also being used in detecting certain infectious disease testing, such as TB and Legionella.

Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The Diagnostic Laboratories segment accounted for the third largest market share in 2022. The high growth of this segment is attributed to various factors such as laboratories offer various types of diagnostic options and provides the faster results for tests that are in the latest research stage. Such tests are highly complex and unique. Laboratory testing is preferred over professional settings for urine and blood sample testing due to the better-quality standards offered.

Based on the regions, the lateral flow assays market is segmented into North America, Europe, Asia Pacific, Latin America, GCC countries and the Middle East & Africa. In 2022, Europe is the second largest region in the lateral flow assays market in 2022. This of large segment of this region is is attributed to the growth in the demand for decentralized diagnostic tests, the increasing requirement for safer and high-throughput diagnostic procedures (especially for the geriatric population) and increasing funding & investments.

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Lateral Flow Assays market major players covered in the report, such as:

• Bausch Health Companies
• Inc. (Canada)
• Alcon (Switzerland)
• Carl Zeiss Meditec AG (Germany)
• Johnson & Johnson (US)
• Hoya Corporation (Japan)
• The Cooper Companies, Inc.(US)
• EssilorLuxottica (France)
• Canon Inc. (Japan)
• Glaukos Corporation (US)
• Nidek Co., Ltd. (Japan)
• Topcon Corporation (Japan)
• Ziemer Ophthalmic Systems (Switzerland)
• Staar Surgical (US)
• Haag-Streit (Switzerland)
• Quantel Medical (US)
• Coburn Technologies, Inc. (US)
• FCI Ophthalmics (US)
• Matronix India Corporation (India)
• HEINE Optotechnik (Germany)
• Visionix (France)
• Neo Vision (Korea)
• Clear Lab (Singapore)
• BVI (US)
• DORC (Netherlands)
• CORZA Medical (US)
• Appasamy Associates (India)
• Ophtec BV (Netherlands)
• Lumenis (Israel)
• Intuvision Labs (India)
• and Among Others

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The research report categorizes lateral flow assays market into the following segments and sub-segments:

By Type

• Kits & Reagents
• Lateral Flow Readers

By Application

• Clinical Testing
• Veterinary Diagnostics
• Food Safety & Environmental Testing
• Drug Development & Quality Testing

By Technique

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

By Sample Type

• Blood Samples
• Urine Samples
• Saliva Samples
• Other Samples

By End User

• Hospitals & Clinics
• Diagnostics Laboratories
• Home Care Settings
• Pharmaceuticals & Biotechnology Companies
• Other End USer

By Country

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East and Africa

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Key Market Stakeholders:

• Ophthalmology Device Manufacturers
• Ophthalmology Surgical Devices Manufacturers
• Ophthalmology Diagnostic & Monitoring Devices Manufacturers
• Vision Care Products Manufacturers
• Suppliers and Distributors of Ophthalmology Devices

Report Objectives:

• To define, describe, and forecast the global lateral flow assays market based on the product, end user, and region
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall lateral flow assays market
• To analyze opportunities in the global lateral flow assays market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the global lateral flow assays market with respect to five regions—North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa
• To profile key players in the lateral flow assays market and comprehensively analyze their core competencies and market shares
• To track and analyze competitive developments, such as product launches and approvals, agreements, partnerships, collaborations, acquisitions, joint ventures, spin-offs, expansions, and R&D activities of leading players in the global lateral flow assays market
• To benchmark players in the market using the “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy within the lateral flow assays market

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