Size of the Lateral Flow Analytics Market worth $11.7 billion, globally, by 2028 at a CAGR of 4.6%: Verified Market Research®
JERSEY CITY, NJ, February 24, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Lateral Flow Analytics Market” By type (lateral flow readers, kits and reagents), by technique (competitive test, sandwich test), by application (veterinary diagnostics, clinical/point-of-care testing), by end user (homecare, diagnostic laboratories , Hospitals & Clinics) and by Geography According to verified market research, the global Lateral Flow Testing market size was valued at $8.2 billion in 2020 and is expected to reach $11.7 billion by 2028, growing at a CAGR of 4.6% from 2021 to 2028.
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202 – Pages
126 – Tables
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Global Lateral Flow Testing Market Overview
The high prevalence of infectious diseases, the increase in the geriatric population, the increase in demand for home lateral flow test kits, the increase in demand for point-of-care testing, and the increase in disposable income in developing countries are the key drivers driving the Global Lateral Flow Testing Market. Other factors such as technological advancements and increasing product acceptance are likely to propel the global lateral flow testing market. Increasing prevalence of lifestyle and infectious diseases, increasing demand for point-of-care testing in home care settings that can provide results in real time (5-15 minutes) and is easy to use.
The home pregnancy test is a well-known example of lateral flow assay technology, which detects the presence of a hormone produced during pregnancy and displays a binary result. The adoption of home lateral flow dosing devices is increasing, due to various features such as portable devices, low cost of production, immediate results, and overall ease of use. Lateral flow assay-based point-of-care testing improves quality of care, through various benefits it offers, such as cost savings, reduced doctor visits, and laboratory overhead.
Technological advancements translate into functional improvements in lateral flow assays in terms of sensitivity, selectivity, and advancements in quantification. Test readers developed by manufacturers are widely used to measure the test line intensity of a sample. Increasing miniaturization and portability has improved the adoption of handheld lateral flow assay readers. Advancements in technology for using unique wavelengths for sample illumination, as well as various sample detection techniques, which include CMOS or CCD detection technology, are driving innovations in assay test devices. lateral flow.
Additionally, the introduction of advanced assay-specific image processing algorithms has improved the quantification of sample analytes. Lateral flow assays market is expected to grow as these kits can be used without much training and expertise. Alternative non-optical technologies, such as magnetic immunoassay (MIA) and the use of capillary pumping of sample fluid to reduce variations in sample volume are gaining traction in the market.
- In September 2020Thermofisher Scientific, Inc. (USA) has opened a new collaborative bioprocess project in Missouriin the United States, to bring together its expertise in GMP-compliant biologics manufacturing and bioprocessing technologies, such as chromatography and analytical tools.
- In September 2020Qiagen SA (Netherlands) acquired NeuMoDx Molecular, Inc. (USA), expanding QIAGEN’s diagnostic instrument offering.
- In September 2020Thermofisher Scientific, Inc. (USA) launched a new Bioprocessing Collaboration Center (BCC) in Missouriin the United States, to merge its expertise in the production of GMP biologics and bioprocessing technologies such as chromatography and analytical tools.
The main market players are Abbott Laboratories (USA), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (USA), Siemens AG (Germany), Becton, Dickinson and Company (United States), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (USA), Thermo Fisher Scientific Inc. (USA), QIAGEN NV (The Netherlands), PerkinElmer, Inc. (USA) and others.
Verified Market Research has segmented the global lateral flow testing market on the basis of binder type, end-user, coating type, and geography.
- Lateral Flow Analytics Market, By Type
- Lateral stream readers
- Kits and reagents
- Lateral Flow Analytics Market, By Technique
- Competitive trial
- sandwich test
- Multiplex detection test
- Lateral Flow Analytics Market, By Application
- Veterinary diagnosis
- Clinical/point-of-care testing
- Drug development and quality testing
- Lateral Flow Analytics Market, By End User
- Home Care
- Diagnostic laboratories
- Hospitals & Clinics
- Pharmaceutical and biotechnology companies
- Lateral Flow Analytics Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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