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Lateral Flow Assay Market Is Projected To Reach $7.1 Billion By 2026: Grand View Research, Inc.

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Lateral Flow Assay Market Is Projected To Reach $7.1 Billion By 2026: Grand View Research, Inc.

November 19
05:20 2019
Lateral Flow Assay Market Is Projected To Reach $7.1 Billion By 2026: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
The global lateral flow assay market size was valued at USD 5.2 billion in 2018 and is anticipated to exhibit a CAGR of 4.0% during the forecast period.

The global lateral flow assay market size is expected to reach USD 7.1 billion by 2026, expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Major drivers include increase in prevalence of infectious diseases, rise in government initiatives to curb infectious and chronic diseases, rise in demand for point of care testing, and strategic mergers and acquisitions.

Rise in mergers and acquisitions by market players is anticipated to fuel market growth during the forecast period. For instance, in May 2017, Quidel Corporation announced the acquisition of AdenoPlus and InflammaDry diagnostic businesses from RPS Diagnostics for about USD 14 million. InflammaDry and AdenoPlus are rapid lateral flow based POC products used for the detection of inflammatory and infectious diseases and other conditions related to the eye. Thus, increase in strategic mergers and acquisitions to develop and expand lateral flow assays are expected to boost growth during the forecast period.

Increase in government initiatives by governments to curb HIV and other communicable diseases is anticipated to create significant demand for lateral flow assays. According to the U.S. Department of Health & Human Services, the U.S. government has formed the President’s Emergency Plan for AIDS Relief (PEPFAR). This emergency plan works toward prevention, early detection, and response to new as well as existing risks related to AIDS and HIV. Additionally, the National Institutes of Health (NIH) has several programs aimed at increasing research related activities pertaining to HIV/AIDS treatment and management. NIH engages in research related to prevention, diagnosis, treatment, and precautionary measures to curb HIV infection. Thus, rise in such government initiatives is expected to positively impact market potential in the near future.

North America lateral flow assay market size, by product, 2015 - 2026 (USD Million)

Rise in the prevalence of infectious diseases is also expected to propel lateral flow assay market growth in the coming years. According to WHO, there were an estimated 219 million cases of malaria diagnosed across 87 countries in 2017. Also, in 2017, 10 million cases of TB were recorded and about 1.57 million TB related deaths were recorded. Number of TB cases was the greatest in Africa and South East Asia.

Rise in strategic initiatives by new market entrants to develop lateral flow assays is anticipated to facilitate easy and effective disease diagnosis. For instance, in May 2019, Mologic Ltd., announced the completion of its next generation ultra-sensitive lateral flow based technology platform. In 2016, Mologic also received funding of $9.7 million from the Bill & Melinda Gates Foundation to create a Centre for Advanced Rapid Diagnostics platform that is aimed to deliver innovation in lateral flow technology. Ultra-sensitive technology plays an important role in the diagnoses of malaria. Therefore, increase in initiatives by new market entrants to develop lateral flow assays is expected to fuel market growth.

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Further key findings from the report suggest:

  • Kits & reagents held the largest share based on product as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases

  • The clinical testing segment held the largest market share in 2018 owing to increase in incidence of infectious diseases, rise in pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used at any healthcare setting

  • Technological advancements in the healthcare sector, innovation in technology and devices, and increase in the adoption of POC testing by patients and healthcare professionals is anticipated to fuel market growth during the forecast period

  • Some of the major market players are Abbott Laboratories; Quidel Corporation; Hologic Inc.; Thermo Fisher Scientific Inc.; F.Hoffmann-La Roche; Siemens AG; Danaher Corporation; Becton, Dickinson and Company; Bio-Rad; bioMerieux; and PerkinElmer.

Grand View Research has segmented the global lateral flow assay market on the basis of product, application, technique, end use, and region:

Lateral Flow Assay Product Outlook (Revenue, USD Million, 2015 – 2026)

  • Kits & Reagents         

  • Lateral Flow Readers

    • Digital/Mobile Readers

    • Benchtop Readers

Lateral Flow Assay Application Outlook (Revenue, USD Million, 2015 – 2026)

  • Clinical Testing

    • Infectious Diseases Testing

      • Mosquito Borne Disease Testing

      • Influenza Testing

      • Sexually Transmitted Infection Testing

        • HIV Testing

        • HPV Testing

        • Chlamydia Testing

        • Gonorrhea Testing

        • Syphilis Testing

        • Others

      • Hepatitis

      • Tuberculosis

      • Others

    • Cardiac Marker Testing

      • Troponin I and T Testing

      • CK-MB Testing

      • BNP and NT-ProBNP Testing

      • Myoglobin Testing

      • D-Dimer Testing

      • Others

    • Pregnancy & Fertility Testing

      • Pregnancy Testing

      • Fertility Testing

    • Cholesterol Testing/Lipid Profile Testing

    • Drugs of Abuse Testing

    • Others

  • Veterinary Diagnostics

  • Food safety & Environment Testing

  • Drug Development & Quality Testing

Lateral Flow Assay Technique Outlook (Revenue, USD Million, 2015 – 2026)

  • Sandwich Assay

  • Competitive Assay

  • Multiplex Detection Assay

Lateral Flow Assay End-use Outlook (Revenue, USD Million, 2015 – 2026)

  • Hospitals & Clinics

  • Diagnostic Laboratories

  • Home Care

  • Pharmaceutical & Biotechnology Companies

  • Others

Lateral Flow Assay Regional Outlook (Revenue, USD Million, 2015 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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