Lateral Flow Assays Market to Reach $13.85 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by Meticulous Research®


London, Feb. 04, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled Lateral Flow Assays Market by Product (Kits, Readers), Technique (Sandwich, Competitive, Multiplex), Application (Clinical [Pregnancy, Infectious Diseases], Food Safety, Drug Development, Veterinary), and End User (Hospitals, Home Care) – Forecast to 2027” published by Meticulous Research ® , the lateral flow assays market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach $13.85 billion by 2027.

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Lateral flow assay kits are used to rapidly test infectious diseases, cardiac markers, pregnancy & fertility, cholesterol testing/lipid profiling, drug abuse, and food and beverages. The growth of the lateral flow assays market is mainly attributed to the increasing healthcare expenditure, the rising prevalence of various chronic and infectious diseases, growth in the aging population, the increasing usage of home-based lateral flow assay kits, growth in government initiatives promoting health awareness, the growing demand for PoC testing, and the increasing adoption of LFA products due to innovations and benefits of LFA rapid tests over laboratory tests. Moreover, the recent outbreak of COVID-19 has positively affected the growth of the LFA market.

Impact of COVID-19 on the Lateral Flow Assays Market

Over the past few months, the lateral flow assays market has seen considerable growth due to the prevalence of COVID-19 across the globe. LFA test kits have shown their potential to detect symptomatic and asymptomatic COVID-19 infections. Many healthcare companies globally are focusing on developing lateral flow assay devices to detect patient antibodies (IgG and IgM) or COVID-19 viral antigen in the blood samples from a finger prick, saliva samples, or nasal swab fluids.

Factors enhancing the demand for the LFA-based devices for COVID-19 testing include the low cost of the LFA devices and the fact that these tests do not require trained personnel. The potential of LFA devices to detect symptomatic and asymptomatic COVID-19 infections is the main advantage over other detection methods. For example, RT-PCR can only determine the active infections in patients. The LFA test can detect specific SARS-CoV-2 antibodies and differentiate between IgG and IgM immunoglobin classes in a rapid, point of care test using either whole blood, plasma, or serum.

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Developing COVID-19 lateral flow assays has some technical challenges, such as maintaining the sensitivity and specificity of the device. A highly sensitive test allows to detect all infected people as positive and a highly specific test allows identifying all people who do not have the virus as negative. Unfortunately, it is very difficult to develop a lateral flow assay test kit with high sensitivity and specificity. This means that increased sensitivity typically comes at the cost of lower specificity. A test that has low specificity can provide a false-positive result. Likewise, developing lateral flow assay kits with high specificity can come at the cost of lower sensitivity, which means that the test can give some false-negative results. Therefore, it is very important to develop lateral flow assay devices with the desired level of sensitivity and specificity and avoid false-positive and false-negative results. Another challenge that generally occurs during antigen detection test is sample preparation from a swab that needs a specially formulated buffer. These buffers can contain denaturing agents that can degrade or destroy the target protein present in the sample. So, while detecting a protein of interest using a lateral flow assay test kit, it is very important to formulate a buffer that does not degrade or destroy the targeted protein. The sample’s collection time is also an important challenge in tackling COVID-19 infection.

Even though there are several challenges in developing and conducting lateral flow assay-based tests for detection and management of COVID-19, their low cost, speed, ease of use, and high specificity make them ideal for tackling this pandemic.

Lateral Flow Assays Market: Future Outlook

The lateral flow assays market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts it for 2027 – by product [kits & reagents; and lateral flow readers (digital/mobile readers & benchtop readers)], technique (sandwich assays, competitive assays, and multiplex detection assays), application [clinical testing (infectious disease testing, cardiac marker testing, pregnancy & fertility testing, cholesterol testing/lipid profile, drug abuse testing, other clinical tests), veterinary diagnostics, food safety & environment testing, and drug development & quality testing], end user (hospitals & clinics, diagnostic laboratories, home care, pharmaceutical & biotechnology companies, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.

Based on product type, the kits & reagents segment accounted for the largest share of the overall lateral flow assays market in 2020. The large share of this segment is mainly attributed to the factors such as the increasing adoption of lateral flow assay-based test kits due to innovations and their benefits over laboratory tests; the increasing spread of various chronic and infectious diseases across the world; and the high number of lateral flow assay rapid detection kits being launched by healthcare companies mainly for COVID-19 testing.

Based on technique, the sandwich assays segment accounted for the largest share of the overall lateral flow assays market in 2020. The large share of this segment is mainly attributed to the evolving applications of sandwich assays in medical testing settings and the advantages of sandwich assays, such as higher sensitivity and specificity for larger analytes. Moreover, a large number of lateral flow assay-based companies are launching rapid detection kits based on the sandwich assay technique for COVID-19 testing, which is further expected to contribute to the growth of this segment.

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Based on application, the clinical testing segment accounted for the largest share of the overall lateral flow assays market in 2020. The large share of this segment is mainly attributed to the increasing healthcare expenditure across the world, rise in government initiatives promoting health awareness, growing awareness among people regarding clinical testing, and the rising prevalence of various chronic and infectious diseases worldwide. In addition, continuous advancements in lateral flow assays are also expected to contribute to the growth of this segment.

Based on end user, the hospitals & clinics segment commanded the largest share of the overall lateral flow assays market in 2020. Factors driving the growth of this segment are the increasing access to healthcare, economic growth, the rising prevalence of lifestyle diseases, and the impact of COVID-19.

This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa.

The key players operating in the global lateral flow assays market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany), PerkinElmer, Inc. (U.S.), Quidel Corporation (U.S.), and Merck KGAA (Germany) among others.

To gain more insights into the market with a detailed table of content and figures, click here:

Scope of the Report:

Lateral Flow Assays Market, by Product

  • Kits and Reagents
  • Lateral Flow Readers
      • Digital/Mobile Readers
      • Benchtop Readers

Lateral Flow Assays Market, by Technique

  • Sandwich Assays
  • Competitive Assays
  • Multiplex Detection Assays

Lateral Flow Assays Market, by Application

  • Clinical Testing
      • Infectious Disease Testing
      • Cardiac Marker Testing
      • Pregnancy & Fertility Testing
      • Cholesterol Testing/Lipid Profile
      • Drug Abuse Testing
      • Other Clinical Tests
  • Veterinary Diagnostics
  • Food Safety & Environment Testing
  • Drug Development & Quality Testing

Lateral Flow Assays Market, by End User

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Home Care
  • Pharmaceutical & Biotechnology Companies
  • Other End Users
    (Note: Other end users includes water treatment facilities and food processing units)

Lateral Flow Assays Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of Asia-Pacific (RoAPAC)
  • Latin America
  • Middle East & Africa

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Amidst this crisis, Meticulous Research ® is continuously assessing the impact of the COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Meticulous Research®
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Mr. Khushal BombeMeticulous Research®Email- [email protected]

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