Lateral Flow Assay Market - Size, Share, Trends, and Forecast to 2027

The Global Lateral Flow Assay Market, by Product Type (Kits and Reagents and Lateral Flow Readers), By Technique (Competitive Assay, Multiplex Detection Assay, and Sandwich Assay), By Application (Veterinary Diagnostic, Drug Development and Quality Testing, Clinical Testing and Food Safety, and Environmental Testing), by End User (Hospitals, Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, and Home Care Settings), was valued US$ 5.68 billion in 2017, and is projected to exhibit a CAGR of 7.5% over the forecast period (2017 - 2025) as highlighted in a new report published by Coherent Market Insights. Growing demand for point-of-care testing coupled with increasing need for early diagnosis of infectious disease are major factors driving growth of the global lateral flow assay market over the forecast period.

The continuous research and development in the lateral flow assay technology allows to introduce the better and affordable product in the field of clinical diagnosis. In February 2018, researchers from University of Wisconsin-Madison created the cheap and effective tuberculosis (TB) diagnostic assays, based on lateral flow assay technology. The current diagnostic assays for TB involve lengthy DNA extraction and analysis from sputum samples. However, this new technique based lateral flow assay, uses lipoarabinomannan (LAM) protein from urine samples as a biomarker to detect TB, within short duration of time.

Browse 47 Market Data Tables and 45 Figures spread through 170 Pages and in-depth TOC on "" Lateral Flow Assay Market, by Product Type (Kits and Reagents, and Lateral Flow Readers), By Technique (Competitive Assay, Multiplex Detection Assay and Sandwich Assay), By Application (Veterinary Diagnostic, Drug Development and Quality Testing, Clinical Testing and Food Safety and Environmental Testing), by End User (Hospitals, Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies and Home Care Settings) - Global Forecast to 2025""

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https://www.coherentmarketinsights.com/market-insight/lateral-flow-assay-market-1147

Moreover, in October 2017, SYGNIS AG introduced its Universal Lateral Flow Assay (LFA) kit, which is being commercialized under the Innova Biosciences brand name. This novel product provides a tool for the easy and quick development of customized sandwich lateral flow assays, thereby providing physicians with faster access to POC testing for rapid early detection of disease. In April 2017, Neogen Corp. introduced a single-step lateral flow Immunochromatographic assay. The assay detects the raw pork and can be used to screen raw and processed raw meats in food processing industry. This test offers quick and easy test to prevent the accidental or deliberate insertion of pork in the other raw processed meat. Moreover, manufacturers are focusing on the developing new point-of-care testing lateral flow assay system, which will offer quick, easy, and accurate result at low cost.

Key takeaways of the lateral flow assay market:

The global lateral flow assay market is expected to expand at a CAGR of 7.5% during the forecast period (2017 - 2025), owing to increasing prevalence of infectious disease and growing demand for point-of-care testing from highly lucrative market especially in Asia Pacific, Latin America, Middle East, and Africa.
Kits and reagents hold major market share in product segment due to their inevitable need into lateral flow assay procedure.
Sandwich assay segment holds largest revenue share among technique segment due to its higher efficiency and sensitivity in antigen detection, compared to direct or indirect assay technique.
Clinical testing segment accounted hold major market share among application segment due to increasing adoption of lateral flow assay for early detection of infectious disease. For instance, in 2015, World Health Organization (WHO), proposed guidelines and recommendations to use the lateral flow urine lipoarabinomannan assay for the diagnosis and screening of active tuberculosis in people living with HIV.
Among end user, diagnostic laboratories hold largest market share, owing to various point-of care application, potential cost reduction, and ability to offer qualitative result within short duration.
Some of the major players involved in global lateral flow assay market include Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Siemens Healthineers, Inc., Qiagen N.V., Becton, Dickinson and Company, Diagnostic Consulting Network, Inc., Tetracore, Inc., Humasis Co. Ltd., and F. Hoffmann-La Roche AG.