Lateral Flow Assays Market is valued at approximately USD 7.2 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.0 % over the forecast period 2021-2027.
Lateral Flow Assays is a detection technique majorly used in hospitals for rapid testing. It takes only 5-30 mins to provide the result. LFA’s are mainly used for the detection of antibodies, antigens, and various biological sample testing. Due to the expanded application of lateral flow assays, these are broadly used in biomedicine, agriculture, and environmental sciences. Rising demand for point-of-care testing has led to the adoption of Lateral Flow Assays across the forecast period. For Instance: according to the Royal Society of Chemistry in 2021. the lateral flow assays are the simplest and majorly used biosensors for analytical detection used for point-of-care diagnostic applications in various diseases such as malaria, influenza, tuberculosis, and HIV etc.
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LFA’s are also widely used in environmental monitoring, food safety testing and biological agent detection. Increasing incidences of infectious diseases and chronic diseases push the market growth of lateral flow assays. However, the popularity of already existing techniques such as PCR and molecular diagnostics impedes the growth of the market over the forecast period of 2021-2027. Also, with the increasing usage of home-based lateral flow assay devices, the adoption & demand for Lateral Flow Assays is likely to increase the market growth during the forecast period.
The regional analysis of the global Lateral Flow Assays market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the significant region across the world in terms of market share owing to the growing incidences of respiratory infections, rising government funding for research and presence of advanced healthcare infrastructure. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as rising demand due to increasing cases of chronic diseases would create lucrative growth prospects for the Lateral Flow Assays market across Asia-Pacific region.
Major market players included in this report are:
- Thermo Fisher Scientific, Inc.
- F. Hoffmann-La Roche AG
- Bio-rad Laboratories, Inc.
- Biomrieux SA
- Quidel Corporation
- Hologic, Inc.
- Perkinelmer, Inc.
- Merck KGAA
- Becton, Dickinson and Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
- A Kits & Reagents
- Lateral Flow Readers
- Clinical Testing
- Veterinary Diagnostics
- Food Safety & Environment Testing
- Drug Development & Quality Testing
- Sandwich Assays
- Competitive Assays
- Multiplex Detection Assays
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care
- Pharmaceutical & Biotechnology Companies
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Lateral Flow Assays Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Thermo Fisher Scientific, Inc.
F. Hoffmann-La Roche AG
Bio-rad Laboratories, Inc.
Becton, Dickinson and Company
The file offers market sizing and forecast throughout 5 primary currencies – USD, EUR GBP, JPY, and AUD. It helps corporation leaders make higher choices when foreign money change records are available with ease. In this report, the years 2020 and 2021 are regarded as historic years, 2020 as the base year, 2021 as the estimated year, and years from 2022 to 2030 are viewed as the forecast period.
In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Healthcare Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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What are the aspects of this report that relate to regional analysis?
- The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
- The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
- Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
- How are the key players in the market assessed?
- This report provides a comprehensive analysis of leading competitors in the market.
- The report includes information about the key vendors in the market.
- The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
- The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
- A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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