Lateral Flow Assay Market Growth opportunities, Company Profiles,Competitive Scenario And Investment Analysis 2028

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Lateral flow assays are simple and reliable antibody-based assays, providing a rapid method.

Lateral flow assays are simple and reliable antibody-based assays, providing a rapid method for the detection of specific biomarkers above a detection threshold. Lateral flow assays offer a fast, simple, and low-cost option for precision diagnostics. In the field of on-site diagnostics, lateral flow assay (LFA) are settled commercial product because of their capacity of giving exact, quick, and low-cost result. Lateral flow assay technology is quickly advanced throughout the years and routinely utilized for purpose of point-of-care and companion diagnostic applications. In addition, technological advances to transform the assays from simple qualitative tests into complex multi-analyte quantitative assay are driving development of the lateral flow assay market. Applications of lateral flow assay include tests on pathogens, drugs, hormones and metabolites in biomedical, veterinary, feed/food and environmental settings

LATERAL FLOW ASSAY MARKET OUTLOOK

The Lateral Flow Assay Market is mainly driven by the five major factors including high prevalence of infectious diseases across the globe coupled with the rapidly rising geriatric population, increasing demand for point-of-care testing, growing usage of home-based lateral flow assay devices and low production cost. As indicated by United Nation estimate the global population aged 60 years was recorded 962 million in 2017 and is expected to double by 2050, to reach nearly 2.1 billion. Geriatric populace is prone to different chronic illnesses attributable to structural changes in the ageing population, which in turn is anticipated to support the growth of the lateral flow assay market. 

Other factors such as technological advancements, growing awareness and growing product acceptance are likely to propel the global lateral flow assay market. However, lateral flow assay tests are only suitable for primary screening of point-of-care. The factors such as stringent regulation and inconsistency in test results are anticipated to hinder the growth of the market. Nevertheless, the evolving applications of lateral flow assays coupled with the rising demand for lateral flow assays in the food beverage industry provides the opportunity for the expansion of the lateral flow assay market.

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LATERAL FLOW ASSAY MARKET SEGMENTAL OVERVIEW

The report analyses the Lateral Flow Assay Market on the product, technique, application, end user and geography. 

LATERAL FLOW ASSAY MARKET BY PRODUCT 

On the basis of product, the market is classified as Kits Reagents, Digital/Mobile Readers and Benchtop Readers. The lateral flow assay kits segment held the major market share of the global lateral flow assay market. This can be attributed to the factors such as rising popularity of flow cytometry kits and its growing applications within the pharmaceutical, healthcare and homecare fields couple with the increasing burden of chronic diseases, and rising use of lateral flow kits in home care.

LATERAL FLOW ASSAY MARKET BY APPLICATION 

Based on application, the market is segmented into clinical/point-of-care testing, veterinary diagnostics, food safety environmental testing, and drug development quality control testing. The clinical/point-of-care testing segment is sub categorised into infectious disease testing, cardiac marker testing, pregnancy fertility testing, cholesterol lipid testing, drugs-of-abuse testing and others. The clinical/point-of-care testing segment accounted for the largest share of this market owing to the increasing global prevalence of infectious diseases, cardiovascular diseases and the shift in focus from centralized laboratories to decentralized point-of-care testing coupled with growth in funding for research on infectious disease and chronic diseases diagnostics are some the factors driving segmental growth of this market.

 LATERAL FLOW ASSAY MARKET BY TECHNIQUE 

By technique the lateral flow assay market is categorised into Competitive Assay, Sandwich Assay and Multiplex Detection Assay. The rising population base and prevalence of chronic and infectious diseases coupled with the growing pressure to reduce healthcare costs, and rising demand for patient-centric care are the factors attributed to the growth of the market. 

LATERAL FLOW ASSAY MARKET BY END USER

Considering the end-user segment, the market is segmented into Home Care, Diagnostic Laboratories, Hospitals Clinics and Pharmaceutical Biotechnology Companies and others. the hospitals and clinics segment accounted for the largest share of the market. This is primarily be attributed to the large number of diagnostic tests conducted in hospitals due availability innovative technologies and devices, growing patient inclination toward fast and early diagnosis and increasing adoption of point-of-care testing. 

LATERAL FLOW ASSAY MARKET BY GEOGRAPHY 

North America accounted for the largest share of the lateral flow assay market in 2018 followed by Europe and Asia Pacific. The dominance of the North America region is attributed to the generous investments and funding available for research in this field existing well-established healthcare system, rising geriatric population, increasing incidence of chronic diseases, quick adoption of new innovative products and the presence of the key players in this region. Further, the growing aging population and growth in demands for intensive research in chronic diseases such as cancer, neurodegeneration, and cardiac diseases are the factors that favoured the market growth in the Europe region. Moreover, Asia-Pacific region is observing robust growth in the market owing to the presence of developing nations such as China and India this will give rise to the Lateral Flow Assay Market growth.

LATERAL FLOW ASSAY MARKET KEY PLAYERS 

The competitive market of lateral flow assay market appears fragmented owing to the many large and small players along with the new entrants churning the competition. The key players in the Lateral Flow Assay Market are The prominent players in the global lateral flow assay market are Abbott Laboratories, F. Hoffmann-La Roche AG Siemens AG, Becton and Dickinson Company, bioMérieux SA,Bio-Rad Laboratories, Inc., , Danaher Corporation, Thermo Fisher Scientific IncPerkinElmer, Inc., Hologic, Inc., Merck Millipore, ., QIAGEN N.V., Quidel Corporaton, Abcam plc., DCN Diagnostics, Surmodics, Inc., BioPorto Diagnostics A/S , Chembio Diagnostic Systems, Inc., Polysciences, Inc., Innova Biosciences Ltd., Microcoat Biotechnologie GmbH, and Senova GmbH, Scienion AG among others.

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