Global Lateral Flow Assay Market: Size and Trends with Impact of COVID-19 and Forecast up to 2028

The report provides insight into lateral flow assay market based on the regions namely, Europe, North America, Asia Pacific, and rest of the world.
 
DELHI, India - Oct. 25, 2023 - PRLog -- Global lateral flow assay market demonstrated a consistent growth, primarily driven by rising cases of infectious and chronic diseases in both developing and developed countries. Growing elderly population, increased focus on preventive healthcare, increasing adoption of the concept of self-management of person's medical conditions, surge in the demand for home based medical kits, rapidly expanding healthcare infrastructure in developing economies, and high consumption of home-based diagnostic kits, will continue to boost the demand of global lateral flow assay market. Moreover, POCT, facilitated by lateral flow assays, has brought diagnostics more closer to the patient in the form of improved accessibility to healthcare in remote or underserved areas where access to traditional laboratory facilities may be limited, providing individuals with timely diagnoses and treatment, particularly in emergency situations and for diseases that require immediate assistance. Therefore, with rising popularity of point-of-care testing and increasing number of companies focusing on developing innovative lateral flow assay-based POC devices, point-of-care (POC) tests based of lateral flow assay will continue to replace lengthy and conventional laboratory procedures, augmenting the growth of global lateral flow assay market in the forecasted period of 2023-2028.

Competitive Landscape:

The lateral flow assay market is relatively fragmented with increasing number of large and medium sized players accounting for the majority of market revenue. Major companies in the market have been implementing both organic (such as launches, expansion, and product approvals) and inorganic development strategies (such as product launches, partnerships, and collaborations) to expand their product portfolio and gain larger market share. For instance, on October 12, 2022, F. Hoffmann-La Roche Ltd, announced the launch of company's next-generation portfolio SARS-CoV-2 rapid antigen tests ("2.0") for self-testing and professional use in countries accepting the CE Mark, where ARS-CoV-2 Antigen Self Test Nasal is a lateral flow test for the qualitative detection of SARS-CoV-2 nucleocapsid antigen in human nasal samples.

The key players of the lateral flow assay market are:

F. Hoffmann-La Roche Ltd
Siemens Healthineers AG
Thermo Fisher Scientific Inc.
Abbott Laboratories
Merck KGaA (MilliporeSigma)
Bio-Rad Laboratories, Inc.
Becton, Dickinson and Company
QuidelOrtho Corporation (Quidel Corporation)
Access Bio, Inc.
PerkinElmer, Inc.

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