Lateral Flow Assay Market Size Expected to Reach US$ 14,844.6 Million by 2034: Fact.MR Report
Increasing need for rapid test results and point of care diagnostic
Rockville, April 03, 2024 (GLOBE NEWSWIRE) -- The global lateral flow assay market is estimated to be US$ 9,035.8 million in 2024. The market is projected to expand at a steady 5.1% CAGR through 2034. The market is projected to surpass US$ 14,844.6 million by 2034. *Get Free Sample Copy of This Report:*
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The lateral flow assay market is rapidly growing due to rising demand in medical diagnostics, food safety testing, drug development, and environmental monitoring. The market is also fueled by its ease of use, low cost, and rapid results. Furthermore, technological developments and innovative lateral flow assay products have supported market expansion. Lateral flow assay manufacturers are increasingly incorporating multiplexing capabilities, allowing simultaneous detection of multiple analytes within a single test. This trend caters to the need for comprehensive diagnostic information, especially in infectious diseases and other health conditions with diverse biomarkers.
The market continues to rise due to the increasing use of lateral flow tests in veterinary diagnostics and research applications. Furthermore, rising research and development investments and rising demand for home-based diagnostic tests are likely to generate profitable prospects for the lateral flow assay market through 2034.
The global lateral flow assay market is predicted to increase significantly in the coming years, owing to the rising prevalence of infectious diseases globally. Lateral flow assays are quick diagnostic tests commonly used in healthcare settings to diagnose various disorders. These tests are simple to perform, produce quick results, and require no training, making them an excellent choice for point-of-care testing.
*Report Attribute* *Details*
Value Projection (2034) US$ 14,844.6 Million
Growth Rate (2024-2034) 5.1% CAGR
No. of pages 170 Pages
No. of Tables 64 Tables
No. of Figures 192 Figures
*Key Takeaways from the Market Study* · The North America lateral flow assay market is expected to grow at a CAGR of 5.6% from 2024 to 2034.
· The market is anticipated to register a CAGR of 5.8% in the United States over the forecast period.
· China's lateral flow assay market industry is expected to rise at a CAGR of 6.0% through 2034.
· Based on product type, the LFA kits segment leads the market, with an expected share of 77.2% in 2024.
*“The lateral flow assay market is likely to expand in the coming years, driven by the rising need for rapid and precise diagnostic tests in various sectors."* says a Fact.MR analyst.* *
*Key Companies Profiled in This Report*
· ThermoFisher Scientific Inc.
· Meridian Bioscience Inc.
· Abbott Laboratories
· Becton, Dickinson & Company
· PerkinElmer Inc.
· Siemens Healthineers
· Abcam plc.
· Access Bio, Inc.
· Humasis Co. Ltd
· F. Hoffmann-La Roche
· Bio-Rad Laboratories, Inc.
· Maternova Inc.
· Quidel Corporation
· QIAGEN N.V.
· bioMérieux SA
· Healgen Scientific, LLC.
· DIALUNOX GmbH
· Detekt Biomedical LLC
Key players are developing one-step assays that are robust, have high sensitivity and specificity, and do not require wash processes or sample preparation.
In 2021, Abbott announced that its Panbio COVID-19 Ag Rapid Test Device had received a CE Mark for two new uses, which are asymptomatic screening and self-administered sample collection using a nasal swab to detect the SARS-CoV-2 virus.
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*Country-wise Insights*
In 2024, North America is expected to account for 43.8% of the indwelling catheters market. From 2024 to 2034, the industry is predicted to grow at a moderate 5.6% CAGR, with a share of 46.1% by 2034.
East Asia is the other region that has a substantial market share. East Asia is expected to have an 11.8% share by 2024. During the forecast period, East Asia's market is predicted to grow at a moderate 5.3% CAGR, maintaining a 12.1% share until 2034.
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*About Fact.MR**:*
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