Lateral flow assays (LFAs) are the technology behind low-cost, simple, rapid and portable detection devices popular in biomedicine, agriculture, food and environmental sciences. Lately, these types of assays have attracted considerable attention due to its potential to provide immediate diagnosis to patients. The variety and interpretation of these results and parameters are used for assessment of the assay. The Global Lateral Flow Assay Market Size is anticipated to grow at 8.2% CAGR from 2016 to 2021 and it is estimated that the global market was valued at USD 5.56 billion in 2016 and is expected to reach USD 8.25 billion by 2021.
Lateral flow assay test market is anticipated to witness positive growth due to high incidences of infectious and communicable diseases and increase in the use rapid testing in home care settings. Moreover, increase in the geriatric population, rise in the use of lateral flow assay in clinical laboratory practice, increase in chronic diseases, and technology advancements are expected to further boost the market growth in the coming years. However, increase in regulations, inconsistency in test results may pose restrain to the lateral flow assay market in the coming years.
The global Lateral Flow Assay Market Segmentation by Product, Application, Technique and End User. On the basis of Product, it is segmented into Reader and Kit. The kits segment held the largest share of this market segment due to the increase in the application of lateral flow kits for point-of-care testing, growth in the burden of chronic diseases, and increasing use of lateral flow kits in home care. On the basis of Application, it is segmented into Clinical (Pregnancy, Infectious Disease, Lipid, Cardiac Marker), Veterinary, Drug Development and Food Safety.
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The clinical testing segment held the largest share of this market segment. The rise in geriatric population and incidences of chronic diseases, growth in the pressure to reduce healthcare costs, and increase in the demand for patient-centric care are the major factors driving the growth of the clinical/POC testing market. On the basis of Technique, it is segmented into Competitive, Multiplex and Sandwich. On the basis of End User, it is segmented into Hospitals and Clinics, Home Care, Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia Pacific and Middle East and Africa. North America held the largest share in the market. North America and Europe will remain key markets for lateral flow assay test market because of the high demand for decentralized laboratory test and presence of highly evolved health care system will boost this market significantly. Asia Pacific is expected to witness the highest CAGR in the coming years due to governmental initiatives, improved healthcare infrastructure, and increase in the demand for quality care at affordable price.
Lateral Flow Assay Market Leaders are Alere Inc., F. Hoffmann-La Roche AG, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux SA, Johnson & Johnson, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., and PerkinElmer Inc.
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