Lateral Flow Assays Market

The global lateral flow assays market in terms of revenue was estimated to be worth $10.8 billion in 2023 and is poised to reach $16.8 billion by 2029, growing at a CAGR of 7.6% from 2023 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The rising adoption of kits & reagents and lateral flow assay readers for infectious diseseas testing, veterinary diagnostics, and drug of abuse testing, cardiac marker testing. Whereas most of lateral flow assays are having limitation of qualitative detection, lot to lot variation like factors may hinder the growth of market during the forecast period.

Lateral Flow Assays Market Size, Dynamics & Ecosystem

To know about the assumptions considered for the study, Request for Free Sample Report

Lateral Flow Assays Market Dynamics

Driver: Increase in eye disorders

Age is the major factor in eye related disorder. The rise in population and increase in chronic exposure to UV screens are influencing the rise in eye-related disorders. The most common diseases include diabetic retinopathy, glaucoma, cataract, corneal opacities, Trachoma, refractive error disease, etc. The rise of diabetic retinopathy, a prevalent challenge for many living with diabetes, has ignited a demand for advanced imaging and laser treatments. These advancements, along with innovative technologies like femtosecond lasers and phacoemulsification systems for cataracts, represent a beacon of hope in the global fight against vision loss. This isn't just a story of market forces; it's a testament to the power of scientific progress in empowering us to protect our precious eyesight. As awareness grows and preventive measures take hold, the need for specialized lateral flow assays is likely to remain strong, fueled by both the apprehension of losing sight and the unwavering desire to preserve it. In North America, there is an estimate that nearly 56 million people will be affected from diabetic retinopathy and will reach 63.2 million. (Source: IDF). On the other hand, according to NIH 2020, approximately 10 million cataract operations are performed every year in the world, with rates varying from 100 to 6000 operations per million population per year. According to the National Eye Institute, about 200,000 new cases of wet AMD are diagnosed each year in North America.

Restraint: rising adoption of previously owned equipment

The market includes a lot of local players that tend to provide refurbished equipment at cost-effective prices. Since the cost associated with this equipment is touching the sky, these local players have gained a large momentum in the past. The true reasons for the adoption of refurbished equipments include

First of all, healthcare is becoming increasingly cost-conscious. A growing number of organizations and individual practitioners are looking for more affordable options due to budgetary restrictions and rising equipment costs. Refurbished equipment can provide equivalent performance and reliability to new equipment, which makes it an appealing alternative because it is sometimes much less expensive. Second, improvements in refurbishing technology are making reconditioned equipment last longer and be of higher quality. Reputable refurbishers may guarantee performance that satisfies exacting medical requirements with careful cleaning, recalibration, and replacement of worn parts. Healthcare providers find used equipment more appealing due to its increased reliability. Thirdly, a move towards sustainable practices is being driven by environmental concerns. Refurbishing equipment contributes to waste reduction and equipment longevity, which is in line with the increasing demand for ethical healthcare practices. Thus, the refurbished market is creating a huge barrier for growth.

Opportunity: Low adoption of phacoemulsification devices and premium IOLs in emerging regions

Phacoemulsification is regarded as an important and effective treatment in treating cataract surgeries. It involves the removal of lens by breaking it. It makes cataract surgery safe and effective, and used nearly 60% of the time to treat cataracts of which only 25% is used in Asia. In India, nearly 17% of cataract surgeries are done using this technique and premium lenses are used in only 8% of these surgeries. Reduced reimbursement for use of such high priced lenses and high post operative costs are reasons of low adoption in emerging regions. Thus, it is said that premium lenses at cost effective price would represent a huge market potential in merging regions creating opportunities for growth in the Asia Pacific region and Latin America region. The cost of phacoemulsification equipment and high-end IOLs is much more than that of conventional cataract surgery methods. Basic care is prioritized in settings with limited resources, therefore it might be difficult to justify the increased cost of these cutting-edge devices.

Phacoemulsification implementation necessitates operating rooms, specialized equipment, and skilled staff. Lack of these resources prevents widespread adoption in many growing regions. Furthermore, teaching surgeons these intricate methods can be costly and time-consuming. The advantages of high-end IOLs, such as better vision quality and less need for glasses, may not be well recognized or appreciated in areas where basic vision restoration is the main issue. Driving the adoption of these technologies requires educating patients and creating awareness of their benefits.

Challenge: Lack of skilled professionals

The demand for skilled professionals is high, and the actual numbers don’t justify it. This was initially an issue in the emerging regions however it is holding true in the mature markets as well. This leads to a lack of adoption of technologically advanced tools and in turn hampers market growth. As per the All India Ophthalmic Society, in 2019, only 15,000 professionals in the ophthalmology space were treating 1 to 100,000 people. Similarly, in  2021, the American Academy of Ophthalmologists reported 18,000 practicing ophthalmologists in the US only. In the sub Saharan Africa there is an average of 2.5 ophthalmologists for every million patients. Similarly, in China it is 44,000 doctors and only 1.6 doctors for every 50,000 people. Thus, it creates hindrance in the adoption of the improved technology and the user is not skilled enough.

Lateral Flow Assays Market Segmentation & Geographical Spread

To know about the assumptions considered for the study, download the pdf brochure

The vision care segment accounted for the largest share of the product lateral flow assays industry.

The aging population and growing awareness of eye health are driving a dynamic shift in the lateral flow assays market. Particularly the Asia Pacific area has become a major force, securing the top growth slot for 2022. Many factors, including government programs, technological breakthroughs, and changing lifestyles and demographics, are driving this growth. Using their strengths in manufacturing, aging populations, and preventive healthcare, nations like China, India, and Japan are driving the change. Eye care, which includes eyeglasses, contact lenses, and associated accessories, takes up a sizeable portion of this industry. Key drivers include the widespread demand for refractive error correction, ongoing advancements in lens technologies, affordability, and user-friendliness. However, eye care is only one aspect of the whole picture. Sophisticated surgical instruments, necessary consumables, and diagnostic devices such as autorefractors and tonometers all play vital roles in this complex and dynamic field. As the market for lateral flow assays grows and changes, it is important to make sure that everyone has fair access to high-quality eye care. This entails tackling issues including infrastructure constraints, affordability, and the lack of qualified professionals. In order to guarantee that everyone, regardless of geography or economic status, has the chance to view the world clearly, stakeholders can collaborate to fully utilize the potential of innovation and accessibility.

Fundus camera is a leader in Ophthalmic ultrasound imaging systems of lateral flow assays industry.

In the market for ophthalmic ultrasound imaging systems, the fundus camera is the industry leader. This is due to its exceptional capacity to reveal the eye's mysteries and facilitate the early identification of diseases that could jeopardize eyesight. There are a number of reasons why it is the clear winner. Fundus cameras, in contrast to other imaging modalities, offer a painless and non-invasive window into the retina, the thin layer of tissue lining the back of the eye. It is perfect for routine checks and for keeping an eye on patients with chronic eye problems because of its ease of use, which permits numerous inspections. The fundus camera offers important insights into the health of the eye by taking high-resolution pictures of the retina, optic nerve, and blood vessels. Early indications of diseases such as diabetic retinopathy, glaucoma, and macular degeneration can be identified with the help of this comprehensive visualization.

North America is expected to account for the largest share of the lateral flow assays industry.

North America has some of the highest worldwide healthcare spending rates, which translates into large investments in state-of-the-art ophthalmic technology. This encourages the creation and uptake of cutting-edge technology, expanding the realm of what is practical for preventive and vision restoration. World-class research facilities and medical centers that are at the forefront of ocular research and development can be found in the area. This creates a vibrant ecosystem that encourages innovation, which results in a steady supply of new and enhanced equipment coming to market. Naturally, as North America's population ages, age-related eye conditions like cataracts and macular degeneration become more common. Growth is further accelerated as a result of the expanded market for diagnostic and therapeutic equipment.

Prominent companies in this market include The prominent players in the global lateral flow assays market include Abbott Laboratories (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Siemens AG (Germany), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), QuidelOrtho Corporation (US), and Merck KGaA (Germany).  These players include high shares in the market due to acquisitions, partnerships, strategic mergers, and large distribution channels adopted by them. This also leads to an increase in their geographic reach.

Scope of the Lateral Flow Assays Industry

The research report categorizes lateral flow assays market to forecast revenue and analyze trends in each of the following submarkets:

By Type

• Kits & Reagents
• Lateral Flow Readers

By Application

• Clinical Testing
• Veterinary Diagnostics
• Food Safety & Environmental Testing
• Drug Development & Quality Testing

By Technique

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

By Sample Type

• Blood Samples
• Urine Samples
• Saliva Samples
• Other Samples

By End User

• Hospitals & Clinics
• Diagnostics Laboratories
• Home Care Settings
• Pharmaceuticals & Biotechnology Companies
• Other End USer

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East and Africa

Recent Developments of Lateral Flow Assays Industry:

• In August 2023, Quidelortho received authorization from the US Food and Drug Administration (FDA), allowing the company to market its new Sofia 2 SARS Antigen+ FIA.
• In February 2022, Abbott Laboratories received FDA Emergency Use Authorization (EUA) for its Alinity M assay to detect antibodies to SARS-CoV-2.
• In October 2022, Roche launched the next-generation portfolio of SARS-CoV-2 rapid antigen tests (“2.0”).

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst