Lateral Flow Assays Market

The report "Lateral Flow Assay Market by Product (Kit, Readers), Application (STI, Covid-19, Hep, TB, Cardiac marker, Pregnancy; Drug abuse, Vet Diaganostic, Food), Sample (Blood, Urine, Saliva), Technique (Sandwich, Competitive), End User - Global Forecast to 2029", is valued at an estimated USD 10.8 in 2023. The size is projected to reach USD 16.8  billion by 2029, at a CAGR of 7.6%.

Browse 419 market data Tables and 59 Figures spread through 399 Pages and in-depth TOC on "Lateral Flow Assay Market by Product (Kit, Readers), Application (STI, Covid-19, Hep, TB, Cardiac marker, Pregnancy; Drug abuse, Vet Diaganostic, Food), Sample (Blood, Urine, Saliva), Technique (Sandwich, Competitive), End User - Global Forecast to 2029"
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The rising  demand of lateral flow assays due to increasing  number of geriatric population, growing prevalence of infectious diseases as well as increasing of of point of care tests are some of the key factors that are driving the growth of this market. However , the hesitance in the patients as awell as in health professionals to change in the conventional diagnostic method  and the lack of  accuracy of lateral flow assays are some of the key restraints for lateral flow assyas market

In this report, the lateral flow assays market is segmented on the basis of product type, application type, technique type, sample type, end user, and region.

“Kits and Reagents segment is expected to witness the highest growth during the forecast period”

Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. During the forecast period, the the lateral flow readers segment is expected to witness the second highest growth during the forecast period. The growth of this segment can be attributed as these are economical, quantitative as well as capability of assaying multiple analytes simultaneously.

“Veterinary Diagnostic segment accounted for the second largest share of lateral flow assays market in 2022”

Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The veterinary diagnostic segment accounted for the second largest share of the lateral flow assays market in 2022.In the veterinary diagnostic segment, lateral flow tests are used to test commercial livestock and household pets for various medical conditions, including bacterial and viral infections, allergies, fertility issues, and diabetes. The possibility of infectious disease outbreaks (particularly in large livestock animals) drives the demand for lateral flow tests due to their simplicity and rapidity compared to conventional detection methods.

“The multiplex detection assays technique is expected to witness the fastest growth during the forecast period”

Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The multiplex detection assays technique anticipated to undergo the most substantial growth in the given forecast period. The multiplex assays are useful in clinical diagnosis as it allows to help and decide the stage of a disease where multiple interdependent analytes are involved in the test process. It is highly desirable to analyze multiple analytes simultaneously under the same set of conditions.

Key Market Players :

The key players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Thermo Fisher Scientific, Inc. (US),and PerkinElmer Inc. (US).

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