Dublin, May 23, 2022 (GLOBE NEWSWIRE) — The “Lateral Flow Testing – Global Market Trajectory and Analysis” report has been added to from ResearchAndMarkets.com offer.
Global Lateral Flow Analysis Market to Reach $11.2 Billion by 2026
Amid the COVID-19 crisis, the global lateral flow analysis market estimated at US$7.8 billion in 2020, is expected to reach a revised size of US$11.2 billion by 2026, with a growing at a CAGR of 5.9% over the analysis period.
Lateral flow assays are assays designed to efficiently identify compounds of interest present in complex mixtures in 5 to 30 minutes. Lateral flow technology is rapidly emerging as a technique of choice for infectious disease screening given the many advantages the technology offers.
The expansion of the market is attributed to a high incidence of infectious diseases coupled with a growing geriatric population and a growing trend of point-of-care testing. The market is also expected to benefit from the growing popularity of self-diagnosis, a significant trend that is propelling the demand for home lateral flow assay devices.
Another factor supporting the growth of the market is the continued technological advancements associated with lateral flow assays. These efforts aim to improve these assays based on selectivity, sensitivity, and quantitation.
Additionally, the integration of advanced quantification systems, new markers and simultaneous detection techniques is driving growth. The COVID-19 pandemic has presented an ideal growth opportunity for lateral flow testing due to the high demand for screening tests based on lateral flow testing.
Kits and reagents, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.1% to reach US$9.6 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the lateral stream readers segment is readjusted to a revised CAGR of 4.9% for the next 7-year period.
This segment currently represents a 17.9% share of the global lateral flow assay market. Unlike time-consuming laboratory tests, lateral flow test kits are portable, convenient to use, and require minimal training.
The US market is estimated at $3.3 billion in 2021, while China is expected to reach $872.4 million by 2026
The lateral flow analysis market in the United States is estimated to be worth US$3.3 billion in 2021. The country currently accounts for a 38.64% share of the global market. China, the second largest economy in the world, is expected to reach an estimated market size of US$872.4 million in 2026 growing at a CAGR of 8.8% over the analysis period.
Other notable geographic markets include Japan and Canada, each forecasting growth of 3.8% and 5.5% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 4.8%, while the rest of the European market (as defined in the study) will reach US$917 million by the end of the outlook period. ‘analysis.
The U.S. market is at the forefront of adoption of lateral flow testing, supported by the growing prevalence of infectious diseases such as tuberculosis and Lyme disease, as well as the rising mortality rate related to AIDS. Growth is further bolstered by the chaos created by the COVID-19 pandemic, prompting governments to make aggressive moves toward mass testing programs. A multitude of factors are contributing to the rapid adoption of lateral flow testing in developing regions, particularly in Asia-Pacific.
While demand for these products is primarily driven by rising healthcare expenditures and increased demand for diagnostics, other factors including growing awareness of healthcare and subsequent increase in demand for healthcare services , are also contributing to the increase in demand.
Main topics covered:
I. METHODOLOGY
II. ABSTRACT
1. MARKET OVERVIEW
- Impact of Covid-19 and a looming global recession
- Challenges and opportunities for clinical diagnostics amid the pandemic
- Impact of COVID-19 on Lateral Flow Testing Market
- Analysis of COVID-19 test performance
- Lateral flow test-based testing skyrockets during COVID-19 pandemic
- LFAS nations-at-arms fight coronavirus
- A prelude to lateral flow technology
- Lateral Flow Tests: An Introduction
- Lateral Flow Tests: A Powerful Paper-Based Diagnostic Approach
- The Lateral Flow Analytics Market Looks Set For Uninterrupted Flow Ahead
- Clinical testing remains the main application segment of the lateral flow testing market
- Rising Incidence of Infectious Diseases Drives Demand
- LFA overcomes testing hurdles
- Emerging apps present lucrative opportunities
- The United States retains leadership in the global lateral flow testing market
- Competitive scenario
- Market Outlook
2. FOCUS ON CERTAIN PLAYERS (Total 55 Featured)
- ABBOTT Laboratories
- Becton, Dickinson and company
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- F. Hoffmann-La Roche SA
- Hologic inc.
- Merck KGaA
- Perkin Elmer Inc.
- QIAGEN AG
- Quidel Company
- Siemens AG
3. MARKET TRENDS AND DRIVERS
- Rising Incidence of Infectious Diseases to Drive LFA Market
- Infectious diseases remain the leading cause of death in underdeveloped regions
- More testing for HIV and sexually transmitted diseases boosts growth
- Number of AIDS-related deaths (thousands) by region for 2018
- Rapid HIV tests: a new diagnostic weapon against the deadly disease
- Home-based HIV testing emerges as a lucrative option
- Viral Hepatitis Test Presents Opportunities for Lateral Flow Testing Market
- Prevalence of hepatitis B worldwide by region
- Rising health spending trend creates a fertile environment
- Aging demographics to drive demand
- Self-diagnosis emerges as a notable trend
- New Self-Test Device Approvals to Boost the Market
- Lateral flow assays maintain optimistic outlook with emerging application areas
- LFAs are gaining ground in multiplexing
- Point-of-Care Multiplexed Testing
- Remote Healthcare Benefits Lateral Flow Testing Market
- Lateral flow assays will become a gold standard approach in precision diagnostics
- Lateral flow analyzes and precision diagnostics
- Lateral Flow Digitization to Support Healthcare
- Digitized Lateral Flow Trials: An Exciting Platform to Change the Field of Data-Driven Healthcare
- Lateral flow assays emerge as integral components of food safety and environmental testing
- New lateral flow test marks shift from reactive to proactive approach to food safety testing
- Technological advancements remain crucial for future growth
- Researchers develop a new technique to dramatically increase the accuracy of lateral flow testing
- Fully quantitative smartphone-based lateral flow analyzer for reliable and fast diagnosis
- Innovative lateral flow immunoassays are playing an increasing role in the detection of dengue fever and Zika virus
- Abingdon Health Introduces ADxLR5 Developer for Assay Development
- Rapid test connectivity with wireless data platforms
- Miniaturization of analytical instruments presents lucrative opportunities for portable lateral flow analytical readers
- Low precision remains a major constraint
- Limited reimbursement and raw material supply issues as main challenges
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
- Lateral Flow Testing Market Presence – Strong / Active / Niche / Trivial – Key Competitors for 2022 (E)
IV. COMPETITION
For more information on this report, visit https://www.researchandmarkets.com/r/veyucb
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