Fact.MR – A Market Research and Competitive Intelligence Provider: The Lateral Flow Assays market revenues were estimated at US$ 7.2 Bn in 2021 and is anticipated to grow at a CAGR of 4.7% from 2022-2032, according to a recently published Fact.MR report.
Lateral Flow Assays Market Size worth US$ 11.7 Billion by 2032, States Fact.MR
The increase in demand for point of care testing and the rising incidence of infectious diseases are expected to shape the overall Lateral Flow Assays market, comments a Fact.MR analyst.
Fact.MR – A Market Research and Competitive Intelligence Provider: The Lateral Flow Assays market revenues were estimated at US$ 7.2 Bn in 2021 and is anticipated to grow at a CAGR of 4.7% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 11.7 Bn. Globalization has led to a rise in infectious diseases; therefore, more programs have been launched to prevent and prevent these diseases. Furthermore, a rise in demand for point-of-care testing, as well as strategic mergers and acquisitions, is rapidly changing medical trends.
A notable increase in government’s efforts to combat a number of infectious diseases, including HIV/AIDS as well as the COVID-19 epidemic are forecasted to drive substantial demand for lateral flow testing devices. According to the United States Department of Health and Human Services, the US government has established the President’s Emergency Plan for AIDS Relief (PEPFAR), which aims to prevent, detect, and respond to new and existing AIDS and HIV threats.
POC devices eliminate the requirement for laboratory testing, reducing the demand for trained laboratory employees and promoting self-testing. Despite recent technology breakthroughs, several emerging nations continue to struggle to obtain timely medical assistance in times of need. Dipsticks or Lateral Flow Assays are increasingly being used to aid faster diagnosis and treatment, which is one of the primary factors driving market growth.
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Key Takeaways from the Market Study
- Global Lateral Flow Assays market is estimated to reach a market size of US$ 7.4 Bn by 2022
- Top Product Type being Benchtop Readers expected to grow at a CAGR of 4.6%.
- Top Application being Clinical testing expected to grow at a CAGR of 5.0%.
- The Lateral Flow Assays market reached a valuation of US$ 7.4 Bn in 2022 as the worldwide revenues was up by 2% year-over-year.
Competitive Landscape
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive. Some key players operating in the lateral flow assays market include Abbott; Quidel Corporation; Hologic Inc.; Thermo Fisher Scientific Inc.; F.Hoffmann-La Roche; Siemens AG; Danaher Corporation; Becton, Dickinson and Company; Bio-Rad; BioMerieux; and PerkinElmer.
- In September 2021, the FDA granted the ANP Technologies Inc. emergency authorization for use of the NIDS COVID-19 Antigen Rapid Test Kit. This test uses the Nano-Intelligent Detection System (NIDS) platform technology of ANP and is based on lateral flow immunoassay.
- In October 2021, Bio-Plex Pro Human IgA and IgM SARS-CoV-2 panels were developed by Bio-Rad Laboratories, a life-science research and clinical diagnostic products firm, to detect antibodies for four different SARS-CoV-2 antigens.
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Key Segments Covered in Point of Care Diagnostics Industry Research
Point of Care Diagnostics Market by Platform:
- Lateral Flow Assays-based POC Tests
- Dipsticks POC
- Microfluidic Point of Care Testing
- Molecular Diagnostics
- Immunoassay Technology
- Others
Point of Care Diagnostics Market by Application:
- Glucose Monitoring Products
- Cardiometabolic Monitoring Products
- Infectious Disease Testing Products
- Pregnancy & Fertility Testing Products
- Urinalysis Testing Products
- Cholesterol Testing Products
- Hematology Testing Products
- Drugs-of-abuse Testing Products
- Others
Point of Care Diagnostics Market by End User:
- Point of Care Diagnostics for Hospitals
- Point of Care Diagnostics for Diagnostic Laboratories
- Point of Care Diagnostics for Clinics/Physician Offices
- Point of Care Diagnostics for Home Care
- Others
Point of Care Diagnostics Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Lateral Flow Assays market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Product Type (Lateral Flow Readers, Digital/Mobile Readers, Benchtop Readers, Kits & Reagents), Application (Drug Development & Quality Testing, Clinical Testing etc.), Technique, End-use, across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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