Unveiling Insights: Global Lateral Flow Assays Market Analysis

The Business Research Company's Lateral Flow Assays Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 24, 2023 /EINPresswire.com/ -- The global lateral flow assays market has experienced substantial growth, surging from $10.46 billion in 2022 to $11.12 billion in 2023, achieving a commendable Compound Annual Growth Rate (CAGR) of 6.3%. The market is poised for continued expansion, with an anticipated market size of $13.83 billion by 2027, sustaining a projected CAGR of 5.6%.

Driving Forces: High Prevalence of Infectious Diseases
The escalating prevalence of infectious diseases worldwide stands as a significant driver for the lateral flow assays market. In developing nations, the high incidence of infectious diseases, including HIV and malaria, coupled with insufficient healthcare infrastructure and increasing public awareness, is expected to boost the adoption of lateral flow assay testing. The recent COVID-19 pandemic has underscored the imperative for early disease detection capabilities, further propelling market growth. According to the World Health Organization (WHO), in 2021, approximately 10.6 million people globally were infected with tuberculosis, resulting in 1.6 million deaths. Additionally, 1.5 million individuals acquired HIV, leading to 650,000 deaths. The high prevalence of infectious diseases globally is poised to drive the growth of the lateral flow assays market.

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Market Leaders: Key Players Steering the Industry
Major players contributing to the dynamics of the lateral flow assays market include Abbott Laboratories, Quidel Corporation, Roche Holding AG, Danaher Corporation, Siemens AG, Merck KGaA, bioMérieux SA, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., PerkinElmer Inc., Hologic Inc., QIAGEN N.V., Becton, Dickinson and Company, and Abcam plc.

Trend Spotlight: Technological Advancements Reshaping the Landscape
Technological advancements emerge as a key trend gaining traction in the lateral flow assays market. Leading players are concentrating on developing innovative technological testing products to fortify their market positions. For example, in November 2021, IUL SA, a Spain-based laboratory equipment manufacturer, introduced iPeak Europium. This new lateral flow reader is equipped with iPeak technology based on machine vision illumination principles to scan fluorescence-labeled lateral flow tests. The fluorescence lateral flow tests offer high sensitivity and specificity, providing an affordable alternative to other PCR tests.

Regional Dynamics: North America Leads, Asia-Pacific as the Growth Hub
In 2022, North America asserted its dominance as the largest region in the lateral flow assays market. However, Asia-Pacific is anticipated to emerge as the fastest-growing region in the lateral flow assays market during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation: Navigating Diverse Dimensions
The global lateral flow assays market is segmented –
1) By Type: Kits And Reagents, Lateral Flow Readers
2) By Technique: Sandwich Assays, Competitive Assays, Multiplex Detection Assays
3) By Application: Veterinary Diagnostics, Clinical/Point-Of-Care Testing, Drug Development And Quality Testing, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Home Care Settings, Pharmaceutical And Biotechnology Companies, Other End Users

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Lateral Flow Assays Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Lateral Flow Assays Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on lateral flow assays market size, lateral flow assays market drivers and trends, lateral flow assays market major players, competitors' revenues, market positioning, and lateral flow assays market growth across geographies. The lateral flow assays market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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