The global lateral flow assays market is projected to reach USD 10.2billion by 2025 from 8.2 billion in 2020, at a CAGR of 4.5% during the forecast period. The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market.However, other reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key factors restraining the growth of the market.
Lateral Flow Assays Market : Recent Developments
- In September 2020, Abbott Laboratories (US) launched the PanBio COVID-19 immunochromatographic test for rapid qualitative detection of Sars-CoV-2 virus in Europe.
- In September 2020, F.Hoffman La Roche Ltd. (Switzerland) launched the SARS CoV-2 Rapid Antigen Test in markets accepting the CE Mark.
- In September 2020, Thermofisher Scientific, Inc. (US)opened a new Bioprocessing Collaboration Center (BCC) in Missouri, US, to bring together its expertise in GMP biologics manufacturing and bioprocessing technologies, including chromatography and analytical tools.
- In September 2020, Qiagen N.V. (Netherlands) acquired NeuMoDx Molecular, Inc. (US), with the acquisition helping to broaden QIAGEN’s diagnostic instrument product portfolio.
- In September 2020, Siemens Healthineers (Germany) collaborated with US Centers for Disease Control and Prevention (CDC) & Joint Research Center (JRC) of European Commission on a research project which helped Siemens Healthineers develop novel processes for standardizing SARS-CoV2 assays.
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Growth Driver: High prevalence of infectious diseases across the globe
Despite significant improvements in sanitation and medicine, the global prevalence of infectious diseases is still high. Although non-communicable diseases are the leading cause of morbidity and mortality, infectious diseases remain a major public health concern across the globe. According to the National Institute of Allergy and Infectious Diseases, annually, infectious diseases claim more than 15 million lives globally. This factor is a major driver for the growth of the lateral flow assays market in the forecast period.
North Americais expected to account for the largest share of the Lateral Flow Assaysmarketin 2019, followed by Europe. The dominance of the North American region can be attributed to, increasing R&D investment in the region and presence of a large number of market players.
Leading Key Players:
The global lateral flow assays market is consolidated with the presence few big players in the market. Abbott Laboratories (U.S.), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation, Siemens AG(Germany), Thermo Fisher Scientific (US), Becton, Dickinson and Company (U.S.), and bioMérieux SA (France) are the major players in this market. The companies are mainly focusing on product launches, expansions, partnerships, agreements & collaborations to strengthen their market presence.