Global Lateral Flow Assay Market Envisioned to Value Over US$ 9.7 Billion by 2029 End

  • 05 Jul 2019

Global lateral flow assay market envisioned to value over US$ 9.7 Billion by 2029 end and register a CAGR of over 6.9% from 2019 to 2029.

Lateral flow assay is used to ratify pathogens or biomarkers in animals and humans. It's mostly used in human health and in medical diagnostics for laboratory use and home testing. Increase in disposable income and rising geriatric population are expected to fuel the growth of the market. Increase demand for home pregnancy tests is also boosting the growth of the market. 

The market is bifurcated on the basis of the product type, indications and distribution channel. On product type, the market is segmented into Readers and LFA Kits. Readers consist of handheld readers & bench top readers. A gradual increase in miniaturization has enhanced the preference of handheld readers. Latest advancements in technology are expected to create more demand for bench top readers. Advancement of technology is expected to create more demand for mobile readers. LFA kits consist of a test strip, dipstick, cassette & lancets. Rising demand for test strip among consumers is expected to inflate the size of the market during the forecast period. 

Based on indications, the market is segmented into infectious diseases, pregnancy, and drug abuse testing. Infectious diseases consist of mosquito-borne diseases, streptococcus infections, sexually transmitted infections (STI), hepatitis, tuberculosis (TB), gastrointestinal infections & others. Increasing prevalence regarding mosquito-borne diseases is stimulating the growth of the market. 

Based on the distribution channel, the market is bifurcated into hospital pharmacies, retail pharmacies, supermarket/hypermarket & e-commerce. Retail pharmacies are currently dominating the market. However, e-commerce is expected to grow during the forecast period. 
However, time consuming and strict policies coupled with the inconsistency of test results are expected to hinder the growth of the market.

Based on geographical regions, North America accounts for the largest share of the market. Increasing prevalence of infectious diseases coupled with a rise in demand of handheld readers remain the key factors driving the growth of the market in the region. Europe is followed after North America. Asia-Pacific region is witnessed to see huge growth of the market during the forecast period. Factors such as large population and increasing government initiatives to support health care facilities are expected to propel the growth of the market in the region. 

Prominent players of the market are Hoffman-La Roche Ltd, Becton Dickinson and Company, Alere Inc., Abbott Laboratories, Thermo Fisher Scientific, Johnson & Johnson and Siemens AG.

Global Lateral Flow Assay Market Segmentation: 
By Product Type

  • Readers
    • Bench top readers
    • Handheld readers
  • LFA Kits
  • Test strip
  • Dipstick
  • Cassette
  • Lancets

By Indications 

  • Infectious Diseases
  1. Mosquito-borne Diseases
  2. Streptococcus Infections
  3. Sexually transmitted infections (STI)
  4. Hepatitis
  5. Tuberculosis (TB)
  6. Gastrointestinal Infections
  7. Others
  • Pregnancy Test
  • Drug of Abuse Testing

By Distribution Channel
•    Hospital Pharmacies 
•    Retail Pharmacies 
•    Supermarket/Hypermarket 
•    E-commerce

By Region: 
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World  

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants   

FutureWise Takeaways: 
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth  

Objectives of the Study: 
•    To provide with an exhaustive analysis on the lateral flow assay market based on the product type, indications, distribution channel, and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  


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