Global Lateral Flow Immunoassay (Lfia) Based Rapid Test Market Size 2024, Forecast To 2033

11 Mar, 2024

The lateral flow immunoassay (LFIA) based rapid test market has experienced a steep decline, decreasing from $9.19 billion in 2023 to $8.33 billion in 2024, with a compound annual growth rate (CAGR) of -9.4%. The decline in the historical period is attributed to limited sensitivity and specificity, challenges in multiplexing complexity, issues with cross-reactivity, storage and shelf-life challenges, and limited quantitative capability. Looking ahead, the market is expected to see a marginal decline, reaching $7.79 billion in 2028, with a CAGR of -1.6%. The forecasted decline is linked to global supply chain disruptions, regulatory challenges, increased competition, the emergence of alternative technologies, and integration with digital health platforms. Key trends for the forecast period include the development of advanced technologies for multiple or repetitive LFIA-based rapid tests and storage/communication of results, a focus on partnerships and collaborations, the creation of at-home test kits, investment in AI-based tests for disease screening and detection, and the development of low-cost test kits for easy patient access at a lower cost.

Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Key Driver

The lateral flow immunoassay (LFIA) based rapid test market is driven by the demand for point-of-care testing in home care settings. The need for rapid on-site diagnosis and treatment is met by LFIA, known for its speed, precision, simplicity, and cost-effectiveness. The recent surge in demand for COVID-19 testing has further emphasized the significance of LFIA-based rapid tests for quick screening and surveillance. Examples such as Acro Biotech's COVID-19 Rapid POC CE-IVD and OZO's Latex Enhanced Lateral Flow Immunoassays (LFIAs) for COVID-19 testing showcase the versatility and applicability of these tests. The growing requirement for point-of-care testing in home care settings is expected to drive the lateral flow immunoassay (LFIA) based rapid test market, impacting the market size in 2023, with continued influence in 2024 and 2028.

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Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segments

The lateral flow immunoassay (lfia) based rapid test market covered in this report is segmented –
1) By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay
2) By Application: Infectious Disease, Pregnancy And Fertility, Toxicology, Cardiac Marker And Cholesterol Testing, Other Applications
3) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Other End Users
By Geography:The regions covered in the lateral flow immunoassay (lfia) based rapid test market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2023. Asia-Pacific was the second largest region in the global lateral flow immunoassay (LFIA) based rapid test market. The regions covered in the lateral flow immunoassay (lfia) based rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Lateral Flow Immunoassay (LFIA) Based Rapid Test Industry Players

Abbott Laboratories, F. Hoffmann-La Roche, Quidel Corporation, Becton, Dickinson and Company, Danaher Corporation, Siemens AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., PerkinElmer Inc., Hologic, Inc., LTEK Co., Ltd., JOYSBIO Biotechnology, Jiangsu Medomics Medical Technologies, Diagnocure, Ubio Biotechnology Systems, Elabscience® Immunoassay Kits, FyoniBio / Glycotope GmbH, Atomo Diagnostics Limited, INDICAL Bioscience, Lionex Gmbh, BIOMED Labordiagnostik GmbH, Charles River Laboratories, EKF Diagnostics, Launch Diagnostics, Diagnostic Instruments Ltd, Qiagen N.V., Merck KGaA, XPhyto Therapeutics, 3a Diagnostics, Roche Holding AG, BATM, Biomaxima, SensDx, Vitrosens Biotechnology, Bioeasy Biotechnology, Fujirebio, Immunodiagnostic Systems Holdings PLC, Mesa Biotech Inc, CTK Biotech, Wamadiagnostica, Marksans Pharma Ltd, Lana Al Khaleej, Natejah Medical Supplies, Synlab, K2 Medical’s, SA Biomedical Group

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Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Overview

Lateral Flow Immunoassay (LFIA) based rapid test is a simple technology-based diagnostic device that is used to determine the presence of a target such as pathogens or biomarkers in samples collected from the human body. These samples may include urine, saliva, blood, sweat and other fluids.

Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2023 provides data on the global lateral flow immunoassay (lfia) based rapid test market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The lateral flow immunoassay (lfia) based rapid test market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.