The lateral flow immunoassay (LFIA) based rapid test market consists of sales of devices and equipment used to run lateral flow immunoassays (LFIA) based rapid test and related services by companies that develop LFIA based rapid test equipment. These are testing devices used to assess the existence of a target, such as pathogens or biomarkers, in samples obtained from the human body or animals, or pollutants in water sources, food or animal feed.
Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Size And Drivers:
The global lateral flow immunoassay (LFIA) based rapid test market is expected to grow from $5.77 billion in 2020 to $6.14 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.14 billion in 2025 at a CAGR of 10%. The demand for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market.
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Trends In The Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
Companies are collaborating to launch new products. In May 2020, Lateral Flow Diagnostic Company Mologic Ltd., which has teamed up with Biosure Ltd., the developer of the only CE approved HIV home testing kit, to develop a COVID-19 antibody self-test. The companies combine Mologic's validated IgG lateral flow test strip with Biosure's test kit. In July 2020, MP Biomedicals Asia Pacific Pte Ltd collaborated with a Singapore company A*STAR to create the ASSURE® SARS-CoV-2 IgG / IgM rapid antibody test kit to detect IgG and IgM antibodies in a person infected with SARS-CoV-2. The kit delivers precise results in very less time as less as 15 minutes and uses the lateral flow method.
Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segments:
The global lateral flow immunoassay (LFIA) based rapid test market is further segmented –
By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay
By End User: Hospital & Clinic, Diagnostic Laboratory, Home Care, Others
By Application: Infectious Disease, Pregnancy & Fertility, Toxicology, Others
By Geography: The global lateral flow immunoassay (LFIA) based rapid test market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides lateral flow immunoassay (LFIA) based rapid test market overviews, analyzes and forecasts market size and growth for the global lateral flow immunoassay (LFIA) based rapid test market, lateral flow immunoassay (LFIA) based rapid test market share, lateral flow immunoassay (LFIA) based rapid test market players, lateral flow immunoassay (LFIA) based rapid test market segments and geographies, lateral flow immunoassay (LFIA) based rapid test market’s leading competitors’ revenues, profiles and market shares. The lateral flow immunoassay (LFIA) based rapid test market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
