The global lateral flow immunoassay based rapid test market size is expected to grow from $6.08 billion in 2021 to $6.66 billion in 2022 at a compound annual growth rate (CAGR) of 9.4%. The global LFIA-based rapid test market size is expected to grow to $9.08 billion in 2026 at a CAGR of 8.1%.
What is the Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market?
The lateral flow immunoassay (LFIA) based rapid test market consists of sales of devices and equipment used to run lateral flow immunoassays 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.
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What drives the Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market?
The demand for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market. Point-of-care (POCT) testing is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays are widely used as POCTs due to their speed and precision, simplicity, and low cost. For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19. These antibodies may be detected in whole blood, serum, or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the LFIA-based rapid test market.
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Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segments
The global lateral flow immunoassay (LFIA) based rapid test market is segmented:
By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay
By End-User: Hospital and Clinic, Diagnostic Laboratory, Home Care, Other
By Application: Infectious Disease, Pregnancy and Fertility, Toxicology, Other
By Geography: 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, and Africa.
Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2022provides market size and growth forecasts for the global LFIA-based rapid test market, global LFIA-based rapid test market share, lateral flow immunoassay based rapid test market segments and geographies, LFIA-based rapid test market competitive landscape including leading competitors’ revenues, profiles and market shares. The lateral flow immunoassay based rapid test market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Industry Playersinclude Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, and Hologic Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
