The growth in the lateral flow assays market is majorly propelled by aspects such as the spread of different chronic and infectious diseases, growing utilization of home-based lateral flow assay kits, growth in the government initiatives toward encouraging health awareness, increasing demand for point-of-care testing, the growing implementation of LFS owing to innovations, and benefits of LFA speedy tests over laboratory tests.
The growing prevalence of infectious diseases is predicted to foster the growth of the lateral flow assay industry throughout the forecast period. For instance, according to WHO, nearly 10 million people around the globe suffered from tuberculosis during 2020.
According to SPER market research, ‘Lateral Flow Assays Market by Product (Kits & Reagents, Instruments), Application (Clinical Testing, Veterinary, Food Safety), Technique (Sandwich, Multiplex), End User (Hospital, Diagnostic Labs) – Global Forecast to 2027’ state that the global lateral flow assays market is expected to rise at a CAGR of 9% from 2020 to reach 14 billion by 2027. The growth is commonly accredited to the prevalence of infectious diseases, the increasing geriatric population, the growing requirement for POC testing, and home-based lateral flow assay devices.
Applications of lateral flow assays are progressively growing around the globe. Public awareness campaigns focused on recognizing the symptoms of infectious diseases and manners to safeguard them play an imperative role in controlling disease epidemics. Hence, the augmented patient awareness has led to a high requirement for lateral flow assays. In addition, new product approvals and growing revenue owing to the sales of COVID-19 rapid tests are propelling the lateral flow assay market growth.
Additionally, according to WHO, speedy diagnostics tests are utilized in diagnosis by healthcare professionals distant from microscopy services, distant diagnosis by experts in malaria-endemic regions, and outbreak investigation & survey of parasite prevalence. Therefore, different benefits proposed by lateral flow devices are among the foremost aspects accountable for growing the adoption of lateral flow devices around the globe.
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The effective growth in the prevalence of infectious diseases, involving tuberculosis, malaria, HIV/AIDS, pneumonia, hepatitis, and influenza, is one of the foremost aspects fostering the growth of the lateral flow assay industry. According to the World Malaria Report 2020, nearly 241 million malaria cases were reported during 2021, leading to over 627 thousand malaria-connected deaths around the globe.
As per the data from the IDF Diabetes Atlas, there were nearly 537 million adults living with diabetes during 2021, and this number is predicted to augment to 643 million by 2030. The disease is predicted to have caused 6.7 million deaths during 2021. Hence, with the growing incidence of chronic diseases, the requirement for lateral flow assays is probably to augment during the coming years.
North America is predicted to dominate the lateral flow assay market by region. The large share is commonly attributed to the pervasiveness of infectious illnesses such as tuberculosis, Lyme disease, HIV/AIDS, rising disposable income, and the augmenting geriatric population in the North America region. The pandemic has further fostered the market by rising investments in R&D. APAC is estimated to register the greatest CAGR. The growth can be accredited to the prevalence of chronic diseases, government initiatives, and growing healthcare expenditure in these countries.
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SPER Market Research