Lateral Flow Assay Market Size Worth $7.1 Billion By 2026

The global lateral flow assay market size is expected to reach USD 7.1 billion by 2026, expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Major drivers include increase in prevalence of infectious diseases, rise in government initiatives to curb infectious and chronic diseases, rise in demand for point of care testing, and strategic mergers and acquisitions.

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Rise in mergers and acquisitions by market players is anticipated to fuel market growth during the forecast period. For instance, in May 2017, Quidel Corporation announced the acquisition of AdenoPlus and InflammaDry diagnostic businesses from RPS Diagnostics for about USD 14 million. InflammaDry and AdenoPlus are rapid lateral flow based POC products used for the detection of inflammatory and infectious diseases and other conditions related to the eye. Thus, increase in strategic mergers and acquisitions to develop and expand lateral flow assays are expected to boost growth during the forecast period.

Increase in government initiatives by governments to curb HIV and other communicable diseases is anticipated to create significant demand for lateral flow assays. According to the U.S. Department of Health & Human Services, the U.S. government has formed the President’s Emergency Plan for AIDS Relief (PEPFAR). This emergency plan works toward prevention, early detection, and response to new as well as existing risks related to AIDS and HIV. Additionally, the National Institutes of Health (NIH) has several programs aimed at increasing research related activities pertaining to HIV/AIDS treatment and management. NIH engages in research related to prevention, diagnosis, treatment, and precautionary measures to curb HIV infection. Thus, rise in such government initiatives is expected to positively impact market potential in the near future.

Rise in the prevalence of infectious diseases is also expected to propel lateral flow assay market growth in the coming years. According to WHO, there were an estimated 219 million cases of malaria diagnosed across 87 countries in 2017. Also, in 2017, 10 million cases of TB were recorded and about 1.57 million TB related deaths were recorded. Number of TB cases was the greatest in Africa and South East Asia.

Rise in strategic initiatives by new market entrants to develop lateral flow assays is anticipated to facilitate easy and effective disease diagnosis. For instance, in May 2019, Mologic Ltd., announced the completion of its next generation ultra-sensitive lateral flow based technology platform. In 2016, Mologic also received funding of $9.7 million from the Bill & Melinda Gates Foundation to create a Centre for Advanced Rapid Diagnostics platform that is aimed to deliver innovation in lateral flow technology. Ultra-sensitive technology plays an important role in the diagnoses of malaria. Therefore, increase in initiatives by new market entrants to develop lateral flow assays is expected to fuel market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/lateral-flow-assay-market

Further key findings from the report suggest:

  • Kits & reagents held the largest share based on product as they offer easy, effective, and rapid diagnosis of chronic and infectious diseases
  • The clinical testing segment held the largest market share in 2018 owing to increase in incidence of infectious diseases, rise in pressure to reduce overall healthcare costs, and increasing demand for POC testing devices that can be used at any healthcare setting
  • Technological advancements in the healthcare sector, innovation in technology and devices, and increase in the adoption of POC testing by patients and healthcare professionals is anticipated to fuel market growth during the forecast period
  • Some of the major market players are Abbott Laboratories; Quidel Corporation; Hologic Inc.; Thermo Fisher Scientific Inc.; F.Hoffmann-La Roche; Siemens AG; Danaher Corporation; Becton, Dickinson and Company; Bio-Rad; bioMerieux; and PerkinElmer.

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