Growth Factors Driving the Market: The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market. On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.

The high prevalence of infectious diseases, such as HIV and malaria, coupled with the underdeveloped healthcare infrastructural facilities and increasing public awareness in developing countries, is expected to drive the adoption of lateral flow assay tests in these countries. In addition, recent outbreaks of infectious diseases from the spread of viruses (such as Ebola, H1N1, and Zika) have highlighted the need for early disease detection capabilities, which is also expected to drive market growth. The current COVID-19 pandemic has resulted in high demand for rapid diagnostic testing through lateral flow technology, supporting the growth of this market in the coming year.

MarketsandMarkets™ View on Revenue: The global lateral flow assays market is projected to reach USD 12.6 billion by 2026, at a CAGR of 2.0% during the forecast period.

Industry Segmentation in Detailed:

The Rising demand for lateral flow assays in the food & beverage industry;

Food safety issues and concerns for public health have led to the implementation of more stringent legislation for food safety in several countries. This resulted in an increased demand for pathogen and toxin tests in just about every segment of the food production industry—processed foods, meats, poultry, beverages, and dairy—and among all major food producers worldwide.

Earlier, most food safety tests were performed using lab-based traditional microbiology techniques, but rapid, on-the-spot tests have seen growing use in this area. These tests are used primarily for testing raw materials, interim products in the manufacturing process, and final products for bacteria such as Listeria, Salmonella, and E. coli. In August 2020, PerkinElmer launched a COVID-19 environmental surface testing kit to detect the virus in food processors. Furthermore, the food industry has also shown a demand for tests capable of detecting mycotoxins and allergens—such as RIDA QUICK rapid tests from R-Biopharm. Merck KGaA (Germany) provides Singlepath L’mono for detecting Listeria monocytogenes; Singlepath Salmonella for salmonella, and Singlepath Campylobacter for Campylobacter in foods.

“Kits & Reagents segment accounted for the largest share in the lateral flow assays market.”

The lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, kits & reagents accounted for the larger share of the global lateral flow assays market. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, during the forecast period.

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Leading Key Players Analysis:

The prominent players in the global lateral flow assays market include Abbott Laboratories (US), Quidel Corporation (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), and Merck KGaA (Germany).

Geographical Trends in Detailed:

The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population reasons for high growth rate in the lateral flow assays market in this region.

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