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The lateral flow immunoassay (LFIA) based rapid test market is expected to decline from $11.05 billion in 2021 to $6.83 billion in 2026 at a rate of -9.2%. The global LFIA based rapid test market size is then expected to grow at a CAGR of 6.9% from 2026 and reach $9.54 billion in 2031.

The LFIA based rapid test market consists of sales of LFIA based rapid test equipment used to run lateral flow immunoassays LFIA based rapid test and related services by companies that develop LFIA based rapid test equipment.

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Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Driver

The growing demand for home-based lateral flow assay devices in expected to support the LFIA based rapid test market in the forecast period. Home-based lateral flow assays devices are diagnostic equipment used to confirm the presence or absence of a target analyte in humans or animals, such as infections or biomarkers, or pollutants in water sources, foodstuffs, or animal feeds. They are frequently used to test pregnancy and stigmatized conditions such as HIV, as they can be conducted at home. Many firms created home-based lateral flow assays for COVID-19 testing during COVID-19 pandemic as individuals were terrified of being tested at diagnostic laboratories or hospitals. This fueled the need for home-based lateral flow tests thus driving the market. As a result, various home-based tests were developed.

Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Trends

Technological advancements are a key driver in the LFIA based rapid test market. Companies are gradually increasing innovation in lateral flow assay-based Point of Care (PoC) devices for applications such as pregnancy testing, ovulation monitoring, screening for infectious diseases and drugs of abuse, and the measurement of protein markers in the blood to aid rapid clinical diagnostics of life-threatening events (such as heart attacks, strokes, and deep-vein thrombosis).

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Opportunities And Recommendations For The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market

Opportunities – The top opportunities in the LFIA based rapid test market segmented by technique will arise in multiplex detection assay segment. The top opportunities in the LFIA based rapid test market segmented by end-users will arise in other end users segment. The top opportunities in the LFIA based rapid test market segmented by application will arise in other applications segment. The LFIA based rapid test market size will gain the most in the Indonesia.

Recommendations – The Business Research Company recommends the lateral flow immunoassay (LFIA) based rapid test market companies to focus on strategic collaborations and partnerships, focus on artificial intelligence-based tests, invest in technological advancements, expand in developed markets, expand in countries with growing elderly population, adopt market-based pricing, provide competitively priced offerings, participate in trade shows and events, leverage social media and focus on collaborating with hospitals.

Major Players And Regions Of The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market

Major players in the lateral flow immunoassay (LFIA) based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Quidel Corporation, Becton, Dickinson and Company, Danaher Corporation.

North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market and Africa and Middle East are expected to be the fastest-growing region in the forecast period.

The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Report 2022 – Opportunities And Strategies – Global Forecast To 2031 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the lateral flow immunoassay (LFIA) based rapid test market.

Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segmentation By The Business Research Company

1) By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay

2) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Others

3) By Application: Infectious Disease, Pregnancy And Fertility, Toxicology, Cardiac Marker And Cholesterol Testing, Others

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