The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s lateral flow assays market report forecasts the lateral flow assays market size to grow to $13.83 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.

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Lateral Flow Assays Market Size Forecast
The global lateral flow assays market is expected to grow from $10.46 billion in 2022 to $11.12 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The lateral flow assays market size is expected to grow to $13.83 billion in 2027 at a CAGR of 5.6%.

North America held the largest lateral flow assays market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Lateral Flow Assays Market Driver ­– Increase In The Prevalence Of Infectious Diseases Globally
According to World Health Organization (WHO), in 2021, an estimated 10.6 million people are infected with tuberculosis globally, 1.6 million died, and 1.5 million people acquired HIV in 2021 while 650,000 people lost lives due to it. Therefore, the high prevalence of infectious diseases across the globe will contribute to the growth of the lateral flow assay market.

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Key Lateral Flow Assays Market Trend – Technological Advancement
Key players operating in the lateral flow assays market are focusing on developing innovative technological testing products to strengthen their position in the market. For instance, in November 2021, IUL SA, a Spain-based laboratory equipment manufacturer, introduced iPeak Europium, a new lateral flow reader equipped with iPeak technology based on machine vision illumination principles to scan fluorescence-labeled lateral flow tests. The fluorescence lateral flow tests provide high sensitivity and specificity as well as an affordable alternative to other PCR tests.

Lateral Flow Assays Market Segment
1) By Type: Kits And Reagents, Lateral Flow Readers
2) By Technique: Sandwich Assays, Competitive Assays, Multiplex Detection Assays
3) By Application: Veterinary Diagnostics, Clinical/Point-Of-Care Testing, Drug Development And Quality Testing, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Home Care Settings, Pharmaceutical And Biotechnology Companies, Other End Users

Lateral Flow Assays Market Major Players and Strategies
Major players in the lateral flow assays market are Abbott Laboratories, Quidel Corporation, Roche Holding AG, Danaher Corporation, Siemens AG, Merck KGaA, bioMérieux SA, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., PerkinElmer Inc., Hologic Inc., QIAGEN N.V., Becton, Dickinson and Company, and Abcam plc.

In September 2020, Qiagen N.V., a Germany-based provider of sample and assay technologies for molecular diagnostics acquired NeuMoDx Molecular Inc. for $248 million. With this acquisition, Qiagen is focused on expanding its automated testing portfolio and create strong customer reach across the globe. NeuMoDx Molecular Inc. is a US-based molecular diagnostics company involved in desiging, development and manufacturing of molecular diagnostic solutions.

The Lateral Flow Assays Global Market Report 2023 covers regional data on lateral flow assays market size, lateral flow assays market trends and drivers, opportunities, strategies, and lateral flow assays market competitor analysis. The countries covered in the lateral flow assays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

A lateral flow assay (LFA) is made up of four parts: a sample pad where the sample is dropped, a conjugate pad where labelled tags and biorecognition elements are combined, a reaction membrane with test and control lines for target antigen-antibody interaction, and an absorbent pad where waste is stored.

View More Reports Related To The Lateral Flow Assays Market –
Flow Cytometry Global Market Report 2023
Lateral Flow Immunoassay LFIA Based Rapid Test Global Market Report 2023
Flow Chemistry Global Market Report 2023

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