The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The lateral flow assays market has witnessed robust growth in recent years, with significant expansions projected for the future. Key factors driving this growth include diagnostic advancements, increasing prevalence of infectious diseases, and the expanding scope of applications.

Current Market Landscape

• The lateral flow assays market size reached $11.25 billion in 2023.
• Expected to grow to $12.01 billion in 2024, showcasing a compound annual growth rate (CAGR) of 6.8%.

Factors Driving Growth

Diagnostic Advancements and Rise in Infectious Diseases

• High prevalence of infectious diseases globally.
• Adoption of lateral flow assay testing in developing countries due to inadequate healthcare infrastructure.
• Recent COVID-19 pandemic highlighting the importance of early illness detection capabilities.
• WHO statistics revealing staggering numbers: 10.6 million tuberculosis cases globally in 2021, 1.5 million new HIV infections, and 650,000 HIV-related deaths.

View More On The Lateral Flow Assays Market Report 2024 – https://www.thebusinessresearchcompany.com/report/lateral-flow-assays-global-market-report

Major Players in the Market

• Siemens AG
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Danaher Corporation
• Merck KGaA
• Hologic Inc.
• BioMérieux SA
• PerkinElmer Inc.
• Quidel Corporation
• Bio-Rad Laboratories Inc.

Technological Advancements Driving Market Growth

• Introduction of innovative technological testing products by key players.
• Example: IUL SA’s iPeak Europium, a lateral flow reader offering high sensitivity and specificity through fluorescence-labeled tests.
• Focus on enhancing position in the market through technological innovation.

Notable Acquisitions

• Danaher Corporation’s acquisition of Abcam plc in December 2023.
• Aimed at strengthening Danaher Corporation’s portfolio and market position in the life sciences and diagnostics industry.
• Abcam plc known for producing, distributing, and selling protein research tools and universal lateral flow assay kits.

Market Segmentation

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

Regional Insights

• North America emerged as the largest region in the lateral flow assays market in 2023.
• Asia-Pacific poised to witness the fastest-growing market share during the forecast period.

Future Projections

• Expected to grow to $16.38 billion by 2028, with a CAGR of 8.1%.
• Expansion driven by increasing applications in disease detection, adoption in home testing kits, and growth in veterinary diagnostics.

Emerging Trends

• Personalized medicine and home testing gaining prominence.
• Advancements in manufacturing techniques.
• Focus on environmental and food safety testing.
• Emphasis on cost-effectiveness in diagnostics.
• Application in drug and biomarker detection.

The lateral flow assays market stands at the forefront of diagnostic innovation, driven by technological advancements, expanding applications, and the urgent need for effective disease detection methods. With key players investing in research and development, coupled with strategic acquisitions, the market is poised for continued growth in the coming years.

Request A Sample Of The Global Lateral Flow Assays Market Report 2024:
https://www.thebusinessresearchcompany.com/sample_request?id=6359&type=smp