Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Analysis: Size, Drivers, Trends, Opportunities, And Strategies
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At What Rate is the Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Predicted to Expand Between 2024 and 2033?
The size of the rapid test market based on lateral flow immunoassay (LFIA) has experienced a significant downturn in the past few years. The market value is predicted to plummet from $9.19 billion in 2023 to $8.33 billion in 2024, experiencing a compound annual growth rate (CAGR) of -9.4%. The past downward trend can be owed to a variety of obstacles such as subpar sensitivity and specificity, the intricate nature of multiplexing, issues of cross-reactivity, limitations pertaining to storage and shelf-life, as well as the restricted ability to quantify.
The market size of the rapid test based on lateral flow immunoassay (LFIA) is predicted to experience a slight reduction in the coming years. It is projected to fall to $7.79 billion in 2028, backed by a compound annual growth rate (CAGR) of -1.6%. This projected reduction in the forecast period might be due to disruptions in the global supply chain, regulatory issues, increasing competition, the rise of new technologies, and integration with digital health platforms. The forecast period will also see key trends such as development of sophisticated technologies for multiple or repetitive LFIA based rapid test, emphasis on partnerships and cooperations, home test kits development, investments in AI-based tests for protection and discovery of diseases, and the need to create low-cost testing kits for easy affordability to patients.
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What Forces Are Boosting the lateral flow immunoassay (lfia) based rapid test Market’s Growth?
The surge in demand for home-based point-of-care testing is projected to stimulate the lateral flow immunoassay (LFIA) based rapid test market. On-site, immediate diagnosis and treatment provided by Point-of-care (POCT) testing is crucial. The speed with which results are delivered via a test-to-answer format stands as the key feature of the current POCT diagnostic systems. The use of Lateral flow immunoassays (LFIA) as POCTs is widespread due to their speed, accuracy, simplicity, and affordability. For instance, the recent COVID-19 pandemic has highlighted the importance of these devices for quick screening and monitoring. Acro Biotech’s COVID-19 Rapid POC CE-IVD is a notable LFIA that quantitatively identifies the presence of patient-derived IgG and IgM antibodies specific to SARS-CoV-2, the virus responsible for COVID-19. It can detect these antibodies in various samples like whole blood, serum, or plasma contained in the testing cassette. Moreover, OZO has adopting the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method in three different versions of their COVID-19 testing products. Consequently, the lateral flow immunoassay (LFIA) based rapid test market is forecasted to grow due to increasing demand for home-based point-of-care testing.
What Key Segments Make Up the Lateral Flow Immunoassay (LFIA) Based Rapid Test Market?
1) By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay
2) By Application: Infectious Disease, Pregnancy And Fertility, Toxicology, Cardiac Marker And Cholesterol Testing, Other Applications
3) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Other End Users
What Are the Latest Trends Impacting the Lateral Flow Immunoassay (LFIA) Based Rapid Test Market?
Key participants in the lateral flow immunoassay (LFIA) based rapid test market, such as the Panbio covid-19 antigen self-test manufacturers, concentrate on advancements and innovations to increase their market revenues. The Panbio covid-19 antigen self-test is a unique diagnostic instrument developed for personal use in detecting the SARS-CoV-2 virus, the causative agent of COVID-19. In July 2021, for example, Abbott Laboratories, an American firm specializing in the production of LFIA-based rapid tests, launched the Panbio covid-19 antigen self-test. This self-test, powered by Abbott’s lateral flow technology, requires a simple nasal swab and can deliver instrument-free results in just 15 minutes. To use the test, the user must also be registered with the NAVICA mobile app by Abbott, which offers a simple self-registration process, automatic result interpretation, and easy reporting that adheres to ICMR regulations.
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What Regions Are Dominating the Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Growth?
North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2023. Asia-Pacific was the second largest region in the global lateral flow immunoassay (LFIA) based rapid test market. The regions covered in the lateral flow immunoassay (lfia) based rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the lateral flow immunoassay (lfia) based rapid test market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Include
1. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Executive Summary
2. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segments
3. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Size And Template Market Growth Rate
4. Key Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Trends
5. Major Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Drivers
……
25. Key Mergers And Acquisitions In The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
26. Top Lateral Flow Immunoassay (LFIA) Based Rapid Test Companies
27. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Opportunities And Strategies
28. Lateral Flow Immunoassay (LFIA) Based Rapid Test Market, Conclusions And Recommendations
29. Appendix
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